In my last blog post I gave explained that Guam law sets probate fees based on the total value of the estate assets. A follow-up question that I have received is, “How do I find out how much real property is worth so I can come up with an estimate?”
The easiest and arguably most cost effective way of getting a value for real property is to use the values used by the Government of Guam for tax purposes. Property tax statements issued by the Government of Guam will show that value. Another option is to request that value directly from the Department of Land Management.
One final note is that, in the vast majority of cases, the probate code uses the value of property at the time the decedent passed away. I have had several cases where a probate case is opened 3 – 5 years after a family member has passed away. Instead of using the year that the case is filed, the probate code requires looking back at the value as of the time of death.
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