Estate Appraisals and Trust FAQ with Allison Harvey

Over the past year, I’ve continued to incorporate more private appraisal assignments such as estate, divorce, pre-listing, etc. Out of these, the most common assignment I’ve completed for clients is estate appraisals.

While losing a loved one can be a very emotional and difficult time for everyone, it is prudent to determine value of property at the date of death for estate tax purposes between heirs and beneficiaries. The appraisal can be retrospective meaning an appraisal can be completed years after the death has occurred; however do not wait too long as the appraisal assignment may be more difficult to complete as MLS data may become more limited and/or the condition of the house may change.

Below is a prior interview from 2016 I had with Allison Harvey, an attorney with A.L.Harvey Law, Professional Law Corporation. She provided some great general tips regarding estates/trusts which you may find useful. If you want more information about estates, etc, Allison can be reached at her office in Auburn at 530-217-3520.

Estate Trust FAQs provided by Allison Harvey

Who should have a trust?  In California anyone who owns property that has a market value of over $150,000 should have a revocable trust.   When determining market value the court looks at the overall value and doesn’t take into consideration whether you have a lien against the property.

What is a trust?  A revocable trust is a vehicle you can use that allows you to maintain control of your property while making sure the property is managed according to your wishes upon your incapacity or death.

Why should I create a trust?  If you have a properly created trust, that is kept up to date, it will alleviate the probate process.  Probate is costly, time consuming and stressful.  The probate process can take years to complete and it is done in a public forum.  In contrast a simple estate planning package, which includes a revocable trust, generally only costs between $2,000 and $3,000 to create.  The process to distribute the property is streamlined and is done privately. There’s no public court record unless the distribution is questioned by a beneficiary or potential beneficiary.

What else is involved in estate planning?  In addition to a revocable trust, a properly created estate plan will address the guardianship of your minor children, when they can spend the money left to them, who will administer the money left to your children or grandchildren, who will administer your estate if you are incapacitated and who will make decisions regarding your healthcare if you are not able to do so.  This is accomplished through documents such as a pour over will, advance health care directive, durable power of attorney and of course the revocable trust.

If you are in need of a private appraisal for your estate/trust needs, contact me so we can discuss your situation and determine the best course of action for your appraisal needs.

Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use.  This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. This appraiser is NOT a qualified home inspector and any tips are for informative purposes only. If you’d like to obtain and order an appraisal for your specific needs, please contact Bryan at 530-878-1688 for more information.