Help Us Help You
Whether you've lost a loved one or are planning for your own future, there can be many reasons to seek an estate appraised. These situations can be complicated and the type of appraisal you need can take several different shapes depending on the purpose and context of the valuation. First, let's discuss the reasons you may need an appraisal in the first place.
Why Do I Need an Estate Appraisal?
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Date of Death Appraisals are conducted most often to help inform the IRS of the estimated value of a property and settle any current or future property disputes that could arise. Typically referred to a Retrospective Appraisals, they provide the market value as it was at the time of death and aid the Government in assessment of Capital Gains, Estate, Income, and other forms of taxes.
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When donating a property or dealing with a trust that is set up similar to a donation, gift taxes must be assessed by the government. Most often this is conducted so the donor can take advantage of tax benefits the come with the donation of property and report them correctly to the IRS.
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Many times the owner of an estate will name several heirs or trustees for one piece of property, and deciding how to divide that property can be difficult. Receiving an appraisal during the probate process can help make sure this procedure is smooth, transparent, and according to the wishes of the decedent.
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It is common for the heirs of a willed property to resell that property on the market. If you are considering choosing this path, knowing the market value of your property can help you know how much you deserve. Unlike Date of Death Appraisals, these valuations consider the worth of the property as of the date of observation.
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During the divorce process it is common for contest to arise when dividing assets. If a home or property is amongst these assets, it is important to know its exact worth. Having an estate appraised can make negotiations, settlements, disputes, and legal compliance much easier and simpler.
Getting Started
If you need a Date of Death appraisal, we reccomend taking action as soon as possible. Retrospective Appraisals use market conditions and data from a set point in time, and discovering the value of your property becomes increasingly difficult as more time passes. In addition, if there are disputes between heirs or with the IRS in the future it is helpful to already have a value you can trust. Starting the process sooner rather than later can help avoid delays, minimize headache, and ensure the process goes as smoothly as possible.
If you are looking to have your property appraised for donation, divorce, or resale reasons, the timing for your appraisal is mostly dependent on when you need it. It generally takes 1-2 weeks from the time you request a quote for a property to be inspected and valued.
Get The Help You Deserve
Blake and Associates has been operating in the Colorado region for over 12 years and has the intimate knowledge of market, locational, and situational factors that is necessary for estate appraisals. When you choose to trust us to handle your appraisal needs, you're choosing 25+ years of experience and study in a broad range of contexts and environments. You deserve to know how much your property is worth. If you're looking for peace of mind, personal support, and a value you can trust, we'd love to help. Feel free to contact us with any questions or concerns here.