Estate Planning & Date of Death
Date of Death Valuation and Estate Appraisal Services
Settling the estate of a loved on that has passed is something many of us don’t have any experience with until we are experiencing it for ourselves. If you are in the unfortunate situation of having a loved one pass away recently or have inherited property from the deceased, the experts at Quiggins Appraisal Services can help.
How Do Date of Death Appraisals Work?
When someone passes away their estate is often passed on to their loved ones. When there is a transfer of ownership that occurs because of death or inheritance, a real estate appraisal is often required for tax reasons. Most often an attorney or accountant will order a date of death appraisal be done in order to place a dollar value on the assets at the death of the individual. Estate and probate appraisals most often occur two to six months after death or inheritance.
People often wonder how an accurate appraisal can be done with such a substantial passing of time. Quiggins estate appraisers perform services based on the date of death of the individual. Even though the property is being officially inspected a few months after the death, the appraisal is valued based on the date of death. The value of the property and inheritance will be valued as if the appraisal were being done on the date of death no matter how many months in the future appraisal service are requested.
Understanding the Role of Probate in Appraisal
Whether an estate has a plan in place or not the court requires the estate of individuals who have passed to go through the process of probate. The probate process requires the deceased property to be valued (appraised) to determine its cash value before the state can distribute the inheritance to the parties involved. Professional estate appraisals are completed to determine a cash value for non-cash assets. Cash assets are obvious when it comes to evaluating their worth however, real estate, vehicles, and other non-cash assets need to be appraised in order to place a cash value upon them for tax purposes.
The team of professionals at Quiggins Appraisal Services are led by Andrew Quiggins who offers 20+ years of experience, spanning over 15,000 appraisals to clients throughout Louisville, Kentucky and the surrounding area.