Find Laws Find Lawyers Free Legal Forms USA State Laws

UTAH STATUTES AND CODES

75-3-906 - Distribution in kind -- Valuation -- Method.

75-3-906. Distribution in kind -- Valuation -- Method.
(1) Unless a contrary intention is indicated by the will, the distributable assets of adecedent's estate shall be distributed in kind to the extent possible through application of thefollowing provisions:
(a) A specific devisee is entitled to distribution of the thing devised to him, and a spouseor child who has selected particular assets of an estate as provided in Section 75-2-403 shallreceive the items selected.
(b) Any homestead or family allowance or devise payable in money may be satisfied byvalue in kind provided:
(i) the person entitled to the payment has not demanded payment in cash;
(ii) the property distributed in kind is valued at fair market value as of the date of itsdistribution; and
(iii) no residuary devisee has requested that the asset in question remain a part of theresidue of the estate.
(c) For the purpose of valuation under Subsection (1)(b) above, securities regularly tradedon recognized exchanges, if distributed in kind, are valued at the price for the last sale of likesecurities traded on the business day prior to distribution, or if there was no sale on that day, atthe median between amounts bid and offered at the close of that day. Assets consisting of sumsowed the decedent or the estate by solvent debtors as to which there is no known dispute ordefense are valued at the sum due with accrued interest or discounted to the date of distribution.For assets which do not have readily ascertainable values, a valuation as of a date not more than30 days prior to the date of distribution, if otherwise reasonable, controls. For purposes offacilitating distribution, the personal representative may ascertain the value of the assets as of thetime of the proposed distribution in any reasonable way, including the employment of qualifiedappraisers, even if the assets may have been previously appraised.
(d) The residuary estate shall be distributed in kind if there is no objection to the proposeddistribution and it is practicable to distribute undivided interests. In other cases, residuary propertymay be converted into cash for distribution.
(2) After the probable charges against the estate are known, the personal representativemay mail or deliver a proposal for distribution to all persons who have a right to object to theproposed distribution. The right of any distributee to object to the proposed distribution on thebasis of the kind or value of asset he is to receive, if not waived earlier in writing, terminates if hefails to object in writing received by the personal representative within 30 days after mailing ordelivery of the proposal.

Amended by Chapter 39, 1998 General Session

Utah Forms by Issue

Utah Abortion Forms
Utah Administration/Filing Fees Forms
Utah Business Forms
Utah Court Forms
> Civil (District)
> Mediation
> Personal Protection
> Small Claims
> Subpoena
Utah Divorce Forms
Utah Expungement Forms
Utah Name Change Forms
Utah Parental Notification Forms
Utah Power of Attorney Forms
Utah Tax Forms

Utah Law

Utah State Laws
    > Utah Child Support
    > Utah Gun Laws
    > Utah Statutes
Utah Courts
Utah Tax
    > Utah State Tax
Utah Labor Laws
    > Utah Unemployment
Utah Agencies
    > Utah Department of Workforce Services
    > Utah DMV
    > Utah State Tax Commission

Utah Court Map

Tips