Probate is the process of establishing the validity of a will and often involves appointing a personal representative. Probate is basically a court-supervised transfer of title of an asset. Probate is used to assign assets, pay debts and expenses, and then to distribute the estate to heirs and beneficiaries. Typically there are a number of parties interested in the disposition of the estate. Commonly these are family members, the surviving spouse, beneficiaries, creditors and the personal representative, also referred to as the administrator or executor for the estate.
Settling an estate will often times involve Real Estate and the big question is - What is the Real Estate Worth? Administers of estates, attorneys, accountants, beneficiaries, as well as other entities and individuals rely on the services of local, professional, State-Certified Real Estate Appraisers to provide an opinion of value. Often times this value is to be as of the date of death which would require the appraiser to be versed on the requirements of performing a Retrospective Appraisal. This type of appraisal has an effective date of the appraisal prior to the current date as well as prior to the date of the report. An appraisal report should also meet the requirements of the Uniform Standards of Professional Appraisal Practice (USPSP).
Having a professional appraisal report performed by a local State-Certified Real Estate Appraiser that is familiar with the area and that meets the requirements of the Uniform Standards of Professional Appraisal Practice gives the administer/executor a credible value to present to all parties involved.
David Miller, Realtor/Appraiser serving St. Petersburg, FL and the Tampa Bay Area.
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