Legal Question in Wills and Trusts in Michigan

Estate Inventory
I just received a copy of the inventory for my father's estate. It appears (from stock quote history that I've checked) that all of the stock values quoted were from a random date, approx 11 days after my father's death. Is there a specific date in which these stock values are suppose to be quoted (like date of death)? Also, what value do they use as the basis point for the people inheriting the stock (for calculationg capital gains)? Is it this stock price stated on the inventory, or the share price on the day that you actually receive the stock? Thanks.

Asked on 4/17/03, 1:52 pm

Patricia Prince Patricia Gormely Prince, P.C.

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Re: Estate Inventory

Pursuant to Michigan law, items listed on a Probate Inventory are to be valued using their fair market value as of the decedent's date of death.

The basis for inherited assets is the asset's fair market value as of the decedent's date of death.

I we can be of futher assistance, please feel free to contact our office.

Answered on 4/21/03, 9:39 am

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