Because of the death of a loved one, family members can be faced with making decisions that not all can agree on. Whenever property is left to them they must decide who gets what and this can sometimes result in friction between them. I have seen instances where one family member wants to own and live in the property and the others are fine with that but all are not sure how much money each member should get for their portion of the inheritance. Other times they all agree to sell but still must decide what the property is worth.
It is not uncommon for an attorney handling the estate to suggest the family members get an appraisal to determine the market value of the real estate. By doing this they can be assured they are getting the fair market value of the property and that they can then divide evenly. In the end this can keep peace among all involved. If you live in the Birmingham, Alabama area and need an appraisal to aid in the settlement of an estate, please give me a call at (205) 243-9304.
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Tom,
I couldn’t agree more. As you know, I’m a trusts & estates attorney in Birmingham. A good appraisal often makes the difference in settling issues between estate heirs. While property tax valuations are updated annually, they can be wildly incorrect. The only way to know market value is to have an appraisal done.
Also, a date of death appraisal is key to setting the tax basis of the property for capital gains purposes if the family sellls the property.
Thank you for bringing this issue to light!
Thad
Thad, its good to hear your perspective since you are in the business and see what goes on with each of these situations. Thanks for your input.