Real Estate Analysis and Commentary in [CITY]

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Being appointed as the executor or personal representative of an estate is both an honor and an important legal responsibility. Along with carrying out the wishes of the deceased, the executor is responsible for identifying, protecting, and properly accounting for the assets of the estate. If the estate includes residential real estate, obtaining a Date-of-Death Appraisal may become an important part of the estate administration process.

A Date-of-Death Appraisal provides an independent opinion of the property's fair market value as of the owner's date of death, rather than its value today. Because real estate values change over time, the property's historical value may differ significantly from its current market value.

Establishing the property's historical value may assist the executor in preparing an inventory of estate assets, working with attorneys and Accountants (CPAs), maintaining accurate estate records, and documenting the value of the real estate if it is later distributed or sold.

One recommendation I often make to executors is to begin organizing important estate and property documents as early as possible. Keeping items such as the deed, survey, death certificate, Letters Testamentary or Letters of Administration, property tax records, and any information regarding improvements together in a single folder can save time and make it easier for your attorney, CPA, and appraiser to locate the information they may need during the administration of the estate. While every assignment is different and not every document is required, having this information readily available often helps the process move more efficiently.

If you have recently been appointed as an executor or are assisting with the administration of an estate, I would be happy to discuss your appraisal needs, explain the appraisal process, and provide a fee quote based on the property's location, complexity, and the intended use of the appraisal. 

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