Valuation And Independent Appraisal

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Valuation And Independent Appraisal is a commonly used form within Kansas. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

The Inventory and Valuation should be made within thirty days after the appointment of the Administrator, unless the time is extended by the court. An unsworn declaration pursuant to K.S.A. 53-601 may be used as an alternative to the Affidavit of Administrator.

Atticus Fast Facts About Valuation And Independent Appraisal

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Valuation And Independent Appraisal:

• This form pertains to the State of Kansas

• The relevant probate statute or Kansas laws related to this form include: K.S.A. 53-601, K.S.A. 59-1201, K.S.A. 59-1202, K.S.A. 59-1203, K.S.A. 59-1206, K.S.A. 59-1207, S. Ct. Rule 111

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Kansas’s Form 617 - Valuation And Independent Appraisal up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Kansas form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Kansas probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form 617, take a break, and then review. Probate and estate settlement processes in KS are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form 617 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form 617 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Valuation And Independent Appraisal to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Kansas.

5 reasons you should submit 617 as quickly as possible:

1. The sooner you begin, the faster Kansas can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Kansas. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Kansas is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Kansas probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Kansas probate clerk or court for exact answers regarding Form 617, and when in doubt— consult a qualified trust & estates lawyer for that area.

Valuation And Independent Appraisal is one of the many probate court forms available for download through Atticus.

It may also be available through some Kansas probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Kansas.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form 617 - Valuation And Independent Appraisal f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Kansas probate court office.

Valuation And Independent Appraisal is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Kansas-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Kansas Form 617 - Valuation And Independent Appraisal. You can use this to get an idea of the context of the form and what type of information is needed.

2010 600-24 Kansas Probate Forms 3d 617 (CAPTION) VALUATION AND INDEPENDENT APPRAISAL I. PROBATE ASSETS: SCHEDULE A REAL ESTATE Item Description Valuation by Appraised No. Fiduciary as of Value as of July 3, 2009 July 3, 2009 1. Section 15, Township 20 South, Range 30 West of the 6th P.M., containing 640 acres more or less, Apache County, Kansas.....................................................$130,000.00 $130,000.00 2. The Northeast quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing 160 acres more or less, Apache County, Kansas ..................................................................$ 32,000.00 $ 32,000.00 3. The Northwest quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing 160 acres more or less, Apache County, Kansas ..................................................................$ 32,000.00 $ 32,000.00 4. The Southeast quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing 160 acres more or less, Apache County, Kansas.....................................................$ 32,000.00 $ 32,000.00 5. The Southwest quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing 160 acres more or less, Apache County, Kansas.....................................................$ 32,000.00 $ 32,000.00 Total Schedule A ................................................................................ $258,000.00 SCHEDULE B STOCKS AND BONDS (Corporate Stock) Item Description Cert Unit Value Valuation by No. No. Fiduciary as of July 3, 2009 1. Shares Common Stock, Kansas Power & Light Co. xxx $40 per share $ 12,000.00 2010 600-25 Kansas Probate Forms 3d BONDS Item Description Serial Date of Value at Valuation by No. No. Purchase Maturity Fiduciary as of July 3, 2009 1. U.S. Savings Bond xxxx5394HH 10-01-96 5,000.00 $ 5,000.00 2. U.S. Savings Bond xxxx5318EE 06-01-97 10,000.00 $ 6,060.00 3. U.S. Savings Bond xxxx5927EE 01-01-98 10,000.00 $ 5,832.00 4. Lenexa KS Ind. Rev. Series \\u0018982 x6259 07-0\\u0018-84 Volume Shoe Corp. Project cpn. 6.25 Due 05-01-12 5,000.00 $ 4,200.00 Accrued interest to 07-3\\u0018-09 (63 days) $ 53.79 Total Schedule B ......................................................................................$30,145.79 SCHEDULE C MORTGAGES, NOTES AND CASH Item Description Valuation by No. Fiduciary as of July 3, 2009 1. Principal balance due on Promissory Note dated July 1, 2000, signed by Frank Johnston and Mary Johnston, his wife, in the original amount of $10,000.00, with interest at seven percent per annum simple interest on the unpaid balance .......................................$ 2,310.00 Accrued interest to July 3, 2009 (2 days) ...................................................$ .89 2. Cash on person of decedent at time of death ..............................................$ 42.00 3. Balance in decedent's checking account, #xx8-812, The Hometown State Bank, Hometown, Kansas .......................................$ 1,000.00 4. Balance in savings account #xxxx, 5½% qtr. comp., The Hometown State Bank, Hometown, Kansas .......................................$ 12,000.00 Accrued interest to July 3, 2009 (2 days) ...................................................$ 3.62 5. $20,000 Certificate of Deposit #xxxx Loyal Federal Savings at 11.75%, compounded daily on 365/360 basis, 48 mos. maturing 10-01-09 with accrued interest for 1,370 days ............................$ 31,274.78 Total Schedule C .....................................................................................$ 46,631.29 SCHEDULE D INSURANCE Item Description Valuation by No. Fiduciary as of July 3, 2009 1. Life Insurance Policy, #xx6011, Long Life Insurance Company, Coral Gables, Florida. Named beneficiary, Estate $10,000.00 Total Schedule D $10,000.00 2010 600-26 Kansas Probate Forms 3d SCHEDULE F MISCELLANEOUS PROPERTY Item Description Valuation by Appraised No. Fiduciary as of Value as of July 3, 2009 July 3, 2009 1. The furniture, household goods and wearing apparel situated in the home of the decedent at the time of death ..........................................................$ 1,500.00 2. One 2000 Model Chevrolet 4-dr. sedan, Id. # 1234567890 ............................................................$ 1,750.00 3. One 2000 Model Ford 1/2 ton pickup truck, Id. # 0987654321 ............................................................$ 1,600.00 4. Approximately 10 tons of fertilizer .................................$ 1,500.00 5. Farm machinery, tools and equipment One 1995 John Deere 5040 Tractor ................................$ 10,000.00 $ 10,000.00 One 2000 Sunflower 12' Disc ..........................................$ 4,000.00 $ 4,000.00 One 2000 IHC Planter .....................................................$ 3,000.00 $ 3,000.00 Miscellaneous tools and equipment ................................$ 2,000.00 $ 2,000.00 6. Inventory of retail produce business ...............................$ 1,900.00 $ 1,900.00 7. Furniture, fixtures and equipment used in retail produce business ....................................................$ 1,000.00 $ 1,000.00 8. Stamp collection ..............................................................$ 1,000.00 9. Approximately 1,000 bushels of wheat ...........................$ 2,600.00 10. Annual crops, growing ....................................................$ 4,000.00 Total Schedule F .......................................................................................$ 35,850.00 RECAPITULATION OF PROBATE ASSETS Schedule A Real Estate ...................................................................... $258,000.00 Schedule B Stocks and Bonds ............................................................ $ 33,145.79 Schedule C Mortgages, Notes and Cash ............................................ $ 46,631.29 Schedule D Insurance ........................................................................ $ 10,000.00 Schedule F Miscellaneous .................................................................. $ 35,850.00 Total Probate Assets .............................................................................. $383,627.08 II. NONPROBATE ASSETS: (For Informational Purposes Only) SCHEDULE E JOINTLY OWNED PROPERTY Item Description Valuation by No. Fiduciary as of July 3, 2009 1. The residence of the decedent located on the Northeast quarter 2010 600-27 Kansas Probate Forms 3d of Section 26, Township 20 South, Range 30 West of the 6th P.M., containing 160 acres more or less, Apache County, Kansas, owned by Richard Roe and Jane Roe, as joint tenants .................................$ 86,000.00 less one-half qualified joint tenancy interest with spouse ...........................($ 43,000.00) 2. Hometown State Bank - Certificate of Deposit, owned by Richard Roe and Jane Roe, as joint tenants Cert. Issue Maturity Interest Interest Rate No. Date Date Last Paid xxxx 8-1-02 8-1-10 6-1-09 8% daily comp. on 365/360 basis....$ 25,000.00 Accrued interest to July 3, 2009 (33 days) ...................................................$ \\u001875.94 less one-half qualified joint tenancy interest with spouse ...........................($ 12,587.97) Total Schedule E ........................................................................................$ 55,587.97 SCHEDULE G TRANSFERS Valuation by Item Fiduciary as of No. Description July 3, 2009 (NONE) SCHEDULE H POWERS OF APPOINTMENT Valuation by Item Fiduciary as of No. Description July 3, 2009 (NONE) SCHEDULE I ANNUITIES Valuation by Item Fiduciary as of No. Description July 3, 2009 (NONE) RECAPITULATION OF NONPROBATE ASSETS Schedule E Jointly Owned Property ............................................$55,587.97 Schedule G Transfers ......................................................................$ 0.00 Schedule H Powers of Appointment ...............................................$ 0.00 Schedule I Annuities .......................................................................$ 0.00 Total Nonprobate Assets ..................................................$55,587.97 600-28 Kansas Probate Forms 3d RECAPITULATION OF ALL ASSETS Total Probate Assets ......................................................................$383,627.08 Total Nonprobate Assets ...............................................................$ 55,587.97 Total Estate ....................................................................................$439,215.05 AFFIDAVIT OF ADMINISTRATOR STATE OF KANSAS COUNTY OF APACHE Harry J. Roe, being first duly sworn, on oath states: Harry J. Roe is the Administrator of the Estate of Richard Roe, deceased; the above and foregoing is a full, true and correct inventory and valuation of all property of the types and classifications of real and personal property located within the State of Kansas, and intangible personal property, wherever located, owned by Richard Roe, deceased, which has come into Administrator's possession or of which Administrator has knowledge. Made and returned by Harry J. Roe, Administrator of the Estate of Richard Roe, deceased, as of July 3, 2009, the date of the death of the decedent. HARRY J. ROE Administrator SIGNED AND SWORN to (or affirmed) before me on September 20, 2009. NEVA WRIGHT Notary Public (SEAL) My Appointment Expires: January 10, 2015 Reference K.S.A. 53-60\\u0018; 59-\\u001820\\u0018; 59-\\u0018202; 59-\\u0018203; 59-\\u0018206; 59-\\u0018207; S. Ct. Rule \\u0018\\u0018\\u0018. 2012 2010 600-29 Kansas Probate Forms 3d Time The Inventory and Valuation should be made within thirty days after the appointment of the Administrator, unless the time is extended by the court. Comment An unsworn declaration pursuant to K.S.A. 53-60\\u0018 may be used as an alternative to the Affidavit of Administrator.