Estate Appraisals
What type of property does the Probate Court require to be Valued?
Short answer: Everything. All the real estate and all the personal property that the Decedent owned on the day they passed must be valued.
Some things the Attorney or Personal Representative can value by themselves. For example, stocks, bonds, checking & savings accounts, etc. However virtually everything else requires a formal appraisal by a state licensed appraiser.
Real Estate Appraisals
Personal Property Appraisals
Real Estate Appraisals for Estate Use, while similar to appraisals for lending, buying and selling, are not the same thing. For example, appraisals for estate use are based upon the date of death (DOD) of the decedent, rather than the date the appraiser inspected the property.
Personal Property Appraisals are the valuation of any non-real property owned by the decedent at the time of their passing. They are requirement of the Probate Court and also valued as of the DOD.
For the most current information about Estate Appraisals please contact us at:
Email: Patrick@PatCaseyAppraisal.com
Maryland 301-975-9797
Virginia 703-532-7693
Washington DC 301-975-9797