Date of Death and Estate Appraisals
When it comes to settling an estate, most people don’t know very much about the steps involved until they have to take them themselves.
When an estate requires ownership due to inheritance or death, a real estate appraisal is often needed for tax purposes. During the settlement process, an accountant or attorney will usually contact or have a family member/executor contact an appraiser for the job at hand.
Rarely are these appraisals ordered immediately after the death of a loved one. In fact, 3-6 months after a death in the family or the inheritance is the typical.
Retrospective appraisals are fairly common in date of death and estate appraisals because of this delay. Like in a divorce appraisal, the home in both an estate appraisal and date of death appraisal is based on a prior date. This is usually the date of the inheritance or the death in the family, ignoring any changes in the market in the 3-6 month idle period.
While the retrospective appraisal is often ordered for tax purposes, most families will also request a current value appraisal for sale purposes, or settlement between the estate heirs.
We understand that these types of appraisals can be both difficult and delicate. With our experience, we will provide the most stress free appraisal possible. We’ll even speak with your attorney or accountant for you to discuss special circumstances.