When a loved one dies, you might be tasked with settling their estate. This includes submitted a date of death appraisal. This valuation of the property is used for taxation and financial purposes. To fulfill this federal requirement quickly so you can concentrate on healing from the loss, below are answers to common questions about date of death appraisals. 

FAQ About Date of Death Appraisals 

When does the appraisal process occur?

The date of death appraisal is an estimate of the worth of an estate. This is submitted to the IRS for tax purposes. The person who takes charge of gathering the information is the estate administrator. Typically the spouse, executor, a named person in the will, or the deceased’s attorney is appointed to the position during probate proceedings. As the process can take a while, it’s best to begin probate no more than a few months after your loved one died.

Who performs the appraisal?

Hired by the estate administrator, a real estate appraiser will determine the value of the deceased’s holdings. A realtor can provide suggestions on who to hire for the job. When researching options, look for someone who is licensed, certified, and has experience performing these types of appraisals.

What is included in the appraisal?

When determining the value of an estate, the appraiser will take inventory of all the deceased’s high-priced possessions. In addition to cash and real estate, this includes insurance policies, retirement plans, stocks, antiques, artwork, and other personal items. 

How is the estate valuation used?

Paying debts and taxes is part of the estate settlement. With the date of death appraisal, the surviving family will know how much money is available to pay creditors and how much will be left to give inheritors. The IRS also uses the information to determine whether estate taxes are owed.

For help settling your loved one’s estate quickly, contact Concept Appraisal Services for a date of death residential appraisal for the home. Based in Littleton, CO, and serving clients in the Denver Metro area since 2003, the licensed, certified residential appraiser will determine the value of the deceased’s estate. Learn more about what to expect online and call (303) 506-6254 for an appraisal quote. Look for tips to reduce property taxes on Facebook.