Appraisal
A professional estimate of what an asset is worth.
What Appraisal means in an estate
Executors get appraisals to establish the date-of-death value of real estate, businesses, art, or other hard-to-price assets. Those values feed the inventory, any estate tax return, and the cost basis heirs inherit. For routine accounts the statement value is used instead of a formal appraisal.
How this works in your state
The concept is national, but the forms, procedure names, thresholds, and filing practice vary by state. Open your state glossary and guides to see how appraisal is handled where the estate is being settled.
Related terms
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Information current as of April 4, 2026
Settled Estate is not a law firm, and this content is for informational purposes only and does not constitute legal advice. Probate laws and procedures in your state can change. Consult with a qualified attorney for advice specific to your situation. Full disclaimer.