The settlement of an estate is one of those things that most people understand little about until they go through the experience. We hope to offer you a bit of insight below into the process of estate settlement as it relates to real estate appraisals.
When an estate transfers ownership due to death or inheritance, it is estremely common for a real estate appraisal to be ordered for estate tax purposes. Most of the time during the settlement process, either an attorney or a tax professional will order an appraisal or have a family member or executor select an appraiser for the job.
Our experience tells us that estate appraisals are typically ordered from 2-6 months after the date of death of a loved one or inheritance of real property. Occasionally, an appraisal is ordered immediately and other times the time period may be as long as a year or more depending on the particular situation.
Retrospective appraisals are also common in estate settlement situations. This will involve appraising the home based on a ‘prior date’ which is typically the owner’s date of death. This is the reason estate appraisals are often referred to as ‘date of death’ appraisals.
In addition to a retrospective, or date of death, appraisal during the process, often times the client ordering the appraisal will also request a ‘current value’ appraisal to establish current market value for the sale or settlement between beneficiaries.
Regardless of your needs or timing issues, our certified appraisers at Sammco Appraisal Group understand the complexities involved in determining the value of a property under these trying circumstances and we’ll provide you with the best possible experience.
Remember, every estate situation is unique and the type of appraised value required depends on the individual needs of the estate. A good attorney or accountant can easily help you determine the type of value needed. We are happy to speak with your attorney or tax professional to clarify what’s required for your particular situation.
Our Senior Appraiser, Kevin Howell, has nearly 20 years’ experience in dealing with estate and date of death valuations. A large number of attorneys, accountants, financial planners and tax professionals have come to rely on Kevin Howell and Sammco Appraisal Group for our opinion when formulating real property values during estate settlement proceedings.
Give us a call today with your questions and also check out our ‘Praise’ page and see what others are saying about Kevin Howell and Sammco Appraisal Group.