After the death of a family member or loved one, the process of settling his or her estate can be especially difficult. When emotions are high, and there are pressing, time-sensitive concerns, having a team of professional experts from Jones Appraisal to help guide you through the process ahead will make the transition smoother.

If ownership of your loved one’s property has been transferred to you, an appraisal is needed for tax assessment purposes. This is a time-sensitive issue and must be handled quickly to meet IRS reporting standards. Estate appraisals are usually ordered two to twelve months after the date of the original owner’s death.

Six Possible Reasons for Estate and Date of Death Appraisals

1. Equitable Distribution. If there is more than one heir, an appraisal of the total property is a required for equal division.

2. Estate Tax. At the date of death, the estate property must be appraised, especially if the overall estate it is more than the value threshold.

3. Establish a Basis. Performed prior to death to serve as benchmark of the selling price.

4. Probate Appraisal. A probate appraisal is a court requirement for the appraisal and inventory of the estate assets.

5. Estate Planning. As a property owner, you can plan ahead of time for the distribution, donation, and taxes of your estate.

6. Trust Inventory. Be a part of a well-established trust. A trust inventory will set an established value for your property.

How important it is to know the fair market value of the property?

Fair market value (FMV) is the given estimate for the value of a property based on the knowledge, willingness, and assessment of the buyer to an unpressured and willing seller in the market. An estimate of fair market value is generally subjective due to circumstances such as time, location, existence of precedents, and the assessment principles of the buyer and seller.

The selling price of a property is an indication of a reasonable fair market value. The following criteria must be observed in the process of estate planning, valuation, and selling:

- The date of sale in the open market

- Relevant facts known to both buyer and seller

- The purchase occurred was between two distanced parties

- No change occurred in the market during sale date, purchase date, or date of valuation

Settling an estate or forming a trust can be complex tasks. Determining the value of a property associated with an estate or trust is an important part of the process. The value needed in an estate appraisal, probate appraisal, or trust appraisal may be the property’s current market value or the property’s (retrospective) value as of a specific prior date (date of death, etc.) An estate or date of death appraisal is typically used to set the tax basis for the property.

Jones Appraisal knows that people need estate and date of death appraisals for a variety of reasons. We also understand the unique process of determining and planning an estate, as well as the need to have accurate information to help maintain fairness to all parties involved.

Jones Appraisal is a top provider of estate and date of death appraisals. We provide a level of service and communication that is personal and unmatched, with nearly two decades of experience throughout San Francisco, California.

Jones Appraisal you can be sure of receiving the right valuation of your property. Your appraiser will help you to look at the relevant factors for the valuation of your inherited property. Together, you’ll review details including the recent area listed prices, selling price of comparable properties, cost of replacement, expert opinions, and the date of ownership or inheritance.

Contact us today for details on how we can work together to establish your property’s value and help you prepare to resolve any inheritance-based tax implications.