Estate Planning & Date Of Death Appraisals Services in Boise
As an executor of a will, the responsibility of settling an estate can be a formidable task and it will likely occur at a time when you and others are grieving due to the loss of a close friend or relative. The process of settling an estate is something most know little about until they experience it firsthand. We hope to offer some insight into estate settlement as it pertains to residential real estate appraisals.
Executors work with accountants, attorneys, realtors, and appraisers to facilitate the settlement process and most importantly, to carry out the wishes of a loved one as accurately and efficiently as possible.When an estate initiates a transfer of property ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes. During the settlement process either an attorney, accountant, or the executor will hire a local appraiser to establish a market value (often as of the specific date the death occurred) for the property in question.
As we see it, our priority as appraisers in an estate settlement is to respond promptly, explain the appraisal process concisely, respect the sensitivity and confidentiality of the situation, and deliver highly credible appraisal reports that intended user(s) can rely on and fully comprehend.
We’ve found through experience that it’s not uncommon for the parties involved to have differing ideas of how the overall settlement process should work; however, our experience in handling the appraisal aspect of that process should satisfy all parties involved.
Estate appraisals are commonly ordered between 2-6 months after the death of a loved one or inheritance of a property. Retrospective appraisals are common in estate settlement situations. These 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.
Regardless of your needs or the elapsed time, our state certified appraiser at ‘Appraisal One’ understands the complexities involved in assessing the value of a property for estate settlement, tax liability, or transfer of assets under a will or probate. We’ll work to provide you with the best possible experience throughout each of these complex circumstances.
As a reminder, every estate settlement and property transfer situation is unique and the type of appraised value required can differ depending on individual requirements. Consult with a trusted attorney or accountant for help directing you toward the type of value needed for the estate. Additionally, we’re happy to speak with your attorney or accountant to clarify exactly what’s needed for your situation.
Our Certified Appraiser, Clay Hall, has over 16 years experience in real estate appraising.