Date of Death Appraisal
If a loved one has passed away, it is important to value all of the assets they left behind. The assets should be evaluated by an experienced estate appraiser, such as Fulton County Home Appraiser. When completing the appraisal process, the date of death will be used to retroactively determine the fair value of the real estate of the deceased. This evaluation system is designed to ascertain if a tax return is due to the Internal Revenue Service.
If you are heir to valuable assets, particularly real estate, having a date of death or estate appraisal done is essential to protecting your inheritance and minimizing tax liability.
How is the date of death used in estate settlement?
You have two options in evaluating the date of death appraisals. First, the exact date that your loved one died. Second, six months after the date of death.
Upon the passing of a loved one, any owned assets are passed on to the heirs of the estate. The deceased’s attorney or executor will be responsible for handling any settlement matters, and discussing pertinent details with all beneficiaries. During this time, you’ll be given several documents to complete, including the Death of Real Property Owner form to formally declare the death of your loved one. Aside from that, you also have to comply with the BOE 502.
If the properties will be passed on to the departed’s children or grandchildren, reassessment of value may not be a required. However, you will have to file for BOE 58-AH for parent or children and BOE 58-G for the grandchildren. Either form will grant the reassessment exclusions to the concerns.
The date of death appraisal is performed to determine the fair market value of the subject property. Fair market value refers to the potential price that can be settled between a prospective buyer and a seller. As a rule of thumb, the fair market value should not be based on a forced structure fee, nor should it be assessed based on the sale price of the same items in the market.
Probate appraisals
Estates are also settled through the process of probate. This occurs when the loved one did not leave a will to identify who will inherit the property. In this case, the court is granted the power to make the decision. Probate appraisals should be completed on the decedent’s property to discern the fair market value on the date of death. In cases where too much time have passed between the probate and date of death, an appraisal will be performed to determine the current market value of the property. The main reason for probate appraisal is to establish the cash value of a property that has to be divided by the beneficiaries.
Estate Appraisals
Estate appraisals come in various forms. These include the date of death and the retrospective evaluation. Aside from that, other forms of evaluation may also be necessary for the overall estate appraisal.
The property of your loved one is great asset and it has to be well taken care of by the beneficiaries. So if you have a loved one who has just passed away, you should talk to your attorney to gain sufficient background in estate appraisals.
The passing of a loved one is a sensitive time for all who knew them. There are many time-specific decisions that must be made in order to settle outstanding family concerns. Fulton County Home Appraiser understands these issues, and has knowledgeable staff available to assist in easing the transition.