Estate Planning & Date of Death

Settling an estate is one of those things that most people know little about until they actually go through the experience. So SC Appraisal Network hopes to offer you a bit of insight into the process of estate settlement as it pertains to real estate appraisals..
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. During the settlement process your attorney or accountant may ask for an appraisal on any real estate. Very often a family member or executor may be assigned the task of selecting an appraiser and getting the appraisal done.
Retrospective appraisals are fairly common in estate settlement situations, as these appraisals involve appraising a home based on a prior date (which is typically the owner’s date of death). This is the reason why estate appraisals are often referred to as “date of death” appraisals.
In addition to needing an estate appraisal during the settlement process, the ordering party may also request a current market value appraisal. The current market appraisal will assist the heirs in determining value for purposes of sale or settlement between the heirs.
Remember, every estate situation is different and the type of appraised value required all depends on the particular needs of the estate. This isn’t something you need to worry about as a good attorney or accountant can easily direct you toward the type of value needed for the estate. Additionally, SC Appraisal Network is happy to speak with your attorney or accountant to clarify exactly what’s required for your situation.
I am certified, experienced and understand the complexities involved in assessing the value of a mountain property under these difficult circumstances. I will work hard to provide you with the best possible experience.