Losing a loved one is hard. Sorting out real estate questions on top of that can feel overwhelming, especially near year end when tax filings and court deadlines stack up. If you are an executor, trustee, or heir in Illinois, a
clear, defensible appraisal can lower stress and help you make timely decisions. This guide covers when an appraisal is required, what a date of death or “as of” valuation means, what the IRS expects, how to prepare
documents, how long reports take, what it may cost, and how to coordinate access when occupants are present. You will also find straight answers to common questions and myths so you can move forward with
confidence.
When an appraisal is required for an estate
You do not always need an appraisal, but you often should have one. In Illinois estates, a certified appraisal is typically required when:
1- The estate must file a federal estate tax return, Form 706, because the gross estate exceeds the federal exemption, or when portability is elected.
2- Real property needs a fair market value basis established for capital gains tracking for heirs.
3- Probate court requests or orders a valuation, or an attorney or CPA advises it.
4- There are multiple heirs with differing views on value, or a sale, buyout, or distribution is planned.
5- A trust requires a valuation event for funding, allocation, or distribution.
Even when not mandated, a credible report helps prevent disputes and supports informed decisions.
What a date of death appraisal means and what the IRS expects
A date of death appraisal is a retrospective assignment. The appraiser values the property “as of” the decedent’s date of death, not today. The IRS expects fair market value, defined as the price a willing buyer and a willing
seller would agree to, both having reasonable knowledge of relevant facts and neither being under compulsion. For estates, IRS reviewers look for:
A clearly stated effective date that matches the date of death.
A USPAP compliant report with a defined scope, intended use, and intended users.
Comparable sales that bracket size, condition, location, and that closed near the valuation date, with time adjustments when appropriate.
Narrative support for adjustments, market conditions, and final reconciliation.
Online home value estimates are not acceptable substitutes. Zillow and similar tools can be useful for curiosity, but they are not a certified appraisal and will not satisfy the IRS or court requirements.
Documents to gather for a smooth and defensible report
You can speed the process and improve accuracy by collecting:
Will, trust, letters of office for the executor, or trustee certification.
Deed and prior title policy if available.
Prior listings, MLS sheets, or private sale information.
Building permits and contractor invoices for additions or major improvements.
HOA documents, condo declarations, and assessments if applicable.
Recent photos, insurance claim documents, or maintenance records that show condition near the date of death.
Rent rolls, leases, and expense data for income property.
Access details, alarm codes, occupancy status, and the best on site contact.
If the home has changed meaningfully since the date of death, provide photos or records from that time so the retrospective analysis reflects actual condition as of that date.
Coordinating access when occupants are present
Many estate properties are occupied by a surviving spouse, a family member, or a tenant. A respectful, scheduled inspection is standard. Share preferred windows, pet notes, parking instructions, and any mobility or health
concerns. A typical interior and exterior inspection takes about 20 to 60 minutes for a single family home. If full access is not possible, discuss alternatives such as limited scope or exterior only observations, and whether
they fit your intended use.
Timelines, deadlines, and how long reports take
Scheduling: Within a few days in most Illinois markets; rush slots are often available.
Inspection: 20 to 60 minutes in most cases.
Reporting: Commonly 3 to 5 business days after inspection for straightforward residential properties. Complex, multi unit, or mixed use assets may take longer.
If you are facing a filing or court deadline, call early to reserve time and request expedited delivery. Same day or next day reporting is sometimes possible when access and data are in place.
What a probate appraisal is
A probate appraisal is a certified valuation prepared for court administration of an estate. It provides fair market value as of the legally relevant date, usually the date of death. The report is designed to be read by judges,
clerks, attorneys, CPAs, and heirs. It focuses on clarity, documentation, and defensibility, with the level of detail calibrated to the court’s expectations and your attorney’s guidance.
How the appraiser determines value at death
For most residential estates, the appraiser uses the sales comparison approach, selecting comparable properties that sold near the date of death and adjusting for location, size, condition, features, and market timing.
When appropriate, an income approach is added for multi family or rental homes, using market rent and typical expenses to indicate value. For newer or unique homes, a cost approach may help frame land value and
depreciation. The appraiser reconciles these indications to reach a single, well supported conclusion.
Fees and how much a date of death appraisal should cost
In Illinois, many standard single family retrospective appraisals fall in the range of approximately $300 to $600, with complex properties, large homes, acreage, or multi unit assignments priced higher. Rush requests,
expanded narrative needs for litigation, or multiple effective dates may add to the fee. Ask for a written quote that confirms the effective date, intended use, delivery timing, and whether exhibits such as additional
comparable grids are included.
How long an estate appraisal is “good for”
An appraisal does not expire, but market conditions change. For IRS and probate purposes, the key is that the effective date and methodology are sound. If months pass and you need to update, you can request a current
market letter or a new appraisal for a different purpose. Courts and tax authorities look at whether the report credibly reflects the market as of the required date.
Do you need probate if there is a will
A will does not avoid probate by itself in Illinois. Whether you need probate depends on asset titling, the total value of probate assets, and whether there are disputes. Many real estate transfers still go through probate
unless the home was held in a trust, joint tenancy with rights of survivorship, or transferred via a recorded transfer on death instrument. Your attorney will advise on the correct path. If probate is required, expect the court or
counsel to request a certified appraisal.
How to find a good estate appraiser
Look for an Illinois licensed appraiser with estate and retrospective experience, strong local market knowledge, and clear, responsive communication. Ask for turnaround commitments, sample redacted pages that show
adjustment logic, comfort with court, attorney, and CPA coordination, and ability to handle special access situations. Verify that the report will be USPAP compliant and that the appraiser carries appropriate credentials and
insurance. Local familiarity with Will, DuPage, Kendall, Kane, and Cook counties is a plus.
Working with your attorney and CPA
Loop your professionals in early. Share the engagement letter, effective date, intended use, and draft report for review. Your CPA may want specific exhibits or a different format for the workpaper file. Your attorney may
request an addendum or affidavit for court. Clear communication upfront prevents last minute scrambles and rework.
Year end tips and common myths
- Myth: Zillow equals an appraisal. Reality: Online estimates are not court or IRS acceptable and often miss condition, permits, or unique features.
- Myth: You must wait for probate to order an appraisal. Reality: You can order a private use report as executor or trustee so you have numbers to plan.
- Tip: If a sale is planned, coordinate the appraisal with the broker’s pricing opinion. Both perspectives can help set expectations.
- Tip: If you need two values, for example date of death and six months later, ask for a combined engagement to streamline scheduling and pricing.
Need help now
If you are facing a court or filing deadline, or if you need multilingual support in Spanish, Romanian, or Greek, call Schultz Appraisal Services LLC at (815) 482-2012. Our team provides USPAP compliant estate and date of
death reporting across Plainfield, Joliet, Naperville, Oswego, and greater Chicagoland, with weekend scheduling and rush options when possible. You can also learn more about our work with joliet appraisals for probate
court, or request support for estate appraisal for executors in plainfield if that fits your situation. If you prefer to start with a quick conversation, we are happy to provide a free quote and confirm turnaround based on your
timeline.
Summary
A well prepared date of death or probate appraisal provides clarity at a difficult time. You now know when an appraisal is required, how retrospective “as of” valuation works, what the IRS expects for fair market value, which
documents to gather, how long reports usually take, and typical fee ranges. You also have guidance on probate basics, coordination with attorneys and CPAs, and how to manage access when occupants are present.
When you are ready, reach out for a calm, organized process and a defensible report that stands up to scrutiny. We are here to help you meet deadlines and move forward with confidence.
