Settling an estate is one of those things that most people know little about until they actually go through the experience. So we hope to offer you a bit of insight below into the process of estate settlement as it pertains to Maryland real estate appraisals.
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 probate and IRS tax purposes. Often times during the settlement process either an attorney, personal representative or accountant will order an appraisal or have a family member or executor select an appraiser for the job of valuing the decedents real property.
It’s been our experience that estate appraisals are commonly ordered between 2-6 months after the death of a loved one or inheritance of a property. Occasionally an appraisal is ordered almost immediately whereas other times the time period may be as long as a year or more depending on the circumstances at hand.
Retrospective real estate appraisals are fairly common in estate settlement situations involving The Office of the Register of Wills. These involve appraising a home based on a ‘prior date’ which is typically the owner’s date of death, hence the reason why estate appraisals are often referred to as ‘date of death’ appraisals.
In addition to needing a retrospective or date of death appraisal during the settlement process, often times the ordering party will also request a ‘current value’ appraisal in order to determine current market value for purposes of sale or settlement between heirs.
Regardless of your needs or the elapsed time, our team of certified appraisers at Maryland Appraisals understands the complexities involved in assessing the value of a property under these difficult circumstances and we’ll provide you with the best possible experience.
Remember, every estate situation is different and the type of appraised value required all depends on the particular needs of the estate. This isn’t something you need to worry about as a good estate attorney or accountant can easily help direct you toward the type of value needed for the estate. Additionally, we’re happy to speak with your designated attorney or accountant to clarify exactly what’s required for your situation.
Our Maryland real estate appraisers have nearly 60 years’ of combined experience dealing with estate and date of death valuations. In fact, a large number of estate attorneys, accountants and financial planners have come to rely on Maryland Appraisals for our opinions of real property value in estate probate settlement proceedings.