The probate court appoints a legal representative for the estate of the descendant called the “estate administrator.” This could be the spouse, executor, someone named in the will, or an attorney. These requirements need to be fulfilled by the surviving spouse, executor, estate administrator, or other legal representatives.ĭepending on the state, the IRS recommends opening probate proceedings within 30-90 days from the date of death. The Internal Revenue Service (IRS) lays out a list of requirements pertaining to deceased persons and their estates. The Date of Death Appraisal, also called a “date of death valuation,” is a real estate appraisal and a key component of the accounting of the worth of the estate required by the federal government. In this article, True Legacy Homes breaks down the Date of Death Appraisal, including:ĥ. One of the most important requirements to become familiar with is the Date of Death Appraisal, as it must be compiled soon after the passing of a decedent with real estate holdings. Learning about the process, in concert with expert legal advice, can help you execute your responsibilities correctly and with confidence. Although most of these steps are simple, others can be time-consuming and intimidating. Knowledge about these legal steps before bereavement strikes can be invaluable when it comes time to navigate a hard time following a loved one’s death. If you know you will be named the executor or trustee of one of your family members, the time to start learning about them is now, before their passing. Unfortunately, these strong emotions often precede bewilderment as you realize the many financial and legal steps that follow in the wake of a loved one’s passing. Your focus is on your family and on grieving the loss-and rightly so. After losing a cherished relative, the last thing anyone wants to think about is administering the estate. The death of a family member or loved one is a difficult time, no matter the circumstances.
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