Estates / Date of Death / Probate

Estates / Date of Death / Probate

Settling an estate is one of those things that most people know little about until they go through the experience. For more information please visit the Florida Bar’s Probate Section.

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. Often during the settlement process either an attorney or accountant will order an appraisal or have a family member or executor select an appraiser for the job at hand that is most often the case.

It’s been our experience that estate appraisals are commonly ordered between 2-6 months after the death of a loved one or inheritance of a property. Occasionally an appraisal is ordered almost immediately whereas other times the period may be as long as a year or more depending on the circumstances at hand.

Retrospective appraisals are relatively common in estate settlement situations. These involve appraising a home based on ‘previous date’ that is typically the owner’s date of death, hence the reason estate appraisals are often referred to as ‘date of death’ appraisals.

In addition to needing a retrospective or date of death appraisal during the settlement process, often the ordering party will also request a ‘current value’ appraisal in order to determine the current market value for purposes of sale or agreement between heirs.

Regardless of your needs or the elapsed time, our team of certified appraisers at Empire Appraisal Group, Inc. understands the complexities involved in assessing the value of a property under these difficult circumstances, and we’ll provide you with the best possible experience.

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 quickly help direct you toward the type of value necessary for the estate. Additionally, we’re happy to speak with your attorney or accountant to clarify exactly what’s required for your situation.

Our Chief Appraiser, Daniel Lindeman, has nearly 15 years’ experience in dealing with estate and date of death valuations. In fact, a large number of attorneys, accountants and financial planners have come to rely on Daniel Lindeman and Empire Appraisal Group, Inc. for our opinion of values when formulating real property values during estate settlement proceedings.

Call Empire Appraisal Group directly with any questions concerning your financial planning and trusts at 561-441-9298.   Check out our ‘Reviews’ page for a recommendation from our clients.