Handling the estate of a loved one is never easy. Between legal requirements, financial decisions, and family responsibilities, the process can feel overwhelming. One of the most important steps — and one that many executors don’t fully understand — is obtaining a Date‑of‑Death (DOD) appraisal, also known as a retrospective appraisal.
At Schultz Appraisal Services LLC, we specialize in estate and Date‑of‑Death valuations throughout Will County, including Plainfield, Naperville, Joliet, Shorewood, Bolingbrook, and surrounding communities. Our certified appraisers provide the accurate, defensible documentation required by attorneys, accountants, and the IRS.
This guide explains what a Date‑of‑Death appraisal is, why it matters, and how to protect the estate’s financial integrity during a difficult time.
What Is a Date‑of‑Death Appraisal?
A Date‑of‑Death appraisal determines the fair market value of a property as of the date the owner passed away.
This valuation is required for:
• Probate
• Estate settlement
• IRS reporting
• Capital gains calculations
• Trust distribution
• Inheritance planning
Unlike a standard appraisal, a DOD appraisal looks backward in time.
If someone passed away on March 12, 2024, the appraisal must reflect the market value on that exact date, not today’s value.
This requires:
• historical market analysis
• comparable sales from the correct time period
• adjustments based on past market conditions
• detailed documentation for legal and tax purposes
This is why choosing an experienced, certified appraiser is essential.
Why Date‑of‑Death Appraisals Matter in 2026
The real estate market in Will County has shifted significantly over the last several years. Values in Plainfield, Naperville, and Joliet have risen sharply, while other areas have seen more moderate growth.
Because of these fluctuations, the IRS requires estates to use accurate historical valuations, not estimates or current market numbers.
A proper DOD appraisal:
• protects heirs from overpaying taxes
• prevents disputes among beneficiaries
• ensures compliance with IRS guidelines
• provides clarity for attorneys and accountants
• establishes a defensible value for probate court
In 2026, with property values still adjusting, accurate retrospective valuations are more important than ever.
How Schultz Appraisers Perform a Date‑of‑Death Appraisal
Our certified appraisers follow a detailed process to ensure accuracy and compliance:
1. Review of Historical Market Data
We analyze market conditions from the exact month of the owner’s passing.
2. Comparable Sales From the Correct Time Period
We select comps that closed before or near the date of death, not current sales.
3. Property Condition at the Time
We determine the home’s condition as it existed on the date of death.
4. IRS‑Compliant Documentation
Our reports include the detail attorneys and accountants require.
5. Clear, Defensible Valuation
Every adjustment is explained so the value holds up under scrutiny.
This is where Schultz Appraisal Services excels — we understand the legal and financial weight of these valuations.
When Do You Need a Date‑of‑Death Appraisal?
You may need a DOD appraisal if:
• You are the executor of an estate
• You are preparing for probate
• You are filing IRS Form 706 or 8971
• You are distributing assets among heirs
• You plan to sell the property
• You need to establish a stepped‑up tax basis
Many executors don’t realize that selling the home without a DOD appraisal can create tax problems later.
What If the Property Needs Repairs or Updates?
A Date‑of‑Death appraisal reflects the condition of the home at the time of passing, even if:
• the home is outdated
• repairs were needed
• the property was vacant
• improvements were made later
This protects the estate from being taxed on value that didn’t exist at the time.
Why Families and Attorneys Choose Schultz Appraisal Services
Schultz Appraisal Services LLC is trusted throughout Will County for:
• Certified, experienced estate and DOD appraisers
• Accurate, defensible retrospective valuations
• Deep knowledge of Will, DuPage, Kendall, and Grundy County markets
• Clear communication with executors, attorneys, and accountants
• Fast scheduling and respectful service
• Reports designed for IRS, probate, and legal compliance
We understand the sensitivity of estate work — and we handle every assignment with professionalism and care.
Final Thoughts
A Date‑of‑Death appraisal is more than a legal requirement — it’s a critical step in protecting the estate’s financial integrity. Whether you’re preparing for probate, filing tax documents, or distributing assets, a certified retrospective appraisal ensures accuracy, fairness, and compliance.
If you’re handling an estate in Plainfield, Naperville, Joliet, Shorewood, Bolingbrook, or any surrounding Will County community, Schultz Appraisal Services LLC is here to support you with clear, accurate, and professional valuations.
