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Estate & Date-of-Death Appraisals in Springfield, MA: What You Need to Know
Springfield & Western Massachusetts | Estate Appraisal Guide Understanding Estate and Date-of-Death Appraisals When a family member passes away, settling an estate can involve numerous financial and legal responsibilities. If the estate includes residential real estate, determining the property's market value may be an important part of that process. An independent residential appraisal can provide executors, attorneys, accountants, and beneficiaries with a well-supported opinion of property value for a specified effective date. What Is a Date-of-Death Appraisal? A retrospective real estate appraisal that develops an opinion of the property's market value as of the date an individual passed away, rather than its value today. Pilgrim Colonial Appraisal Services provides independent estate and retrospective residential appraisals throughout Springfield and surrounding Western Massachusetts communities. Request an Estate Appraisal Quote → In This Guide What is an estate appraisal? When is one needed? How historical valuations work The appraisal process Appraisal fees and timing Preparing for an appraisal Local appraisal services Frequently asked questions 01 / Understanding the Appraisal What Is an Estate or Date-of-Death Appraisal? An estate appraisal is a professional opinion of real estate value prepared for an estate-related purpose. A date-of-death appraisal is a specific type of retrospective valuation using the date of death as its effective date. In a conventional current-market appraisal, the appraiser generally develops an opinion of market value as of a current effective date. In a date-of-death assignment, the appraiser instead analyzes the property and relevant market conditions as they existed on the historical effective date. Current Estate Appraisal Establishes an opinion of value as of a current effective date. This may be useful when evaluating a proposed sale, distribution, or other estate-related decision. Date-of-Death Appraisal Establishes an opinion of market value as of the decedent's date of death. The analysis reflects the relevant property characteristics… Continue Reading
