An appraisal generally determines the cash value of real property and personal property. With regards to the real property involved in an estate settlement, the monetary value of the property or properties involved are determined as of the date of death.
A professional appraiser will inspect the property and determine its market value based on sales of similar properties sold prior to the date of death. Upon the decedent’s death, the estate administrator conducts an inventory of all property, including real property, personal property, bank accounts, and retirement accounts.
In general, property should be appraised for its “cash value” with the exception of less expensive items such as those that could be sold at a yard sale. An inventory of estate property, including “non cash” assets such as real estates, vehicles, and jewelry, need to be professionally appraised to determine its cash value.
Other “non cash” assets, including household goods, may be casually appraised at fair market value based on the potential retail value of that item. “Cash” assets, including bank accounts, do not require appraisals because the cash value of “cash” assets is clearly evident. Settling an estate can be a complex and an important job.
Everybody lives a busy life today, and as an estate administrator or executor, you may be under pressure from the heirs to rapidly follow through with every step of the process. Tighue Appraisal Group has been assisting individuals with valuing their residential and commercial real estates for estate settlement purposes for over twenty five years.
Our function is to relieve the burden of the valuation of any real property involved with the estate. If you have been given the position of trust, we know that you are concerned with doing the right thing and doing it properly.
Often the settlement of an estate helps to bring part of the closure needed to move forward, and we do our best to make that as comfortable a progression as possible.