Estate appraisals for executors
Real estate is often the largest asset in an estate, and executors in Manitoba frequently need to know what a home was worth. That value can matter for the final tax return, for distributing the estate fairly among beneficiaries, and for deciding whether to sell the property or transfer it to a family member. Burley Appraisals provides a documented, independent value that the estate's lawyer and accountant can rely on.
Date-of-death (retrospective) values
When someone dies in Canada, they are generally treated for income tax purposes as having disposed of their capital property at fair market value immediately before death. Accountants often need a documented value as of that date, even where no tax is payable, to prepare the final return and to set the cost base for beneficiaries.
A retrospective appraisal estimates market value as of a past date. We use comparable sales from around the date of death rather than today, and we consider the property's condition at the time as well as we can establish it. Our article on estate appraisals and date-of-death value explains the process in more detail.
When a beneficiary keeps the home
If one beneficiary keeps the house and others receive cash or other assets, everyone needs a value they can trust. An independent appraisal keeps that calculation fair and gives the executor a clear record if questions come up later. The same applies when siblings buy out one another's share of an inherited property; see private sale and family transfer appraisals.
What executors should have ready
- The date of death, and confirmation from the lawyer or accountant of the date the value is needed for.
- Access to the property, through a family member, the executor or a realtor.
- Any information about the home's condition and updates at the time, such as photos or receipts.
- For rural properties, details of the water supply, septic system and outbuildings; see acreage and farm residence appraisals.
Common questions
Can you appraise a home as of the date of death?
Yes. Retrospective appraisals are common for estates. We use comparable sales from around the date of death and consider the property's condition at that time.
What if the home has changed since the date of death?
We rely on the best available information about its condition at the time, such as photos, receipts and what the family can tell us, and we explain any assumptions in the report.
Who usually orders an estate appraisal?
The executor, often on the advice of the estate's lawyer or accountant. The fee is typically paid by the estate.
Do you appraise estates outside Winnipeg?
Yes. We prepare estate appraisals throughout Winnipeg and Southern Manitoba, including farm residences and acreages.