Executors are responsible for establishing an estate's value, which can be done using either the date of death valuation or an alternate valuation date, set six months after death. The chosen valuation date applies to all estate assets and can influence estate taxes, especially if asset values decrease by the alternate date. Accurate fair market values must be determined for every asset, often requiring professional appraisals for real estate, business interests, and valuable personal items like jewelry or art. Financial accounts are valued based on statements, while assets such as vehicles can be assessed using market guides like Kelley Blue Book. Executors must act in the estate's best interests, keeping thorough records and following any state-specific rules regarding valuation dates and tax procedures. All documentation, including appraisals and the rationale for the chosen valuation method, should be meticulously maintained. Engaging tax or legal professionals is advised to ensure compliance and accuracy during the valuation and tax filing process. Following these steps helps executors fulfill their fiduciary duties while minimizing tax liabilities and safeguarding the estate's value for beneficiaries