Probate & Estate Appraisals
Probate Appraisal:
A probate appraisal is conducted specifically for the purpose of determining the value of assets, including real estate, owned by a deceased person at the time of their death. This valuation is typically required as part of the probate process, which involves validating and distributing the deceased person's assets according to their will or state law.
Estate Appraisal:
An estate appraisal, on the other hand, encompasses a broader scope and may occur at various stages throughout the administration of the deceased person's estate. While it may include the valuation of assets for probate purposes, an estate appraisal may also involve assessing the overall value of the deceased person's estate for tax planning, inheritance distribution, or other financial purposes. Additionally, an estate appraisal may be conducted both before and after the probate process, depending on the specific circumstances and legal requirements.
In summary, while both probate and estate appraisals involve the valuation of assets owned by a deceased individual, probate appraisals specifically serve the probate process, while estate appraisals encompass a wider range of valuation activities related to the deceased person's estate and may occur at different stages of estate administration.
Information for Beneficiaries
Settling an estate generally requires establishing the fair market value for any residential property involved. Many people do not realize how beneficial it is to have an appraisal that supports the numbers used in the documents filed with the revenue authorities. Contact us to learn more about the appraisal process or to schedule an estate appraisal. For more detailed information on estate planning including DIY estate planning, visit the American Bar Association’s Estate Planning Info & FAQs.
Information for Estate Lawyers
We looks forward to working with you to provide the best service possible to your clients. Contact us today to request an estate appraisal fee schedule or to schedule an appraisal.