When a Georgia resident agrees to serve as the executor of another person's will, that person becomes responsible for performing several duties. One of them is to have a real estate valuation done on any real property owned by an individual at the time of death. Sometimes this is a simple task, but often, additional assistance is needed in order to properly value the property.
After a loved one's death, a person may face various legal challenges in any number of appointed positions regarding the decedent's estate. For instance, it may be necessary for an executor of a will to obtain an estate valuation for tax and distribution purposes. The laws and guidelines that govern such matters vary by state; therefore, someone acting in this capacity in Georgia will want to seek clarification so as to make informed decisions in the process.
Many Georgia families own businesses intended to be passed in succession to estate heirs after the owners' deaths. A wide variety of issues and details regarding family businesses can impact estate valuation. In particular, whether to use a life insurance policy as a means of family business succession planning is a matter that estate owners who own businesses may want to consider.