2007 Minnesota Statutes

524.3-906 DISTRIBUTION IN KIND; VALUATION; METHOD.
(a) Unless a contrary intention is indicated by the will, the distributable assets of a decedent's
estate shall be distributed in kind to the extent possible through application of the following
provisions:
(1) A specific devisee is entitled to distribution of the thing devised, and a spouse or child
who has selected particular assets of an estate shall receive the items selected.
(2) Any statutory allowances or devise payable in money may be satisfied by value 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 its
distribution, and
(iii) no residuary devisee has requested that the asset in question remain a part of the
residue of the estate.
(3) For the purpose of valuation under paragraph (2) securities regularly traded on recognized
exchanges, if distributed in kind, are valued at the price for the last sale of like securities, traded
on the business day prior to distribution, or if there was no sale on that day, at the median between
amounts bid and offered at the close of that day. Assets consisting of sums owed the decedent
or the estate by solvent debtors as to which there is no known dispute or defense 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 than 30 days prior to the
date of distribution, if otherwise reasonable, controls. For purposes of facilitating distribution,
the personal representative may ascertain the value of the assets as of the time of the proposed
distribution in any reasonable way, including the employment of qualified appraisers, even if the
assets may have been previously appraised.
(4) The residuary estate shall be distributed in kind if there is no objection to the proposed
distribution and it is practicable to distribute undivided interests. In other cases, residuary property
may be converted into cash for distribution.
(b) After the probable charges against the estate are known, the personal representative may
mail or deliver a proposal for distribution to all persons who have a right to object to the proposed
distribution. The right of any distributee to object to the proposed distribution on the basis of the
kind or value of asset the distributee is to receive, if not waived earlier in writing, terminates if the
distributee fails to object in writing received by the personal representative within 30 days after
mailing or delivery of the proposal.
History: 1974 c 442 art 3 s 524.3-906; 1975 c 347 s 60; 1986 c 444