Estate Planning and Date of Death
Settling an estate is something most people don’t fully understand until they go through the process. We hope to provide some helpful insight below on how real estate appraisals play a role in estate settlement.
When an estate involves the transfer of ownership due to death or inheritance, a real estate appraisal is often necessary for tax purposes. Typically, an attorney or accountant will order the appraisal, or the family member or executor handling the estate will select an appraiser to manage this task.
In our experience, estate appraisals are typically ordered 2-6 months after the death of a loved one or the inheritance of property. In some cases, an appraisal is ordered immediately, while in others, the process may take a year or more, depending on the circumstances.
Retrospective appraisals, also known as "date of death" appraisals, are common in estate settlement situations. These appraisals determine the value of a home as of a specific past date—usually the date of the owner’s death.
In addition to a retrospective appraisal, it’s also common for the executor or attorney to request a "current value" appraisal to determine the property’s market value for sale or to settle between heirs.
At Top Corner Appraisal, we understand the complexities of assessing property value in these sensitive situations. Regardless of the timeline or your specific needs, we are committed to providing you with a smooth, professional experience.
Keep in mind, every estate is unique, and the type of appraisal required depends on the specific needs of the estate. A good attorney or accountant can easily guide you in determining the type of value needed. If necessary, we are also happy to work with your legal or financial team to clarify the requirements for your situation.