Date of Death Appraisals

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What is a Date of Death Appraisal?

A date of death appraisal, also known as a probate appraisal, is a valuation of the fair market value of a property as of the date the owner passed away. This appraisal is often required for estate tax purposes, probate proceedings, and to establish the property’s basis for tax and accounting purposes.  It is a “retrospective appraisal” which looks back in time.

Anyone involved in the settlement process may order a date of death appraisal.  Usually, the executor of the estate or another family member orders the appraisal.  In other cases, an accountant or attorney may also order them.

  

 

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A Date of Death Appraisal is needed for several reasons:  

1. Estate Settlement – Heirs or beneficiaries must receive the assets of a deceased person. They do this according to their will or the law. To ensure fair distribution, we need an accurate valuation of the assets.
2. Tax Purposes – Many places levy inheritance taxes or estate taxes. They apply to the transfer of assets from a deceased person to their heirs. The value of the assets at the time of death is often used to determine the tax liability. A Date of Death Appraisal provides the necessary valuation for tax reporting purposes.
3. Probate Proceedings – Probate validates a will. It also administers the estate of a deceased person. You may need a Date of Death Appraisal for probate. It finds the estate’s value. This ensures correct distribution under the deceased’s wishes or the law.
4. Insurance Claims – The deceased owned valuable assets. They had insurance, like real estate or valuable items. You may need a Date of Death Appraisal to show the value of the assets for insurance claims.
5. Financial Planning – Executors or beneficiaries may need a Date of Death Appraisal for financial planning. It helps them know the value of the assets they have inherited. This knowledge lets them make informed decisions about their financial future.

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Benefits of Professional Appraisal Services 

To achieve the accuracy required for these purposes, it is advisable to hire a professional real estate appraiser. Professional appraisers offer several benefits:

• Expertise and Experience:  Professional appraisers have the knowledge and experience to evaluate various factors that influence property value, including location, market trends, property condition, and comparable sales.
• Objective Valuation:  An independent appraiser provides an unbiased and objective assessment of the property’s value, free from potential conflicts of interest.
• Comprehensive Reports:  Professional appraisers provide detailed reports that are accepted by the IRS, probate courts, and other entities involved in estate administration.

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Bixby Appraisal Group is a provider of commercial and residential real estate appraisal services in Southern California.  In the past 15 years, our firm appraised over 4,000 properties, including hundreds of date of death appraisals.  We specialize in the valuation of apartments, retail, industrial, mixed-use, office, 2-4 units, condos, single family homes and vacant land.  The firm is located in the Bixby Knolls section of Long Beach, California and service most areas of Los Angeles and Orange County.  Our appraisers produce high-quality appraisal reports for lending, estate planning, trust, divorce, business partnership dissolution, and property tax assessment purposes.  Clients include banks, attorneys, CPAs, government entities, brokers, owners and private investors.

The owner of Bixby Appraisal Group holds the Certified General Real Estate Appraiser license and is in compliance with all continuing education requirements with the Bureau of Real Estate Appraisers in the state of California. In addition, he holds the MAI Designation from the Appraisal Institute and CCIM Designation from the Certified Commercial Investment Member Institute.

Contact us for a free appraisal quote today.