What should be done if new property is discovered after the initial asset evaluation?

The correct approach when new property is discovered after the initial asset evaluation is to appraise and include it in the next valuation statement. This process ensures that all assets of the estate are accurately accounted for, which is essential when managing an estate. Proper valuation is important not only for equitable distribution among beneficiaries but also for potential tax implications.

By conducting an appraisal of the newly discovered property, the value can be assessed appropriately, and it ensures transparency and fairness in the management of the estate. This step also supports fiduciary duty, as the executor or administrator is responsible for managing the estate's assets in the best interests of the beneficiaries.

The other options do not reflect best practices in estate management. Ignoring the newly discovered property could lead to legal challenges or disputes from beneficiaries who may claim their rightful shares. Selling the property without evaluation would not provide a clear understanding of its worth, potentially resulting in financial loss to the estate. Notifying beneficiaries is important, but it should be part of a broader strategy that includes evaluating the asset as a next step.