Chicago Estate & Date of Death Appraisals

Settling an estate isn’t often simple, with potentially many different actions to take within a limited amount of time. Oftentimes in the event of a person’s death, an appraisal is required to accurately determine a list price for the person’s estate and for tax purposes.

An estate appraiser in Chicago can help handle estates with the sensitivity required, and provide a thorough appraisal for both estates and other inheritance.

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Why Hire an Estate Appraiser?

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The main reason for hiring an appraiser to figure out the value of an estate is to help avoid mistakes. Sometimes people want an appraisal prior to death, and will hire an appraiser to understand the value of their property so they can divide the estate more evenly among inheritors.

Otherwise, inheritors can get an appraisal to get an accurate value before purchasing insurance, figuring out the worth of tax deductions on donated items, or dividing up assets.

Tax Purposes

When an estate appraisal is needed for tax purposes, the appraisal is usually calculated from the date of death. In this instance, an appraiser values the property on that date without paying attention to market or sales data following that date. A date-of-death appraisal is also called a retrospective appraisal.

Hiring the right estate appraiser can help make sure that the estate and any property within receives a reliable assessment.

Discovering the True Worth of Inherited Items

In many cases, inheritors may turn to the Internet or other third parties to determine the exact worth of specific items, but these methods don’t necessarily guarantee accuracy.

Someone may find that an item is listed at a lower value than they expected, but the item may be worth more depending on factors such as whether or not the item is original and the types of materials. Certain items such as art pieces require more expertise in determining their worth because of their age, condition, and even subject matter.

Chicago, IL Experienced Estate Consultant

An experienced estate consultant can help inheritors discover the exact value of these items, which may lead to certain unexpected results. For instance, an appraiser may suggest having specific valuable sentimental items evaluated by another expert who can properly assess those types of items, and who may discover that they are inauthentic.

The appraisers at Rick Hiton understand the delicate nature of property valuation following a loved one’s passing. Our team of appraisers will work with you every step of the way to make the process both simple and accurate, making sure you receive the right value for every piece of inheritance.

Expert Property Valuation

If you would like more information about the estate appraisal process and start working with us for property valuation in the Chicagoland area today, contact Rick Hiton& Associates at 1-847-897-9332 or fill out our online contact form.