When is it necessary to have a real estate appraisal for estate planning.
3 Answers from Attorneys
At the time you plan the estate, so as to give you some idea of the value of the assets your estate/trust will be distributing in the future; however, the date of death of the trustor, you, would be the date, theappraised value of any gifts of assets would be used, to establish the value, to comply with trust provisions and applicable tax rules, if any.
Whenever you need an accurate value. This may be for planning purposes, but often this can be accomplished with estimates or brokerrs opinions. You should have a appraisal to back up your valuation if you are making gifts.
For purposes of estate planning, an actual appraisal is rarely necessary. You may want to have an asset appraised if you are on the verge of owing estate taxes. Short of that an appraisal is probably not necessary.