Does real estate have to be appraised to settle the estate
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Does real estate have to be appraised to settle the estate
The attorney is trying to settle the
estate on the assessed value rather
than having the property appraised
Asked on February 28, 2017 under Estate Planning, Washington
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
There is no law requiring an appraisal; that said, if an interested party (e.g. a beneficiary or heir; someone who has a legal stake or interest in the estate and its value) believes that the valuation of the estate is incorrect, he or she could bring a legal action seeking to compel an appraisal; interested parties can challenge what is being done to settle an estate. It would be a good idea for the person challenging the valuation to retain a probate attorney to help--the procedures for this kind of an action are much more complex than those for, say, filing a small claims suit. But if the person were determined to do it him/herself, he or she should contact the clerk of the probate court, who could provide instructions (or least direct them to where they can find instructions and possibly template or sample legal materials).
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