Estate Settlement Appraisals

Most people know very little about settling an estate until they actually go through the experience. Here is a bit of information about the process that you may find helpful.

When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes. Often times during the settlement process either an attorney or accountant will order an appraisal or have a family member or executor select an appraiser for the job at hand which is most often the case.

Estate appraisals are typically ordered between 2-6 months after the death of a loved one or inheritance of a property, although the timeframe could be as soon as immediately after death, or as long as a year or more afterward.

Retrospective appraisals are fairly common in these situations and involve appraising a home based on a ‘prior date’ which is typically the owner’s date of death, hence the reason why estate appraisals are often referred to as ‘date of death appraisals.

In addition to needing a retrospective or date of death appraisal during the settlement process, often times the ordering party will also request a ‘current value’ appraisal in order to determine current market value for purposes of sale or settlement between heirs.

Our team of certified appraisers at North Atlantic Appraisals understands the complexities involved in assessing the value of a property under these difficult circumstances and we’ll provide you with the best possible experience.

Remember, every estate situation is different and the type of appraised value required all depends on the particular needs of the estate. Your attorney or accountant will help you determine the type of value you need for the estate. Additionally, we’re happy to speak with your attorney or accountant to clarify exactly what’s required for your situation.

Jonathan Asker, our Chief Appraiser, is highly skilled in providing estate settlement appraisals and is happy to discuss your needs, listen to your concerns, and answer your questions about this type of valuation.