Date of Death Appraisals, Probate Appraisals and Equitable Division of Assets
Estate appraisals are commonly used for the equitable distribution of assets between surviving heirs. An estate appraisal should be performed by a certified appraiser in the state in which the property is located. An appraisal will take a snapshot in time of the property for future reference. It is important to have a defensible document that is well presented and supported. Cullen Real Estate and Appraisal Company performs certified residential real estate appraisal in Massachusetts and Rhode Island.
Two of the most common reasons why you might need an appraisal are for estate taxes (IRS), or for probate court. Often, you will be requested to obtain a certified appraisal of the subject property by your attorney or by the probate court. You may be asked to have the appraisal performed as of the date of death, or the date that your loved one passed away. A third type of estate appraisal exists where you may be estate planning, or equitably dividing the asset between interested parties. A certified appraisal will provide the current market value of the property so that you may negotiate. This appraisal may also be useful in the event of a dispute or other legal issues.