Which items in an Ohio estate must be formally appraised?
Everything in the inventory whose value is not readily ascertainable. Under ORC 2115.06 the property listed on the inventory is appraised by one suitable disinterested person appointed by the executor or administrator and approved by the court, who is sworn to a faithful discharge of the trust, unless the court dispenses with appraisement. Assets with easily determined values still go on the inventory but do not need a formal appraisal. The fiduciary may name different appraisers for different assets, and appraiser fees are charged to the estate with court approval.
What forms does an Ohio probate inventory use?
The Supreme Court of Ohio's standard probate forms: Form 6.0, Inventory and Appraisal, is the summary; Form 6.1, Schedule of Assets, is the line-by-line list of tangible and intangible property; and Form 3.0, Appointment of Appraiser, is filed when an appraiser is appointed. We supply the item-level date-of-death values those forms report, organized to match Form 6.1.
Does Ohio tax business equipment?
No. Under ORC 5711.22 the listing percentage for general business tangible personal property fell to zero for tax year 2009 and later, and such property is no longer listed for taxation. Ohio equipment appraisals therefore serve lending, sales, insurance, buyouts, and estates rather than a rendition.