Ontario Estate Appraisals or known as Probate Appraisals
AppraisalOntario Estate Appraisals
We are Professionals, we are not influenced in any way,other than to make sure that the belongings get the highest amount possible.
NEW as of Jan 2015 - New Guides Related to Probate
Who is Required to File ?
Anyone who receives a certificate of appointment of estate trustee (Estate Certificate) must file an Information
Return with the Ministry of Finance.
There is a requirement to file an Information Return even if the value of the estate is equal to or less than $1,000
and no estate administration tax is payable.
Section on H: - Other Property
Other Property Wherever Situated -
List all other property that has not been listed in previous sections and that is not excluded from being listed. Other
property may include business interests (could be in the form of partnership interest or shares of a corporation),
copyrights, patents, trademarks, household contents, art, jewelry, cash not reported elsewhere in the Information
Return, investments (such as mortgages given and loans receivable), and insurance contracts with a residual
amount payable to the estate (i.e., without a named beneficiary). This is not an exhaustive list. Do not list property
that was jointly owned by the deceased and one or more other persons who have a right of survivorship in the
We are experienced in providing legal Certified Appraisals for the purposes of Estate Settlement and Probate.
ESTATE SETTLEMENT AND PROBATE:
Many clients are unaware that the Personal Property of an Estate must be inventoried and valued during the Probate process. This requires the services of a Certified and Accredited Personal Property Appraiser who must provide a value of the estate's contents as of the date of the descendants' death.
If this is not done in a timely fashion, the Estate may be rejected by the Ontario Court System. We are experienced in providing legal appraisals for the purposes of Estate Settlement and Probate and can assist you or your personal representative in their obligations involving Federal tax liability.
Thinking of Downsizing?
Retirement? Loved One Pass Away ?
Retirement can be stressful, not to mention settling an estate is also so important to get the honest values of your assets.
When you have been appointed an executor, you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on AppraisalOntario.com to act quickly and with sensitivity to the feelings of everyone involved.
Layers and Accountants rely on our values when calculating real property values (personal property) for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Settling an estate usually requires an appraisal to establish Fair Market Value for the personal property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death.
What is an estate sale?
Families; spouses, widows, executors of estates or just even individuals that are downsizing - or needing to dispose of an estate.
Why buy at an estate sale?
Buying at an Estate Sale can save you a lot of money. If you need to furnish a cottage or helping you child setup in
an apartment. The selection of collectibles; furniture, paintings, glassware and even antiques at Estate Sale can
be incredible. For enthusiastic collectors or individuals that like to bargain hunt for that lost treasure.
Why use Appraisal Ontario?
We are Professionals, and we are not influenced in any way - other than to make sure your belongings get the highest amount possible.
We are not Auctioneers just adding to our weekly auction sales - or looking for commissions that are as high as most auctioneers charging over 30% commission!
We are flexible and understanding to our clients. We can offer anything from just coming into the location to inventory; take pictures for advertising, cleaning, packing, moving and anything that our client requires.
If you are out of town, or live a large distance - we can make sure that the sale is handled just like you would expect, if it was done by yourself. Most of our clients live out of town, or just have a hard time returning to the location where a loved one has passed. We will even take care of cleaning and staging the location to get ready for the real estate market.
Thru our inventory methods, we strive to make sure every item is properly marked, identified and is displayed to get the highest amount possible. We make sure everything gets the same exposure to secure the exposure the items deserves.
All too often, people do not fully appreciate the need to have a detailed estate or probate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting Canada Revenue and Provincial Law requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is ever challenged.
Appraisal Ontario team of Professionals provides a wide range of services to help you fulfill your role as an executor for an estate.
Initial Consultation and Walk Through of the Estate
We discuss the services we offer, and how they might be tailored to suite your needs as the Executor or Administrator of the Estate. With our initial walk through we can provide you with an overview of what the Estate consists of and a general synopsis of the property as it exists. We can provide suggestions and or solutions for the estate reflecting the services that we can provide.
We can provide several different options for managing the estates inventory and property that can be tailored to meet your specific needs whether you are the Executor, Administrator or planning for the future. Some of these options are:
- Video inventory of property items.
- Digital inventory of property items.
- Full written inventory of property items compiled with a digital/video inventory.
Video conferencing on an 'as required basis' to discuss the household contents with you.
Estate Dispersal and Disposal Services
During the process of settling the Estate, disposition of the estate property requires that it be sent to family members, relatives, friends, charities or disposed of. Our service options are:
- Shipment and/or dispersal of keepsakes, or cherished items to family members and/or friends as directed.
- Disposal of household furniture, and appliances through local second hand stores, commissioned sales stores, or auctions.
- Garage or Yard sale of selected items.
- Donation of items to the Salvation Army, Local Charities, Food Banks, and/or local Soup Kitchens.
- Keep Executor and/or the Administrator informed of the progress of the estate distribution and dispersal via e-mail and or phone calls as requested.
Property Maintenance and Security
A home is frequently included in the Estate. This home may require cleaning, repairs and surveillance (if vacant) during the time period in which decisions are being made with respect to the estate. We provide services that will showcase the home for that all important "curb appeal" and maximize it's value.
- General cleaning, washing walls, floors, windows and vacuuming.
- Power washing decks, siding & patios.
- Dry wall repair, priming and painting.
- General plumbing repairs including replacement of sinks, taps, drains and toilets.
- Minor appliance repairs to dishwashers, washers and dryers.
- General electrical repairs or upgrades to switches, duplex receptacles, lighting and fans.
- Installation of new wood flooring/laminate, repairing old wood floors or as requested.
- Minor renovations.
- Fence repair or power washing.
- Fabrication of custom cabinets, cupboard doors and/or drawers.
It is important that the property and yard be maintained on a regular basis. When the home is not maintained it could become a target for those who see it as an opportunity to cause damage to the home.
- Lawn/garden maintenance, pruning, watering, cutting and trimming as required.
- Weed control.
- Application of lime and fertilizers.
- Home Security Monitoring.
Also of vital importance is a review of the insurance policy by the Executor/Administrator to determine the exact security requirements that must be met to allow the policy to remain in effect. Each insuring company will have their specific requirements. We can arrange for or provide regular home security checks to comply with the requirements of the insurance company.
Vehicle and Recreational Vehicle Preparation for Resale
Upon being granted authority by the Executor/Administrator, the Estate's vehicles and recreational vehicles, which may include; motor homes, trailers, motorcycles and other motorized vehicles, may be prepared for resale or disposal.
We can provide or arrange for:
Inspection/servicing of vehicles, trailers, campers and provide report to executor
- Independent recognized appraisals.
- Cleaning, power washing and detailing as required for resale.
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