At Your Side To Ensure Accurate Property Appraisals
One important aspect of estate administration is accurately determining the value of the property involved. To ensure this, a qualified appraiser is selected to assess the true worth of the assets. It’s crucial to get this right the first time, especially before any distribution or sales take place.
It’s important to note that not all assets need to be reported, such as insurance policies, annuities, joint bank accounts, and other assets that have certain inheritors. However, the executor or administrator will still need to determine the value of these assets as of the date of the loved one’s passing, as it is necessary for filing an accurate estate tax return.
Before closing the estate, the personal representative will take the following steps:
- Filing the appraisal, along with the inventory with the court
- Satisfying estate obligations
- Satisfying mandated waiting periods
- Filing final accounting and petition for distribution
It is important to note that all information filed with the court is public record.
A Bridgeport Probate Lawyer Can Help You With Estate Valuations
You need dedicated legal advocacy when a family member has died with or without a will. You need answers to your questions. You are entitled to peace of mind during a difficult time in your family’s lives. For more information or to schedule a free consultation, fill out our intake form, or call attorney Paul Ganim and his staff at 203-908-3100.