For those with estate planning appraisal needs, Aegis Appraisals offers expert guidance on the complexities of appraising a property when there’s a death, inheritance, or other circumstances. Our certified appraisers are experienced in accurately evaluating properties in these difficult situations, offering the most comprehensive expertise with sensitivity and care.
Since estate settlement is one of those things people are often unfamiliar with until they experience it themselves, we hope to offer you a glimpse into the probate process, and how the appraisal can help provide the insight needed when it comes time to make these decisions.
Here is a more detailed look, with some key insights on how settling an estate works:
When an estate has a transfer of ownership due to death or inheritance, it is common for a real estate appraisal to be needed for tax purposes. During the settlement process, either an attorney or accountant can assist in ordering an appraisal through referral, or they could have your family member/executor select a local trusted appraiser, which is many times the case.
The probate process can last anywhere from months to years. It’s hard to predict how the courts will rule, how hard parties will fight, and what other obstacles will come up during the process. In our experience, we typically hear from the attorneys/executors ordering these appraisals between 3-6 months after the death of a loved one or inheritance of a property. Depending on the circumstances, you may need a more expedited service, or have delays lengthening this timeframe. No matter your timeline, our appraisers are available to assist you through this process and provide the best possible experience.
Estate settlements often involve appraising a home based on the day of death, making this process typically referred to as the “date of death appraisal”. In addition to asking for a retrospective or date of death appraisal, sometimes the ordering party will request a “current value” valuation to determine market value during the settlement process.
Estate settlement can be different experience for each person, and the type of appraised value required can depend on the needs of the estate. Generally, this shouldn’t be something you need to worry about as an experienced attorney or accountant can easily help direct you toward the type of value needed for the estate. Should they have any questions, we would be happy to speak with them to clarify exactly what’s required for your situation.
Regardless of how you value your property, our team at Aegis Appraisals will make it an easy and stress-free process for you.