An appraisal assignment is usually completed by a licensed real estate appraiser for estate/tax purposes when settling an estate. The appraisal is used to establish a Fair Market Value for the residential property included within the estate. The appraisal will typically be ordered by a family member or executor of the estate. It may also be ordered by the attorney or accountant who is involved in the settlement process.
The appraisal being ordered for estate or probate purposes will either be a retrospective appraisal or a current appraisal. The retrospective appraisal is completed after the date of death but the appraised value is completed as of the date of death, hence retrospective. Often a second appraisal is ordered for the same property but its appraised value is made effective as of the present date in order to determine the current value of the property.
The particulars of every estate are different and the type of appraised value required by your accountant or attorney depends on the particular needs of the estate. An experienced accountant or attorney can advise you about the type of value needed for your estate. Additionally, we are always happy to consult with your accountant or attorney in order to determine what is required for your exact situation.
The process of settling an estate is an important job but it can be a stressful process. Our team at California Home Appraisals Inc. understands the complexities involved with appraising residential property that is part of an estate and we promise to always provide you with the best possible service and experience. Please contact us today to schedule your appraisal.
