Date of Death Appraisals Chicago IL
Death of a loved one is an unfortunate reality that everyone goes through at some point. One important thing that must be done after the passing away of a person is determining the value of their estate. It is an essential step in probate, inheritance, or tax processes.
If you are in such a situation, then rest assured you are at the right place. AnDel Appraisals is a home appraisal company in Chicago that is highly experienced in date of death appraisals and will provide you a top-notch service.
Why is a Date of Death Appraisal Important?
Following are some of the main reasons why a date of death appraisal is important:
- Probate Proceedings – A date of death appraisal will often be needed for probate proceedings. It determines the accurate value of the assets and plays a crucial role in the fair distribution of the assets among the heirs.
- Tax Purposes – An estate tax is applied to the assets being inherited from a deceased person to their heirs. A death-of-death appraisal provides the necessary valuation information for tax reporting.
- Insurance Claims – Sometimes, when an inherited property is involved in a claim, a date of death appraisal might be required to determine its accurate value for the claim settlement.
Date of death appraisal also helps to avoid any disputes among heirs over the property value.
How is a Date of Death Appraisal different?
As the name implies a ‘date of death’ appraisal is intended to establish the value of an estate as of the date of death of the deceased person. It is also known as a ‘retrospective appraisal’. This is the main thing that differentiates a date of death appraisal from other types of appraisals that provide the current value of the property.
Such appraisals are performed by first gathering historical data about the property and the market conditions on the specific date of death. The appraiser also considers several different factors like property improvements, market trends, and economic conditions that existed during the date of death. All this data is then analyzed to determine an accurate value of the property.
Why choose AnDel Appraisals?
Given the complexity involved in conducting a date-of-death appraisal, you would want to rely on an experienced appraiser to give you an accurate value of the property. AnDel Appraisals has worked on several date of death appraisals in its tenure of over 12 years.
Reports that AnDel Appraisals prepare are detailed, accurate, and meet all the requirements of attorneys, accountants, and courts.
Our lead appraiser Ray Anderson has over 20 years of experience in the real estate market and is well known for his knowledge and expertise.