Where the probate estate includes assets which are of a special or unusual character, the fiduciary may appoint one or more qualified persons to appraise those assets.
All probate assets shall be included in the Inventory, however, assets whose value are readily ascertainable need not be appraised.
With regard to real estate, the fiduciary may use the property's fair market value as determined by the County Auditor for real estate tax purposes in lieu of a formal appraisal. The County Auditor's value shall be documented by written evidence which shall be attached to the Inventory.
With regard to household goods and other tangible personal property, no formal appraisal shall be required unless the estimated value exceeds $5,000.00. Where the fiduciary chooses to dispose of tangible personal property by public auction, the gross proceeds from the auction may be used in lieu of a formal appraisal.
With regard to motor vehicles, the fiduciary may use values obtained from any nationally recognized valuation guide.
Notwithstanding the foregoing, the Court may order a formal appraisal of any asset for good cause shown. Such an order may be issued upon the Court's own motion or at the request of any interested party.
Appraisals shall be made by licensed real estate agents, licensed real estate appraisers, censed auctioneers, credentialed personal property appraisers, or such other persons who by experience and training are qualified to make such appraisals. Furthermore, such appraisals shall be in writing and shall include the appraiser's original signature.
The following persons shall be disqualified from being such an appraiser: (1) A person related by blood or marriage to the decedent, (2) a beneficiary of the estate, (3) a person related by blood, marriage or employment to the attorney of the estate, and (4) a person related by blood, marriage or employment to the fiduciary of the estate without approval of the Court.
No appraiser or broker shall be permitted to purchase or acquire, directly or indirectly, any of the property he or she appraises, except at public auction.
The fiduciary or applicant shall certify on each appointment of appraiser that the appraiser is a qualified and suitable person in accordance with this rule.