Estate Planning & Date of Death Appraisals
Navigating Estate Settlement and Real Estate Appraisals
Settling an estate can be a complex and often unfamiliar process, one that many people encounter only when they experience it firsthand. Everest House Valuation Services is here to provide valuable insights into the estate settlement process, particularly in relation to real estate appraisals.
The Role of Real Estate Appraisals in Estate Settlement
When an estate undergoes a transfer of ownership due to death or inheritance, the need for a real estate appraisal frequently arises, primarily for tax purposes. Typically, during the settlement process, an attorney or accountant will either order an appraisal or delegate the task of selecting an appraiser to a family member or executor.
Timing of Estate Appraisals
Our experience indicates that estate appraisals are often requested between 2-6 months after the passing of a loved one or the inheritance of a property. In some cases, appraisals are ordered immediately, while in others, the process may be delayed, sometimes extending to a year or more, depending on the circumstances.
Understanding Retrospective Appraisals
Estate settlement scenarios commonly involve retrospective appraisals, which entail assessing a property’s value based on a specific prior date, frequently the date of the property owner’s death. This is why estate appraisals are often referred to as ‘date of death’ appraisals.
Addressing Multiple Appraisal Needs
In addition to retrospective or date of death appraisals, estate settlement may necessitate a ‘current value’ appraisal. This type of appraisal helps determine the property’s current market value, essential for sale or equitable settlement among heirs.
Tailored Estate Appraisals for Your Unique Situation
Every estate is unique, and the required appraised value varies based on the estate’s specific needs. You don’t have to navigate this complexity alone. A knowledgeable attorney or accountant can guide you in determining the type of value needed for your estate. Additionally, we’re more than happy to collaborate with your attorney or accountant to clarify the precise requirements for your situation.
The Expertise of Senior Appraiser, Nancy Vischer
Our Senior Appraiser, Nancy Vischer, brings extensive experience to estate and date of death valuations and appraisals. With her knowledge and dedication, you can trust that your estate appraisal needs will be met with the highest level of professionalism and accuracy.
Give us a call today with any questions you might have at 612-968-0518 or fill out our free quote request form.
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