Hire only licensed NY appraisers during probate

As an executor if you are looking for an NY appraiser to assist you during the probate proceedings, it might just help if you’ll understand the NY appraiser’s role in such cases. The estate and other assets, after the demise of the legal owner are to be divided amongst a few people. For the division purposes, getting a fair estimate of the property’s value is a pre-requisite. This task of property estimation is undertaken by a licensed NY appraiser. For the purposes, the NY appraiser carefully checks the property and thus uses the relevant appraisal techniques to work out a market value.

After the death, NY appraiser should be contacted as soon as possible. This is because, for probate purposes, appraisal is conducted as on the date of demise. Thus, during appraisals any changes to the property, post the date of death, are not considered by the NY appraiser.

In NY, appraiser is hired to calculate the market value of the property because probate is a legal process. Thus maintaining absolute transparency during the proceedings is of critical relevance. In fact, every state has its own probate rules and thus it is suggested that an appraiser be hired who is licensed to take up the appraisal process in the particular state, where the property is located. We are repeatedly emphasizing upon hiring a licensed NY appraiser, because otherwise you might end up getting incorrect appraisal values. And this is certainly not desirous because if the appraisal reports overvalue a property, it opens possibilities of lowering future capital gains taxes. On the other hand, an appraisal report that reduces the property’s value affects estate taxes. Either situation can lead to legal penalization and thus the emphasis upon recruiting a licensed appraiser in NY.