Have you ever wondered how much your estate is worth? What if a family member wanted to sell their house and make sure they were getting a fair price? Maybe you need to know how much an item was worth for insurance purposes or tax reasons. If this sounds familiar, you may be interested in getting an estate appraisal.
An estate appraisal is a complete, independent assessment of the value of a property. It’s used to determine the market value of a property and will be either accepted by a court or used as a starting point for negotiation in legal proceedings.
You can hire an estate appraisal in the following scenarios:
- Planning a sale to a relative or non-relative
- Dividing an estate between the recipients or heirs
- Before listing the home for sale
- Estate tax purposes
- Gifts and gift trusts
- Determining the basis for capital gains tax
