Settling an estate can be difficult, especially in the wake of a loved one’s death. TCO APPRAISALS is here 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. Estate appraisals are generally ordered between two and six months after the death of the property’s owner, depending on the circumstances.
Retrospective appraisals are also fairly common in estate settlement situations and involve appraising a home based on a prior date which is typically the deceased owner’s date of death. Because of this, estate appraisals are often referred to as ‘date of death’ appraisals. A ‘current value’ appraisal may also be ordered in addition to a retrospective or date of death appraisal during the settlement process to determine the current market value of the property for the purposes of sale or settlement between the heirs.
Regardless of your appraisal needs or time table, TCO APPRAISALS understands the complexities involved in assessing the value of a property under these difficult circumstances. We work with attorneys, Certified Public Accountants (CPAs) and other financial professionals to service your needs.