Estate Planning & Date of Death Appraisals

Navigating the settlement of an estate is a process often unfamiliar to many until they find themselves directly involved. In an effort to shed some light on the intricacies of estate settlement, particularly in relation to real estate appraisals, we aim to provide insights below. When a transfer of ownership occurs due to death or inheritance, it is commonplace to require a real estate appraisal for tax purposes.

Typically, during the settlement process, either an attorney or accountant will initiate the appraisal process. Alternatively, a family member or executor may take the lead in selecting an appraiser for the task at hand. Our extensive experience indicates that estate appraisals are frequently commissioned within 2-6 months following the passing of a loved one or the inheritance of a property. Although some appraisals are urgently ordered, others may be deferred for up to a year or more, depending on the specific circumstances.

Retrospective appraisals are prevalent in estate settlement scenarios. These involve assessing a property’s value based on a “prior date,” commonly the owner’s date of death. Hence, estate appraisals are often referred to as “date of death” appraisals. Beyond requiring a retrospective or date of death appraisal, the ordering party may also seek a “current value” appraisal to determine the property’s present market value for sale or settlement among heirs.

Regardless of the urgency or elapsed time, our team of certified appraisers at Sublime Valuation comprehends the complexities involved in evaluating a property’s value under such challenging circumstances. As a Houston-based firm, we regularly work with probate attorneys, executors, and families settling estates throughout Harris, Montgomery, Fort Bend, Brazoria, and Chambers counties. We are committed to delivering the best possible experience. It is important to note that every estate situation is unique, and the type of appraised value required depends on the specific needs of the estate. Thankfully, a proficient attorney or accountant can easily guide you toward the type of value needed for the estate.

Furthermore, we are more than willing to communicate with your attorney or accountant to clarify the precise requirements for your situation. Feel free to contact us at 713-955-8972 today or chat with us with any questions you may have.