So a loved one has passed, and along with the grief and planning you already are going through, you find out that you need an
appraisal as of the date of death.
There are many situations when an appraisal of personal property is needed for probate and estates. Your attorney will likely require one for handling the probate or estate. Depending on the circumstances, they may need an appraisal of the entire residential contents or just a specific list of items.
One thing that can set your mind at ease is that as a Certified Residential Appraiser, we are adept at doing appraisals for time frames that are in the past.
What this means for you is that it isn’t something that you need to order and have done while you are also making funeral arrangements and seeing family members you may not have seen in decades. It can be postponed until the hubbub dies down and you have time to breathe. While it is good to get it done as early as possible, having an appraisal that looks at what values were 3 months or 6 months ago (or even longer) is completely possible.
All Aces Appraisals knows that people need estate and date of death appraisals for a variety of reasons. The intended use of the appraisal will guide us in the right direction:
ESTATE TAX: Required by the Internal Revenue Service and many states. If the total estate is over a certain value threshold (currently at $5 million), then everything needs to be appraised and valued as of the date of death (or alternate date). The IRS requires a room by room inventory of the complete residential contents. Items of low value under $100 Fair Market Value can be grouped together with similar items. Many states follow the Federal level; however several states have a much lower threshold requiring an appraisal.
EQUITABLE DISTRIBUTION: To divide up items from the estate equally among the heirs. This may require an appraisal of the total contents or a specific list of items, depending on the needs of the estate and the heirs.
ESTABLISH A BASIS: Valuing assets or a collection at a specific point in time can provide a benchmark so that the basis can be stepped up to the current value as of the date of death. It can provide a comparison at a later time to illustrate growth or decline in value.
PROBATE: The probate court will require an inventory and appraisal of the estate assets.
TRUST INVENTORY: The majority of estates are part of an established trust. An inventory and appraisal establishes the value of the property at the time it became subject to the trust.
ESTATE PLANNING: Planning for the future of an estate or collection is also important. An appraisal can provide a valuable tool so that owners can plan in advance for tax, distribution or donation. It can provide peace of mind for collectors to know how their treasured objects will be handled after they are gone.
We understand the process of determining and planning an estate as well as the need to have accurate information to help maintain fairness to all parties involved. All Aces Appraisals is the probate/date of death real estate appraiser specialist in Jackson and Lane Counties in the State of Oregon.