A common definition of an appraisal refers to a valuation -or an approximation of value- of any kind of asset or liability. Even though an appraisal may be necessary for a wide range of commercial purposes. For example, to determine the market value of real property, as well as a piece of jewelry or an art collection. However, it is an essential requirement in inheritance and succession proceedings.
In general, an appraiser is an impartial and properly qualified professional, appointed by a competent authority to assess the financial worth of a estate. Especially because probate law requires the equal distribution of assets among several heirs. In fact, an appraisal is required by federal and state law to assess the overall value of the assets and liabilities for tax purposes.
For instance, the appraisal of a house includes a complete inspection of the property. Also, the size of the lot, number of rooms, new renovations, exterior amenities, location, as well as the current housing market.
In addition, another requirement is the inventory of all property, including real property, personal property, bank accounts, etc. Among them, “non-cash” assets may include real estate, vehicles, jewelry, and household goods. On the other hand, “cash” assets refer to bank accounts, but they do not require appraisals.
Sometimes, probate courts accept independent appraisals. Others assign their own agent to obtain professional appraisals for all “non-cash” assets, on court-approved appraisal forms. This often occurs when there are discrepancies among heirs or if the will is contested.
At InheritEstate, our team of experts is duly prepared to handle these sensitive matters with the highest level of confidentiality. We rely on the outstanding services of a broad network of appraisers all over the world. Moreover, our law firm has innovative technology and avant-garde resources in order to track assets abroad.