The Need for Estate Appraisals After the Death of a Family Member
After the death of a family member or loved one, the process of settling his or her estate can be especially difficult. When emotions are high, and there are pressing, time-sensitive concerns, having a team of professional experts from Bankruptcy Home Appraisers will make the transition smoother as we guide you through the process.
Six Possible Reasons for Estate and Date of Death Appraisals
- Equitable Distribution. An appraisal of the total property is a must if there is more than one heir. Equal division of the item is required.
- Estate Tax. At the date of death, the estate property need to be appraised especially if the overall estate it is more than the value threshold.
- Establish a Basis. Prior to death, some property has undergone value assessment already to serve as benchmark of the selling price.
- Probate Appraisal. A probate appraisal is a court requirement for the appraisal and inventory of the estate assets.
- Estate Planning. As a property owner, you can plan ahead of time for the distribution, donation, and taxes of your estate.
- Trust Inventory. Be a part of a well-established trust. A trust inventory will set an established value for your property.
Fair market value is the given estimate for the value of a property based on the knowledge, willingness, and assessment of the buyer to a willing seller in the market. An estimate of fair market value is generally subjective due to circumstances such as time, location, existence of precedents, and the assessment principles of the buyer and seller.
The selling price of a property is an indication of a reasonable fair market value. The following criteria must be observed in the process of estate planning, valuation, and selling.
- The date of sale in the open market
- Relevant facts known to both buyer and seller
- The purchase occurred was between two distanced parties
- No change was occurred in the market during sale date, purchase date, or date of valuation
Under the fair market value, you are sure of receiving the right valuation of your property. Bankruptcy Home Appraisers will help you to look at the relevant factors for the valuation of your inherited property. Together, you’ll review details including the recent area listed prices, selling price of comparable properties, cost of replacement, expert opinions, and the date of ownership or inheritance.
We ensure that all estate settlements and appraisal cases with Bankruptcy Home Appraisers are taken care of on a priority basis. Our knowledgeable team of certified appraisers is ready to help answer your questions regarding any type of estate settlement case. The process of settling an estate is an important job, but it can be a stressful process. We want to help you make it a little easier.
Regardless of your needs or the elapsed time, our staff of state-certified appraisers at Bankruptcy Home Appraisers understand the complexities involved in assessing the value of a property under these difficult circumstances. We strive provide you with the best possible experience.
Contact Bankruptcy Home Appraisers today at (678) 791-4781 to schedule your estate or date of death appraisal today. Bankruptcy Home Appraisers has the experience and qualifications to meet all your appraisal needs.