As an attorney that handles probate cases I deal with issue all the time. Clients and heirs of an estate may know little about how to assess the value of real estate flowing through an estate and why it matters. Not knowing could cost you later.
If there is real property (real estate) associated with this probate estate, then the way the property value of that real property is listed can have effect taxing of the heirs at the time of the sale of that real property. Taxable basis for capital gains tax purposes is calculated by the amount placed on inventories within the court probate file.
