What the House Is Worth
The short answer
The estate needs the home's value as of the date of death. It sets the heirs' tax basis and goes into the estate inventory. A certified appraisal holds up better than an online estimate.
What to do now
Order a date-of-death appraisal
A certified appraiser values the home as it stood on the date of death.
Do it soon
The value is easiest to support when the appraisal is done soon after the death.
Share it with the heirs and the attorney
It goes into the inventory and gives everyone one number to work from.
Before Any Decision Is Made, Know What the Property Is Worth
Estate property needs a value as of the date of death. It sets the heirs' tax basis for a later sale, goes into the estate inventory the personal representative must prepare within three months of appointment, feeds any estate tax return, and gives the heirs an independent number to divide the estate by.
For those purposes, a certified appraisal holds up where an online estimate or a broker's market analysis may not. The appraisal values the house as it stood on the date of death, and it is easiest to support when it is done soon after.
The full explanation, with the questions families ask: Date-of-Death Valuation & Property Appraisals.
The information on this page is for general guidance only and does not constitute legal, tax, or financial advice. Please consult a licensed Washington State probate attorney and a qualified tax professional for guidance specific to your situation.