A Guide to Your Estate Appraisal
What Is an Estate Appraisal?
When settling an estate, a professional real estate appraisal is typically required to determine the property’s Fair Market Value. This valuation is a vital first step for several reasons:
- Estate Tax Filings: It helps you meet the requirements of the IRS and state tax authorities.
- Property Distribution: An appraisal provides a clear, unbiased number to help you make informed decisions about the property.
- Legal and Financial Clarity: It gives attorneys and accountants the accurate figures they need to handle the estate.
- Creating Harmony: A professional valuation can help reduce the likelihood of disagreements among family members during what is already a very stressful time.
Who Arranges the Appraisal?
You or your attorney can arrange the appraisal. If you’re working with a lawyer, they might recommend an appraiser they trust. Ultimately, you have the right to choose an appraiser you feel comfortable with, and we encourage you to discuss this decision with your attorney and loved ones to arrive at a decision that is right for you.
Understanding the Date of Death
It's important to know that an estate appraisal often needs to reflect the date of death, not the date the appraisal is ordered. Our team specializes in retroactive appraisals, ensuring we accurately determine the property's value as of that specific date. All of our reports follow the Uniform Standards of Professional Appraisal Practice (USPAP), which means they are confidential, well-documented, and fully defensible if they are ever reviewed by the IRS or challenged in court. We are happy to answer any questions you may have along the way to make this process as easy as possible as you have many things to focus on at this time in your life.
Why Choose Harmony Appraisal?
We have extensive experience with estate appraisals and provide a compassionate, professional service. We are trusted by families and professionals alike because we deliver:
- Detailed Reports that meet all necessary IRS and court requirements.
- Market-Supported Valuations backed by solid data and thorough analysis.
- Confidential and Ethical Service under the strict standards of USPAP. Meaning only you or someone you specifically designate will have access to the appraisal.
Navigating the estate settlement process can be challenging, but you don't have to do it alone. Please contact us today, and let's work together to provide you with a professional, accurate appraisal tailored to your needs. Even if you just have questions, we are happy to help!