Why attorneys need real estate appraisers?
As a commercial appraiser, I understand the importance of obtaining an accurate real estate appraisal for various purposes, including estate planning and settlement. Estate attorneys play a critical role in ensuring that the wishes of their clients are carried out after their passing, and a real estate appraisal can help them achieve this goal. Here are some reasons why estate attorneys should get a real estate appraisal:
Accurate Valuation of Assets: When someone passes away, their estate typically goes through a probate process to determine how their assets should be distributed. An accurate real estate appraisal can provide a fair market value of the decedent's property, which is necessary for calculating estate taxes and distributing assets to beneficiaries.
Minimize Disputes: Disputes between beneficiaries can arise when it comes to the distribution of assets. Having a real estate appraisal done can minimize disputes by providing an impartial and objective value for the property.
Compliance with IRS Regulations: If the estate is subject to federal estate tax, an accurate real estate appraisal is required to determine the value of the decedent's property. Failure to comply with IRS regulations can result in penalties and fines.
Protection from Claims: An accurate real estate appraisal can protect the estate and the executor from claims of undervaluation or overvaluation of the property.
Peace of Mind: A real estate appraisal can provide peace of mind for the estate attorney and their clients. They can rest assured that the property is valued correctly, and the estate is being managed in compliance with applicable laws and regulations.
In conclusion, estate attorneys should get a real estate appraisal to ensure that their clients' assets are valued accurately, minimize disputes, comply with IRS regulations, protect against claims, and provide peace of mind. As a commercial appraiser, I can provide an accurate appraisal that meets these objectives and helps estate attorneys better serve their clients.