Date-of-Death and Retrospective Appraisals Explained

Effective date versus report date

Every appraisal has two dates: when the report was written and the date the value opinion applies to. In a retrospective assignment they differ deliberately. The value is stated as of the historical effective date, and market movement after that date is excluded from the conclusion even when it is discussed for context.

Choosing the effective date

For estate matters, the effective date is usually the date of death, though an alternate valuation date may apply. That choice belongs to the attorney, CPA, or personal representative handling the matter. Larocca Appraisals provides valuation services and does not advise on which date to elect.

Rebuilding the historical market

The appraiser assembles sales that closed near the effective date and contracts that were pending at that time, since pending contracts reflect what buyers were committing to then. Where the market moved sharply, paired sales and trend analysis support a market-conditions adjustment back to the effective date.

• Comparables drawn from the period surrounding the effective date
• Condition as of the effective date, not as of the inspection
• Documented reasoning that a reviewer or opposing expert can follow

Condition as of a past date

Property often changes between the effective date and the inspection — renovations, deferred maintenance, storm damage, or removal of personal property. The appraiser inspects current condition and then reconstructs the earlier condition using photographs, permits, listing histories, and statements from the representative, disclosing the sources used.

Built for review

Retrospective reports are frequently read by attorneys, accountants, reviewers, and sometimes opposing experts. Reports are prepared on URAR forms with the appropriate certification language and supporting exhibits, and the workfile is retained so the analysis can be defended if testimony becomes necessary.