Real Estate Appraisal for Estate Purposes
May 18th, 2012An executor of someone’s estate is delegated to see that the deceased person’s wish about his real estate is carried out the way he/she has it stated in their will. Settling an estate is not easy and usually requires professional help from an estate appraisal team to resolve all the issues involved in a person’s estate. In order to settle an estate there needs to be a true market value established on the real estate by an estate appraisal group who is impartial to all parties. Accountants and attorneys who are working on the estate settlement will hire an estate appraisal group to research the property and write up the needed reports showing the value of all real estate owned by the deceased. These appraisal reports will meet all the requirements of the law and will stand up in court hearings. Appraisers should use complete confidentiality when they are appraising property for an estate, and report their findings to those agencies that have hired them only. Documents need to be filed with the department of revenue, stating detailed information on how an estate appraisal group came up with the market value for the real estate. A good appraisal group will be able to prove their analysis of the property and have all their paperwork in order for any concerns from the courts. Substantial facts and opinions of the true value of all the real estate are extremely important to the executor. Appraisals done by professional appraisal groups should meet state requirements and all IRS laws. The executor and the family all need to have a peace of mind that the appraisal is done in complete discretion and properly reported to all who are handling the settlement for the deceased party. If the appraisal is challenged in court for any reason, the estate appraisal group who did the reports should stand behind their decisions in a court of law.