Fair Market Value

Fair Market Value refers to the estimated value of an Asset, property, or other item at the time of an owner's death.

In general, a fair market value is the price that a buyer would pay and a seller would accept for an asset. It takes into account various factors, such as the condition of the asset and current market trends.

Fair market value is a way to calculate the total value of a deceased person's estate during the Probate process. This calculation helps an Executor settle the deceased's estate by paying debts and distributing assets to Heirs and Beneficiaries.

Most often used when a deceased's Estate is being Appraised during settlement.