Estate Appraisals

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Estate & Date of Death Appraisals are professional valuations of a person’s assets as of the date they died. They’re commonly used in estate administration, tax reporting, and legal proceedings. 

Below are more details about what's involved. For more questions, you should consult with a legal counselor:

What is an Estate or Date of Death Appraisal?

An estate (or date of death) appraisal determines the fair market value of assets on the exact date of death of the decedent. The appraisal reflects what a willing buyer would have paid a willing seller at that time, with neither under compulsion.

What’s included in an Estate or Date of Death Appraisal?

• Property description and condition as of the date of death
• Comparable sales from that time period
• Market analysis reflecting conditions then
• A  formal, defensible valuation report
• Compliance with USPAP standards (Uniform Standards of Professional Appraisal Practice)

Why they are needed?

• Estate tax purposes.
• Establishes the value reported on federal and state estate tax returns.
• Sets the stepped-up basis for heirs, which affects future capital gains taxes.
• Probate and court requirements.Courts often require independent appraisals to ensure accurate valuation and fair distribution among heirs.
• Trust administration-Trustees rely on date-of-death values to properly allocate assets and account to beneficiaries.
• Dispute resolution-Helps resolve disagreements among heirs or challenges to valuations.

Who performs them?

• State Licensed or Certified appraisers
• Must comply with USPAP (Uniform Standards of Professional Appraisal Practice)
• Often experienced in retrospective (“as-of”) valuations

Key characteristics

• Retrospective: Values are determined for a past date, not today
• Defensible: Must withstand IRS, court, or audit scrutiny
• Documented: Includes methodology, market data, and supporting analysis

Common alternate terms

• Date of Death Appraisal
• Estate Valuation
• Probate Appraisal
• Retrospective Appraisal

Who uses Estate and Date of Death Appraisals?

• Executors and personal representatives
• Estate attorneys and CPAs
• Heirs and beneficiaries
• Courts and taxing authorities

For additional information on how you can begin the process of ordering your estate or date of death appraisal you may fill out the form below to contact us.