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There are several federal regulations that property owners must comply with when valuing their assets for estate planning purposes. The technical jargon can be difficult to navigate without a professional with expertise in the matter. Make sure you’re aware of and fulfill all the legal requirements before proceeding further by contacting an experienced estate attorney at H&H Appraisal. 

For most people, determining the purchase price of real property is the most useful application of estate valuation. Nevertheless, it is necessary for other endeavors as well, such as financing, sales listing, investment analysis, property insurance, and taxation. The valuation of a real estate property helps businesses with taxation by determining the exact value of the properties on their list of assets. So, getting an estate valuation is in your best interest, whether you’re an individual or a business owner. 

Valuation of the estate also determines whether probate is required or whether there is any inheritance tax or capital gains tax to pay. An application for a Grant of Probate cannot proceed unless you obtain the accurate value of the estate. 

The process of valuation is complex and requires the intervention of a skilled professional. When valuing an estate of a deceased owner, all the assets that the previous owner possessed or had an interest in must be included. These are:

• Money held in financial institutions
• Properties, lands, and businesses
• All their investments, including stocks, shares, and unit trusts
• Personal items
• Contents of the house
• Money from a pension that is payable on death
• Life insurance payments
• Loans made by the deceased
• Foreign assets
• Any trust from which the deceased benefited 
• An alternatively secured pension fund

Furthermore, any gifts made by the deceased individual during their lifetime must also be included in the valuation of the estate. Considering the detailed process that requires expertise in the domain, H&H Appraisal ensures that our attornies are experienced and up-to-date with the latest knowledge to make the process seamless for our clients.

There are multiple benefits to seeking out a full estate valuation from a professional. Some of these benefits include the following:

• An estate valuation highlights the pros and cons of your property, so buyers and sellers both have an honest idea of the property in question. This prevents underselling the property or the risk of added taxation
• Since it provides the exact value of the property, a valuation process encourages ways of improving your house
• You obtain a list of comparative homes for the purpose of selling
• You get the exact value of your property in monetary terms, so future decisions based on it are easier to make and more reliable 
• In case you’re considering selling your house, a professional will guide you on whether or not to sell the property or wait and sell it at a greater price in the future

With evolving technology and solutions to most of our problems available a few clicks away, it’s tempting to use an online valuation tool and gauge the value of your property on your own. There are tons of accessible online data that you can make use of as well. However, it’s worth hiring a certified real estate agent to do the job instead of trying to figure everything out on your own.

Remember, data can be confusing and messy, and you would be making a grave error by overlooking even a minor aspect. Skilled professionals at H&H Appraisal have experience in handling complicated data and making sure that the value determined for your property is as accurate as possible. 

Online tools, regardless of how advanced, come with their flaws. They cannot perceive your property from the ground and know that your house has a new bathroom, double glazing, or even a landscaped garden. These factors significantly impact the value of your property, which only certified agents like those working at H&H Appraisal know how to navigate through. 

Online valuation tools are also limited in their capacity to provide information for all properties in a given area, making it difficult to compare properties before listing yours for purchase. On the other hand, our team of dedicated professionals at H&H Appraisal can provide an accurate value of any property in the entire Middle Tennessee region.