Estate Appraisal Services
Our Estate Appraisal Services
Managing an estate can be a complex and emotional process, especially when it comes to determining the value of real property. Whether you’re planning your estate, settling a loved one’s affairs, or navigating probate, an accurate and unbiased appraisal is essential. At Expert Valuation Services, we bring years of experience and personal expertise to every estate appraisal we perform. Whether you’re an attorney, executor, or beneficiary, we provide accurate, detailed valuations that help you comply with up-to-date IRS regulations.
What is an Estate Appraisal?
An estate appraisal is a professional evaluation of real property to determine its fair market value, often for legal, financial, or tax purposes. This type of appraisal is most commonly required during estate planning or after the passing of a property owner to ensure accurate valuation for probate, taxation, or inheritance distribution.
Unlike general market value appraisals, estate appraisals focus on providing a valuation that meets specific legal and financial requirements. These appraisals must comply with both state and federal guidelines, including those set by the IRS for reporting the value of assets in an estate. You can learn more about the IRS’s requirements here.
Why Are Estate Appraisals Necessary?
Estate appraisals are required in a few scenarios, such as:
Probate Proceedings: When a property owner passes away, the estate may need to go through probate, requiring an accurate valuation of the property to settle the estate. The IRS has a helpful FAQ on this here.
Tax Calculations: For federal or state estate taxes, the IRS requires a detailed property valuation to determine the taxable value of the estate.
Inheritance Distribution: If multiple heirs are involved, an estate appraisal ensures a fair and impartial valuation to avoid disputes.
Gifting or Selling Property: Establishing the market value of a property is essential when transferring ownership as a gift or sale within the family. You can learn how the IRS defines fair market value here.
Our Estate Planning and Probate Appraisal Process
The process is thorough and designed to meet all necessary legal and financial requirements:
Initial Consultation: We gather details about the property, its history, and the specific needs of the appraisal.
On-Site Inspection: We evaluate the property in detail, including its condition, size, location, and any unique features.
Comparable Sales Analysis: We analyze recent sales of similar properties in the area to determine how the property compares in the current market.
Final Report: We give you a comprehensive, IRS-compliant report, detailing the property’s fair market value along with supporting documentation.
Client Support: We offer ongoing support and answer any questions you may have throughout the appraisal process, ensuring you have everything you need for effective estate management.
Contact Us
We provide high-quality estate planning and probate appraisals that you can trust. Contact us today to schedule your appraisal or to learn more about how we can help.