What is a Probate Referee Appraisal in California?
A probate referee is a licensed appraiser appointed by the California State Controller's Office to appraise estate assets, including real property, as of the date of the deceased's death. In a California probate proceeding, the court assigns a probate referee after the executor is appointed. The referee's appraised value establishes two critical things: the minimum acceptable sale price for court confirmation purposes (any accepted offer must be at least 90% of the appraised value), and the stepped-up basis for capital gains tax purposes.
Going Deeper
The probate referee's fee is set by California statute at 0.1% of the appraised value of the assets they appraise. For a property worth $1 million, the referee fee is $1,000. This fee is an estate expense paid from estate assets. If the referee's appraised value appears significantly inaccurate, either too high or too low relative to current market conditions, the executor can obtain an independent appraisal and petition the court to use it. This adds time and cost but may be warranted if the referee's value is substantially off market.
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