The passing of a loved one is always a challenging experience. This trying time is often further complicated by the emergent need to address the deceased’s estate. Settling an estate is not a process many individuals are familiar with, and it is not as simple as reading a will and executing the wishes it contains. Instead, there is a legal process called probate involved that in some cases can include time spent in court. There are also many other considerations, such as potential tax implications, that must be considered as well.
Determining the total value of the estate is a crucial goal of the probate process. As a result, real estate owned by the departed individual is of critical importance. Determining the value of the property as of the date of death is key to moving towards the final distribution of assets and the calculation of any estate tax burden. As a result, an estate settlement appraisal is very imperative. It differs from a typical property appraisal in one fundamental way: most often, an appraiser does not evaluate the property’s value based on the current date. Instead, they must determine the property value as of the day of the individual’s death.
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This, of course, requires a close look at the historical market conditions and many other factors. Without this value, it is not possible to move forward with settling the estate and paying any applicable taxes. An experienced estate appraiser can navigate the situation no matter how much time has elapsed between the date of death and the time of your appraisal request. At the same time, it is also possible to appraise the current property value. Receiving all this information together simplifies the process and can make a sale or transfer after the end of probate much less stressful.
For financial planners and those taking steps to put their estate in order ahead of time, these appraisals can provide just as much valuable information. It offers an opportunity to get an estimate of the estate’s potential tax burden in the future while also providing information that can speed up the probate process. As a result, accuracy and timeliness are important. At Temecula Appraisal Group, our experience allows us to undertake this process efficiently for a variety of clients, from families to attorneys and even local municipalities.
We understand the difficulties facing families seeking a date of death appraisal. Our staff will work to provide a supportive, informative experience for you as we gather all the information necessary to make a valuation. With our understanding of the probate process in mind, we endeavor to complete our work promptly to allow you to move forward as soon as possible. Additionally, we are always available to speak with your probate attorney or accountant about specific details or issues concerning the estate.
To Take the first steps towards an estate appraisal or for additional information please Contact Us. If you are ready to get started please complete our Order an Appraisal form and we will be in touch with your free appraisal quote.
Authority Appraisals also can offer professional Brokerage Services under our sister company Rhodes & Associates Realty. For more information on our Brokerage services please visit us on the web at www.Rhodes-Associates.com
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