Facts you should not miss about date of death appraisals
Matters concerning real estate are often the most complex and misunderstood in many people’s lives. Few of us seek out detailed information on the importance of valuation until it affects us personally. Unfortunately, the passing of a loved one is one such instance where we often have a lots of financial decisions to make very quickly.
After the passing of a loved one, a date of death or estate appraisal must be performed for tax purposes. Surviving family members who inherit may face serious financial implications depending on the details of the report. That’s why working with an experienced team is a crucial aspect of estate planning.
Are you an heir of a loved one who passed away recently? If you are, you will need to have an accurate valuation estimate performed on any real estate property that your beloved has left to you. Atlanta Condo Appraiser can help.
What exactly is a date of death appraisal?
A date of death appraisal is a comprehensive assessment of the fair market value of a particular real estate property. As the name suggests, this kind of property evaluation is done after the death of the original property owner. The person who conducts this kind of estate evaluation should be a state-certified real estate appraiser. It’s important that your appraiser have direct experience performing date of death and estate appraisals, as they require specialized knowledge and documentation.
An accounting firm or independent certified accountant can estimate the updated net worth once the value is established. In most cases you, as the inheritor, choose the appraiser to complete your value assessment. At times, it can be the legal counsel or executor who orders an appraiser, provided he is mandated by the testament of the deceased owner or by the consent of an authorized member of the family.
When can an estate appraisal be performed?
This kind of appraisal can be conducted in several time frames. Typically, it is within the decision of the person who wants it. Once the owner has passed away, the following two to six months is the most common time frame for the property appraisal to be performed. However, this can be flexible. At times, an heir orders the appraisal immediately. In other instances, an inheritor may prefer a longer period of time to prepare for the probate proceeding.
What is a retrospective appraisal?
A date of death appraisal is also called ‘retrospective appraisal’. The estimation of the property cost is done weeks, months, or even years after the death of its original owner. However, in this appraisal mode, the value of the home will be based on a specific date in the past. For example, say the present date is December 31, 2020 and the death of the property owner is March 25, 2017. The appraiser will evaluate the estate property today, but the value given will reflect the activity of the market on March 25, 2017. Many heirs find this mode of appraisal beneficial, especially if the market during the time that their beloved had passed away was very strong.
If you are the executor of a deceased loved one’s estate, one of the important steps you can take is having a date of death appraisal performed on their property. It will secure the inheritance of all beneficiaries, establish tax liability, and clarify value so that you can decide your next steps. Hiring Atlanta Condo Appraiser with relieve any unnecessary stress related to the transition process. Schedule a consultation with Atlanta’s top estate appraisers now by calling 404-937-6201.