Twin Lake, MI asked in Probate for Michigan

Q: How do I determine fair market value of my deceased Mother's items when everything was bought from a second hand store?

Most of her furniture was gifted to her, would the fair market value be different than looking them up in a department store?

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1 Lawyer Answer
Trent Harris
Trent Harris
Answered
  • Probate Lawyer
  • Jackson, MI
  • Licensed in Michigan

A: Fair market value would be the sale price that you could get by selling the same items to a third party in an arm's length sale. For example, on Craigslist, Facebook marketplace, garage sale, yard sale, etc. OR, you could also think of it as the price you would have to pay to buy an equivalent item from the same sources. Fair market value is not what department stores charge. That would be retail value. Hope this helps.

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