There’s never a good time to think about what happens to an estate after one’s death. Many do not begin planning until it’s too late. Instead of grieving, relatives and friends are forced to deal with their loved ones’ estate. In order to not leave heart broken family and friends in charge of dealing with an estate, consider starting the process early. It may not be as difficult as you think.
The process involves many different steps, including designating a beneficiary, establishing your directives, and inventorying your personal belongings. In order to inventory your belongings, appraisals will come into play. Join us as we explore 3 reasons for obtaining an appraisal while estate planning.
3 Reasons for Estate Planning Appraisals
Estate Plans & Wills
One of the first steps in preparing how things will be handled for someone’s pass is through estate planning and a will. Having this done before passing allows for peaceful division of property. An estate planning appraisal allows for a non-partial party to give an objective value to the assets, leading to an easy transfer of ownership.
Litigation
No matter how much a family loves one another, division of property can become ugly. Appraisals are valuable in probate, trusts, and estate litigation matters. They allow for disputes to be settled based on an expert’s evaluation. Appraisals also determine current value for buyouts, allowing everyone to enjoy the gift that has been given to them by their loved one.
Final Taxes
When inheriting property, appraisals must be made to determine the amount of value the inheritor has received. This is called a post-mortem appraisal, and will help determine whether you are subject to state and federal taxes. Having an appraisal done before allows for planning and saving for final taxes to be done beforehand. This will take the stress off of loved ones scrambling to come up with a large sum of money to close out the state and federal taxes.
Planning for Peace of Mind
The last thing anyone wants to be thinking about is end-of-life planning. We take all the stress out of the appraisal process, by providing reports, research and expert testimonies. Whether you want an appraisal for your will or to keep family members from getting into disputes, we have you covered.