VolkHaus Appraisals | Denver Metro & Boulder County
Estate Appraisal Checklist: What to Gather Before Ordering a Date-of-Death Appraisal
For estate attorneys, CPAs, fiduciaries, and the executors and families they work with. Fill it in, print it, or hand it off.
What is an estate appraisal checklist?
An estate appraisal checklist is the short list of facts and documents an appraiser needs before valuing real property for an estate: the property address, the date of death, what the appraisal is for (IRS Form 706, stepped-up basis, probate inventory, or a buyout), who can provide access, and any records showing the home’s condition at the date of death. Gathering these items before ordering keeps the appraisal on schedule and the value defensible.
When an estate needs an appraisal
Estate tax filing (IRS Form 706)
Estates that meet the federal filing threshold require a qualified appraisal of all real property. The IRS does not accept assessed value, online estimates, or informal opinions. The return is due 9 months after the date of death, and the appraisal must come from a qualified appraiser working under USPAP, the Uniform Standards of Professional Appraisal Practice.
Stepped-up basis
Under IRC Section 1014, heirs inherit real property at its fair market value as of the date of death, not what the decedent originally paid. Setting that basis with a defensible appraisal protects heirs from overpaying capital gains tax when they eventually sell. Without one, the basis is a guess. Our guide to stepped-up basis and the 1099-S covers what happens when the home has already sold and the basis was never documented.
Colorado probate inventory
CRS 15-12-706 gives the personal representative three months from appointment to prepare an inventory (court form JDF 941) listing each asset at fair market value as of the date of death, signed under oath. The statute requires the sworn figure but says nothing about where it comes from. A date-of-death appraisal converts that sworn guess into a supported statement. More in our post on the probate inventory’s valuation blank spot.
Buyouts, distributions, and disputes
When one heir keeps the house and the others take cash, or when a personal representative distributes assets in kind, the split needs a neutral number everyone can accept. Note that a buyout is a present-day transaction: it usually needs a current-value appraisal, which is a different assignment than the date-of-death valuation. Some estates need both, and the two values are rarely the same. See our guide to estate buyout appraisals.
Trust events
A trust generates its own valuation moments: funding a home into an irrevocable trust, the grantor’s death, division into sub-trusts, and distributions to beneficiaries. Each event carries its own effective date, and a report developed for one date cannot be recycled for another. Details in our post on trust appraisals.
Why the shortcut numbers don’t hold. The county assessor’s value is built for property taxation, produced on a mass cycle, and keyed to a statutory date that rarely matches a decedent’s date of death. An online estimate has never been inside the house and cannot be pinned to a specific past date. Estate properties are disproportionately original-condition homes held for decades, which is exactly where those shortcut values miss by the widest margins.
What the IRS expects. Under IRC Section 170(f)(11) and Treasury Regulation 1.170A-13, a qualified appraisal comes from an appraiser with a designation from a recognized professional organization such as the Appraisal Institute, relevant education and experience for the property type, and independence from the estate: no executors, no beneficiaries, no family members signing the report.
The estate appraisal checklist
1. The basics
| Property address | |
| County | |
| Decedent’s name | |
| Date of death | |
| Your name and role | |
| Best phone and email |
2. What the appraisal is for
Check every use that applies. The intended use shapes how the report is framed, who the intended users are, and which effective date matters. One report can often be scoped to serve related needs, and it is cheaper to plan that once than to order twice.
| Filing deadline or court date (if any) | |
| Valuation date needed (the date the value is tied to) | |
| Personal representative appointed on (if probate is open; sets the 3-month inventory clock) |
3. Documents to gather
None of these stop the appraisal from starting, but each one the appraiser has up front makes the value better supported. Most are already in the estate file or one phone call away.
| Document | Have it? | Where it is / who has it |
|---|---|---|
| Deed, or title commitment if one was ordered | ||
| Death certificate (confirms the effective date) | ||
| Will or trust pages naming the property and the PR or trustee | ||
| Any prior appraisal of the property | ||
| Listing history, if the home was ever listed (photos from a past listing are gold for retrospective condition) | ||
| Photos of the home around the date of death | ||
| Inspection reports, if any exist | ||
| Receipts or permits for major improvements (roof, kitchen, systems, additions) | ||
| Mortgage or lien statements (the inventory reports encumbrances too) |
4. Property access and condition
| Who has keys / arranges access | |
| Occupied or vacant? | |
| Utilities on? | |
| Changes since the date of death (renovation, damage, cleanout, already sold) | |
| If the home was sold or altered: what shows its condition as of the date of death? |
5. Parties involved (for buyouts, distributions, and anything contested)
| Heirs or parties with a stake in the value (lets the appraiser run a conflict check) | |
| Who is engaging the appraiser? (one party, or jointly; the distinction matters in a contested file) |
6. More than one property?
List each additional property in the estate. Multiple properties can usually be handled in one engagement.
| Address | County | Access contact | Status |
|---|---|---|---|
What happens after you order
- Engagement call The property address, the date of death, and the intended use are enough to start. Fee and timeline are confirmed up front, along with who the client and intended users are.
- Historical research Comparable sales, market data, and public records are pulled from the effective date period. For retrospective assignments, this historical research is what makes the opinion of value defensible.
- Inspection A physical inspection documents condition, features, and any changes since the date of death. Exterior-only inspections are available if the property has been sold or significantly altered.
- Report delivery A USPAP-compliant report, typically within 5 to 7 business days. Rush service is available for estate filing deadlines and court dates.
Retrospective valuation, explained
A date-of-death appraisal is a retrospective appraisal: the property is valued as of the date of death, using comparable sales and market data from that specific period, not today’s market. Retrospective appraisals can reach back years. The death may have occurred in 2020 and the estate is just now being settled; a credible opinion of value as of that historical date is usually still possible. There is no hard cutoff, though the further back the date, the more documentation work is involved. The full walkthrough is in our date-of-death appraisal guide.
Form 706 basics
Form 706 is due 9 months after the date of death, and Form 4768 provides an automatic 6-month filing extension. The IRS requires the appraisal behind the return to come from a qualified appraiser: a designation from a recognized professional organization, relevant education and experience, independence from the estate, and a report prepared under USPAP. An estate may also elect the alternate valuation date, valuing property 6 months after death, but only when the election lowers both the gross estate and the tax, and it applies to every asset, not just the real estate. Whether that election makes sense is a call for the attorney and CPA; the appraisal simply supports whichever date governs.
When one appraisal isn’t enough
Two situations routinely need a second value. First, a buyout: the date-of-death appraisal sets the basis and the inventory figure, but the sibling buying out the others is transacting today, so the buyout runs on a current-value appraisal. Second, trusts: funding, the grantor’s death, and a later distribution each carry their own effective date, and each needs its own opinion of value. Planning for both dates in one engagement is routine; just flag it on the checklist.
More questions? Start with the FAQ, the estate appraisals page, or the service area map.