South Carolina Code 12-16-1170. Showing and appraisal of property
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-16-1170
- Appraisal: A determination of property value.
- Decedent: A deceased person.
- Decedent: means a deceased person. See South Carolina Code 12-16-20
- 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.
- Oath: A promise to tell the truth.
- Person: means persons, corporations, associations, joint stock companies, and business trusts. See South Carolina Code 12-16-20
- Personal representative: means the personal representative of the estate of the decedent, appointed, qualified, and acting within the State, or, if there is no personal representative appointed, qualified, and acting within the State, then any person in actual or constructive possession of the South Carolina gross estate of the decedent. See South Carolina Code 12-16-20
- Probate: Proving a will
The department may require any personal representative to show the property of the decedent to the department or its representative upon demand and may employ a suitable person to appraise the property. The personal representative shall make and subscribe his oath that the property shown on the inventory and appraisal filed by him in the probate court includes all the property, both real and personal, of the decedent that has come to his knowledge or into his possession. The appraiser shall prepare an inventory of the property, shall appraise it at its fair market value at the time of the decedent’s death, and shall return the inventory and appraisal to the department.