Estate Planning Appraisals: Frequently Asked Questions
What are estate planning appraisals?
When reviewing an estate, you may need multiple appraisals to cover all the properties and assets involved. This knowledge is critical to writing up a will for family members and ensuring they receive what the original owner intended. When multiple appraisals are involved, Pyramid Real Estate Advisors will create one thorough report with all relevant elements listed.
Why would you need this type of appraisal report?
When properties are gifted or split up after a death in the family, having the estate planning appraisals ahead of time eases the discussions and offers a clear path while family members are grieving.
How often should you update your estate planning appraisal?
For estate planning appraisals to be truly helpful, they should be updated based on market fluctuation and increases in property value. If a property has had renovations to increase value, then a new assessment should be included in your report.
Some business-based inheritances may be based on margins or sale potential, which can vary significantly over the years. If your estate planning appraisals have not been updated recently, request a quote and provide current documentation to determine the accuracy.