Retrospective Valuation

Settling an estate can be an emotional experience. It is one of those things that most people know very little about until they actually go through estate administration.

When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes. Often times during the settlement process, either an attorney or accountant will order an appraisal, or have a family member or the executor of the estate select a state certified real estate appraiser.

Retrospective appraisals are fairly common in estate settlement situations. These involve appraising a home based on a prior date. This is usually the owner’s date of death and is therefore the reason why estate appraisals are commonly referred to by many attorneys and tax professionals as ‘date of death’ appraisals.

Regardless of your needs, or the amount of time elapsed, I understand the complexities involved in assessing the value of real property under these difficult circumstances. 

Remember, every estate situation is different. The type of appraised value required depends on the particular needs of the estate. This isn’t something you need to worry about. Your attorney or accountant can help direct you toward the type of value needed for the estate. Whenever needed, I would be happy to speak directly to your attorney or accountant and clarify exactly what’s required for your situation.