Settling an estate requires precise valuation of assets to satisfy legal and tax obligations. An estate appraisal for probate establishes credible, independent values that assist executors, beneficiaries, and courts. Absolute Appraisals & Consulting Inc. provides professional probate appraisals across the Hamilton/Niagara Regions, Grey/Bruce Counties and Owen Sound regions.
Why Probate Appraisals Are Important
An appraisal submitted with a probate application provides the fair market value of estate assets as of the date of death. Courts require this information to issue a Certificate of Appointment of Estate. In Ontario, probate fees, known as Estate Administration Tax, are based on asset values at death. Accurate valuations support tax compliance and prevent disputes among heirs.
What the Probate Appraisal Process Includes
- Compiling a Complete Asset Inventory
Executors must assemble key documents and asset lists. Omissions can result in errors, delays or court challenges. - Identifying Probate vs Non-Probate Assets
Joint holdings or assets with named beneficiaries may pass outside probate and are excluded from appraisals. - Determining Effective Date of Value
Values must reflect the date of death rather than inspection date. Retrospective appraisals account for market changes and are considered more dependable. - Preparing a Formal Appraisal Report
Certified appraisers produce comprehensive documents for each asset category, such as real estate, personal effects and business holdings. - Submitting Reports with Probate Application
The reports are filed with the application to courts. They support probate approval, tax filings and help ensure fair distribution of the estate. - Retaining for Records and Potential Review
Courts, beneficiaries and the Canada Revenue Agency may rely on these reports. Accurate valuations can prevent allegations of misrepresentation.
Typical Assets That Require Appraisal
• Real Estate – necessitates a professional appraisal for probate purposes.
• High-Value Personal Property – fine art, collectibles or jewellery may need appraisal if they significantly affect the estate.
• Business or Machinery Assets – specialized valuations for business-related assets ensure proper reporting and tax compliance.
Why Work with Absolute Appraisals & Consulting Inc.
- Qualified and Accredited
Arlene Blake holds CRA and P.App designations from the Appraisal Institute of Canada and is an Accredited Member (AM) with the American Society of Appraisers with a machinery and equipment specialty. - Professional and Independent
Our appraisals are impartial, detailed and prepared to meet Appraisal Institute of Canada (AIC) standards. - Local and Responsive
We serve estates in Hamilton/Niagara Regions, Grey/Bruce Counties and Owen Sound.
Common Questions
Is a full appraisal always needed?
Basic or modest estates may only require reasonable estimates. However certified appraisals are essential if assets pass through probate or are likely to be questioned.
When should the appraisal be conducted?
It should use the date of death value. Retrospective valuations are preferred in fluctuating markets.
An estate appraisal for probate ensures clarity, fairness and legal compliance during estate administration. Working with Absolute Appraisals & Consulting Inc. guarantees accurate valuations and peace of mind for executors and beneficiaries alike. Contact us today to request a probate appraisal or to discuss your legal estate’s needs.