Probate and Estate Appraisals

Why are appraisals sometimes required for probate of a will or settling an estate on the decedent’s property upon death?

Value of homeA decedent’s owned real estate would need to be appraised in order to determine the cash value as of the date of the of the decedent’s death. The total cash value of the estate would need to be determined prior to distribution of the decedent’s assets. Probate cases typically depend on professional appraisals to determine the cash value for “non-cash” assets such as real estate. Some provisions of probate law require equal distribution of assets be divided among living children and many wills require assets be divided among two or more heirs. Both estates distributed through probate and estates distributed by will depend on professional appraisals to determine the values of the property or properties. In some cases, federal and state law also require a property to be appraised in order to determine the overall value of the property so they can tax it accordingly, this is especially true when valuing assets in high-value estates to determine whether estate taxes are due.
Real estate appraisals could be required for use in: Value for Applications to Probate Wills, Applications to Determine Heirships, Family Settlement Agreements and Estate Inventory.