Does an oil well have to be appraised by a certified appraiser if a price is determined by an experienced petroleum engineer and agreed upon by all members of the Trust?

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Does an oil well have to be appraised by a certified appraiser if a price is determined by an experienced petroleum engineer and agreed upon by all members of the Trust?

Asked on June 19, 2014 under Estate Planning, Wyoming

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

For many reasons - Tax as well as liability - it is not prudent for an asset of a Trust or Estate to be valued by the members of the Trust rather than an outside appraiser.  The outside appraiser is an impartial party and the IRS may not actually take an agreed upon appraisal for an asset that could potentially be highly valued. 


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