A date of death appraisal, also known as an estate appraisal, is an appraisal of real estate as of the date of the owner's death. It is typically completed by a state-licensed real estate appraiser.
Why is a date of death appraisal important?
A date of death appraisal is important for several reasons:
When is a date of death appraisal required?
A date of death appraisal is required for estates that are subject to estate tax. However, even if an estate is below the federal estate tax exemption, it may still be subject to state estate tax. Additionally, a date of death appraisal may be required for other purposes, such as settling a divorce or resolving a probate dispute.
How to choose an appraiser
When choosing an appraiser, it is important to select someone who is licensed and certified. You can ask your attorney or accountant for recommendations. Once you have a few names, you should interview each appraiser to learn more about their experience and qualifications.
Conclusion
A date of death appraisal is an important part of settling an estate or probate estate. It is used to determine the value of the decedent's estate for estate tax purposes and to establish the basis of the property for the heirs or beneficiaries. If you are responsible for settling an estate, you should contact an attorney or accountant to discuss whether a date of death appraisal is necessary.
Additional tips
A divorce appraisal is a professional property valuation typically ordered by the court or a family law attorney. It is used to assess the value of a piece of property, whether it's a marital residence, business, or another type of asset, as of a specific date in the past, typically the date of marriage or separation.
What are divorce appraisals also known as?
Divorce appraisals are also known as retrospective appraisals, historical appraisals, or marital appraisals.
Why are divorce appraisals necessary?
Divorce appraisals are necessary to ensure that the division of marital assets is fair. By having a qualified appraiser determine the value of the property, the court can make an informed decision about how to divide the assets between the spouses.
What are the benefits of having a divorce appraisal?
There are several benefits to having a divorce appraisal, including:
How to choose a divorce appraiser
When choosing a divorce appraiser, it is essential to select someone who is qualified. The appraiser should be a member of a professional appraisal organization and should have experience in appraising properties in your area.
What to expect during a divorce appraisal
During a divorce appraisal, the appraiser will inspect the property and compare it to alike properties that have sold recently. The appraiser will also consider the state of the property, its location, and other factors that may affect its value.