Estate planning can be stressful. However, appraisers can ease this process by providing accurate values for your real estate properties. Enlisting the help of an accredited appraiser allows you and your beneficiaries to be well-educated on the worth of your real estate. This knowledge makes it easier on your loved ones after you’ve passed on.
Estates are composed of everything you own such as your car, real estate and investments. Developing a plan for your estate in the event that you pass away ensures that your wishes are carried out in the manner you desire. Instructions provided in this plan state who you want to receive your assets, what assets you want them to receive and when they are to receive them. Neglecting to establish an estate plan now puts your loved ones in danger of not being able to carry out your requests.
What Happens if I Don’t Have an Estate plan?
People often put off estate planning. Many people don’t like contemplating their mortality. Often they think they don’t own enough, think there is plenty of time, or are simply confused about the overall process. Unfortunately, if you neglect to implement a plan for your estate before you pass on or an unexpected disability occurs, there are consequences.
If you develop a disability and can no longer conduct business due to a mental or physical incapacity and you do not have an estate plan, then only the court appointee can sign for you. The court then decides how your assets are used to take care of you. This situation is made more expensive and time consuming when you do not have an estate plan.
Passing without an intentional estate plan in place causes a distribution of your assets according to the probate laws in your state. Furthermore, if both you and your spouse pass without an intentional estate plan, then the court will appoint a guardian for your child or children.
Avoid the court taking control of your assets and making all the decisions! Implement an estate plan and enlist the proper help to make sure it is thorough and accurate.
Enlist the Help of an Appraiser
In estate planning, recruiting the help of an appraiser is very beneficial. Appraisers assist attorneys with estate planning processes by maximizing tax benefits. They achieve this through a strict value viewpoint and providing the most reliable and defensible value of real estate.
There are three specific reasons why knowing the value of your estate is important:
- First, understanding the value allows you to report a taxable gain or loss on the eventual sale of the property.
- Second, it is helpful for inventory purposes if the estate goes through probate.
- Third, it assists in fairly dividing estate assets among beneficiaries.
Since obtaining an accurate value is essential, it is important to enlist the help of an accredited, experienced appraiser.
Paramount Property Analysts Can Help With Your Estate Planning!
Our team has extensive experience in a variety of property types and appraisal cases! Call us today, so we can help you gain peace of mind regarding your assets.