Does a house and personal property need to be apprasied after the property owner passes away and if so what is the time limit?
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Does a house and personal property need to be apprasied after the property owner passes away and if so what is the time limit?
My mom passed away 9 months ago. My younger sister is executor of the estate. Never had anything appraised and is not looking our for my older sister’s and my interests in the estate even though we get a portion of the estate.
Asked on August 23, 2011 Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
After a person passes away, it is always wise to have an appraisal of the real property as well as any other assets for any state and federal tax returns for the state, any probate of the will assuming there is a will, and for resale of any real property that belonged to the deceased property owner.
You can have an appraisal done presently of assorted items of the estate including real property. The date of valuation needs to be the date of death of the person who owned the property. If there is a will being probated concerning this estate, you will need to have the court appoint an appraiser to appraise any real property that is an asset.
The time limit to appraise real property and other assets of the estate varies from state to state to state, but common practice is to have the appraisal done within one year of the passing of the person whose estate is being probated or administered.
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