Utah Code 75-3-906. Distribution in kind — Valuation — Method
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(1) Unless a contrary intention is indicated by the will, the distributable assets of a decedent‘s estate shall be distributed in kind to the extent possible through application of the following provisions:
Terms Used In Utah Code 75-3-906
- Application: means a written request to the registrar for an order of informal probate or appointment under Chapter 3, Part 3, Informal Probate and Appointment Proceedings. See Utah Code 75-1-201 v2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Devisee: means any person designated in a will to receive a devise. See Utah Code 75-1-201 v2
- Distributee: means any person who has received property of a decedent from his personal representative other than as a creditor or purchaser. See Utah Code 75-1-201 v2
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Utah Code 75-1-201 v2
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: means an individual or an organization. See Utah Code 75-1-201 v2
- Personal representative: includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See Utah Code 75-1-201 v2
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Writing: includes :(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) A specific devisee is entitled to distribution of the thing devised to him, and a spouse or child who has selected particular assets of an estate as provided in Section
75-2-403 shall receive the items selected.(1)(b) Any homestead or family allowance or devise payable in money may be satisfied by value in kind provided:(1)(b)(i) the person entitled to the payment has not demanded payment in cash;(1)(b)(ii) the property distributed in kind is valued at fair market value as of the date of its distribution; and(1)(b)(iii) no residuary devisee has requested that the asset in question remain a part of the residue of the estate.(1)(c) For the purpose of valuation under Subsection(1)(b) above, securities regularly traded on recognized exchanges, if distributed in kind, are valued at the price for the last sale of like securities traded on the business day prior to distribution, or if there was no sale on that day, at the median between amounts bid and offered at the close of that day. Assets consisting of sums owed the decedent or the estate by solvent debtors as to which there is no known dispute or defense are valued at the sum due with accrued interest or discounted to the date of distribution. For assets which do not have readily ascertainable values, a valuation as of a date not more than 30 days prior to the date of distribution, if otherwise reasonable, controls. For purposes of facilitating distribution, the personal representative may ascertain the value of the assets as of the time of the proposed distribution in any reasonable way, including the employment of qualified appraisers, even if the assets may have been previously appraised.(1)(d) The residuary estate shall be distributed in kind if there is no objection to the proposed distribution and it is practicable to distribute undivided interests. In other cases, residuary property may be converted into cash for distribution.
(2) After the probable charges against the estate are known, the personal representative may mail or deliver a proposal for distribution to all persons who have a right to object to the proposed distribution. The right of any distributee to object to the proposed distribution on the basis of the kind or value of asset he is to receive, if not waived earlier in writing, terminates if he fails to object in writing received by the personal representative within 30 days after mailing or delivery of the proposal.