Originally published: November 2025
When someone dies in Illinois, executors face a lengthy list of complex tasks during probate. One big step is obtaining a retrospective appraisal to determine the fair market value of assets as of the date of death.
Most Illinois estates need retrospective appraisals for real estate and other significant assets to satisfy probate court requirements and tax obligations.
Property appraisals are a crucial aspect of the Illinois probate process, providing accurate values for estate administration and fair distribution among beneficiaries.
Figuring out when these appraisals are necessary, how they work, and what deadlines executors face can save a ton of time—and headaches. Retrospective appraisals assess property value as of the date of death, not today, which presents unique challenges for appraisers and executors alike.
A retrospective appraisal assigns a value to property as of a specific date in the past, usually the date of death. Illinois probate courts need this value to inventory estate assets and to set fair market value for tax and distribution purposes.
A retrospective appraisal is a professional property valuation based on a past date. This isn’t the same as a typical appraisal, which estimates today’s market value.
The effective date is the moment in time at which the value is pegged—most often the date of death. The inspection date is when the appraiser actually visits the property, which happens later.
Even if the inspection date is later, the effective date is set in the past. The appraiser digs into old market data, sales from that period, and the economic scene at the time.
This whole process requires a certain level of expertise. Appraisers have to set aside current trends and focus on what the market looked like back then.
The retrospective appraisal lays the groundwork for all estate accounting requirements. Even if an estate is under the federal tax limit, courts still want accurate asset values for probate.
Form 706 uses the date-of-death value to calculate the federal estate tax. Illinois probate courts ask for similar details through inventories and accountings.
Some of the main uses for these values:
Estate or probate appraisals are usually ordered within 6 months of death. That way, market data remains within reach and details remain fresh.
Illinois probate law requires you to inventory all assets and attach fair market values. The Illinois Probate Act requires personal representatives to file these inventories on a set schedule.
Real property needs to be appraised by someone licensed and familiar with the local market. Personal property, such as art, jewelry, or collectibles, may also require special retrospective appraisals.
Illinois courts look closely at these values for:
When valuing assets for probate or estate planning, you might need the value as of the owner’s date of death. Illinois sets specific rules for appraiser qualifications and how reports must look.
The state’s probate courts use these appraisals to ensure fair estate administration and to ensure taxes are handled correctly.
Illinois probate law doesn’t always demand retrospective appraisals, but certain assets and situations make them unavoidable.
The value and complexity of what’s in the estate, and the type of probate, decide when formal appraisals are a must versus when you can get by with something simpler.
Illinois courts require formal retrospective appraisals for some high-value or complicated assets during probate. Real estate is the most common example of something you can’t skip.
Real estate appraisals are required if:
Business interests also set off appraisal requirements. If the estate includes a stake in a closely held company, partnership, or LLC, you need a professional valuation as of the date of death.
Complex personal property needing appraisals includes:
Business equipment, especially for farms, needs someone who knows that field. Machinery, livestock, and inventory all have to be valued by the right appraiser.
If you try to use amateur valuations or online price estimates for these things, the court might not accept them.
You need certified reports from licensed appraisers who know the asset type. Certified reports are the standard.
Broker Price Opinions and county assessor values usually don’t cut it in Illinois probate. Courts want more than these alternatives because they lack depth and legal weight.
BPOs have some big drawbacks:
Assessor values are even trickier. They’re often a year or two behind the real market. Plus, reassessment cycles vary by county, so you can’t really count on them.
Assessor values don’t work well when:
High-value estates (over $4 million) get extra scrutiny. The IRS might challenge any valuation method that doesn’t meet professional standards, and that can lead to tax headaches.
Courts like certified appraisals because they come with detailed analysis, comparable sales, and professional liability coverage. This paperwork shields executors from fights with beneficiaries and legal trouble down the road.
| Valuation Type | Acceptable in Probate? | Detail Level | Legal Risk | Best Use Case |
| USPAP Appraisal | ✅ Yes | Full market analysis, comparable grid, certifications | Low | Court & IRS filings |
| Broker Price Opinion (BPO) | ⚠ Sometimes | Limited comps, no liability | Moderate | Early estate planning only |
| Assessor Value | ❌ No | Mass appraisal model | High | Reference only |
Current-date appraisals have their place, too. They give today’s market value, which can be useful in probate for reasons other than retrospective ones.
Executors might order current appraisals for:
When an estate sells property within 6-12 months after death, a current appraisal helps justify the price to both beneficiaries and the court—especially if the market’s changed a lot.
Insurance situations also call for current appraisals:
Sometimes, when one beneficiary buys out another’s share, you need a current value to set the right price. Tax planning, like charitable trusts or conservation easements created during probate, may also require up-to-date appraisals.
The main thing to remember? Retrospective appraisals set the taxable estate value. Current appraisals help inform decisions and transactions that arise later. Two different tools, both important, but for other jobs.
Illinois small estate procedures and non-probate transfers usually eliminate the need for a formal appraisal. Still, beneficiaries find it helpful to maintain some documentation of asset values for tax purposes.
Small estate affidavit proceedings (estates under $100,000) generally don’t require a formal appraisal. Beneficiaries should still document asset values to lock in a stepped-up tax basis for any future sales.
Transfer-on-Death (TOD) arrangements skip probate altogether:
Joint tenancy properties also transfer without probate. The surviving joint tenant gets full ownership, so there’s no court oversight or appraisal requirement.
But documentation is still useful for:
| Asset Type | Why Document Value |
| TOD Real Estate | Capital gains calculations for future sales |
| Joint Bank Accounts | Income tax reporting requirements |
| TOD Investment Accounts | Basis adjustments for inherited securities |
Retirement accounts (401 (k), IRA) go straight to the named beneficiaries —no probate needed. Date-of-death valuations help with required minimum distributions and tax planning.
Life insurance pays out directly to beneficiaries, bypassing probate. If a policy doesn’t have a named beneficiary—or if the beneficiary dies first—the estate might need a valuation.
Sorting assets for probate? Get an accurate Illinois retrospective appraisal supporting inventory and tax basis, reducing disputes later. Schedule an appointment with Whitsitt & Associates.
Illinois executors face strict timelines under the Illinois Probate Act (755 ILCS 5/14-1 et seq.).
Independent administration gives executors more breathing room with the 60-day inventory deadline. They can usually handle appraisals on their own and file the reports without lots of court check-ins.
Supervised administration means the court keeps a closer eye. Executors usually have to submit detailed inventories and appraisals within the first 60 days.
The court sometimes pushes this out to 90 days for complicated estates. That extra time matters because professional appraisers need time to:
Executors really should call appraisers right after they’re appointed. If they wait until day 30 or 40, scheduling gets tight and the process feels rushed.
Getting more time requires a formal court petition. Executors have to show good cause—maybe the assets are complex, or they can’t get on the appraiser’s calendar fast enough.
Illinois probate deadlines are strict. Miss them, and you could face some real problems:
Beneficiary objections become more likely if deadlines pass. Heirs might try to remove the executor or accuse them of mismanaging things.
Court sanctions can include:
Removal risk jumps after 90 days without the right paperwork. Courts start to wonder if the executor’s up to the job or just dragging things out.
Executors should file for extensions before the deadline. Waiting until the last minute makes the court more skeptical and increases the chance of a denial.
A retrospective appraisal looks at property value on a specific date in the past, not what it’s worth now.
The process involves digging up old market data, gathering documentation, and making time-based adjustments to figure out what the property was worth on the decedent’s death date.
The effective date is when the property value is being determined—so, the date of death in probate. The report date is just when the appraiser finishes the analysis.
This gap between the effective date and report date is normal. Retrospective appraisals mean determining value as of a past date, often for estate and tax purposes.
Key report elements:
The appraiser should clearly say they’re giving an opinion of value as of the death date—not today. That distinction protects everyone and keeps the IRS happy.
Good documentation is crucial for an accurate retrospective valuation. The evidence package has to show what the market looked like on the death date.
Property documentation includes:
The comparable sales grid should focus on sales that happened before or right around the death date. Sales from much later can’t really support the value as of the earlier date.
Market conditions analysis covers:
Appraisers dig into old market data, sales, and property details from the relevant period. That historical context keeps the valuation grounded in reality rather than today’s market.
Paired sales analysis compares nearly identical properties sold at different times. This method shows how much property values changed between the death date and the date of available comps.
The appraiser looks for properties that sold twice—once near the death date, again later. The percentage change between those sales shows how the market moved.
Time adjustment calculation:
If there aren’t paired sales, appraisers use market indices, economic data, or statistics. The more sources, the stronger the time adjustment and the value of the opinion.
The appraiser has to show their work—how market changes affected the property’s value. Historical data, comps, and market trends from the right period are key for an accurate retrospective value.
Most Illinois estate assets in probate need to be valued as of the date of death, not today. Real estate is usually the biggest chunk, but personal property and business interests often need specialized valuation, too.
Real property is the backbone of most Illinois estates that need a retrospective valuation. Single-family homes, condos, rentals, and farmland all have to be appraised at their fair market value on the date of death.
The executor needs a certified appraisal for these properties to finish probate. Property appraisals matter for estate administration and taxes in Illinois.
Key real estate needing retrospective appraisal:
Appraisers should use comparable sales within 30 days of the death date. They can’t just use today’s comps if property values have changed a lot since then.
These appraisals impact estate taxes and how assets get divided. Illinois wants accurate values for both in-state and out-of-state decedents who owned property here.
Personal property needs an appraisal if it’s valuable or has a specialized market. Stuff under $500 per item usually just gets an estimate from the executor or family.
High-value items need a pro. Antiques, art, jewelry, and collectibles require someone who understands those markets.
Items needing a specialist:
The executor should get a written appraisal for anything worth over $1,000. Old insurance records or appraisals help, but they might not reflect the value at the date of death.
Some collectibles have markets that swing fast. Comic books, sports cards, and memorabilia may require additional research to determine the correct value for the estate.
Business interests need a different approach from real estate appraisals. Closely held companies, partnerships, and sole proprietorships require certified business appraisers who know how to value companies.
Business valuation is usually a separate job from property appraisal. These appraisers look at financials, market conditions, and industry trends as of the death date.
Business interests needing valuation:
Valuation methods include asset, income, or market approaches. The appraiser picks the right method based on the business and available data.
Family businesses can get tricky, especially with several generations involved. Buy-sell agreements and old valuations help, but they might not set a fair market value for the estate.
Professional practices—such as medical offices or law firms—need appraisers who understand those industries and the typical valuation multiples.
Getting the right documentation before you order a retrospective appraisal helps ensure you get an accurate value and avoid headaches or costly delays.
The evidence you collect about the property’s condition—and when you collect it—can make or break the appraisal’s reliability and legal standing.
You’ll want to nail down precisely what the property looked like on the date of death. Appraisers have to reconstruct the home’s condition from that specific point in time, so any evidence from then is gold.
Photographic Evidence
Family, friends, or caregivers who visited regularly should provide sworn statements. These should mention the property’s condition, any maintenance issues, and any recent improvements or decline.
Neighbors who’ve lived nearby for years can offer insight into the property’s history. Contractors, cleaners, or maintenance folks who’ve worked there can add professional observations about structural or system conditions.
When you start estate activities, it matters more than you might think. Executors have to juggle preserving evidence with advancing the estate.
Don’t touch anything until you document everything. Take all your photos and collect statements before you remove personal property or make any changes. Complete and accurate info is key for a good appraisal.
Wait until the documentation is done before scheduling an estate sale. Personal property can affect how the home’s condition appears. Sometimes, empty rooms reveal hidden damage or issues that were covered by furniture.
If you must address safety or security issues, only handle what’s necessary before the appraisal. Always document emergency repairs with before-and-after photos, receipts, and contractor notes to keep things above board.
Retrospective appraisals for probate in Illinois usually range from $600 to $1,200. That’s higher than standard appraisals. Digging up historical market data and meeting tight deadlines can increase costs.
Most standard retrospective appraisals in Illinois take about 10 to 14 business days. That gives appraisers enough time to research sales and market conditions from the date of death.
If you need it in a hurry, rush orders can trim that to 3-5 business days. But expect to pay a premium—sometimes 50% to 100% more than the regular fee.
Probate court deadlines and estate administration can add urgency. Retrospective appraisals require a lot of digging through old market info, which takes longer than a current valuation.
Appraisers have to track down comparable sales within a reasonable distance of the valuation date. They also need to confirm what the property looked like and what improvements existed at that time.
Executors can pay for the appraisal from estate funds before splitting assets among beneficiaries. That keeps the payment process simple and ensures the estate covers needed expenses.
The appraisal report belongs to whoever pays for it. If the estate pays, all beneficiaries usually get access to the full report and supporting documents.
Executors should keep original appraisal reports in estate files. Courts might ask for them during probate or for tax purposes.
Sometimes you’ll need extra copies for attorneys, tax folks, or beneficiaries. Appraisers often provide a few copies for free, but you might pay $25-$50 each for extras.
Secure a fair market value as of death—schedule a USPAP-compliant appraisal with Whitsitt & Associates to meet Illinois deadlines and protect distributions. Schedule an appointment.
The retrospective appraisal fixes the property’s value as of the date of death. That number goes straight onto federal estate tax forms and sets the stepped-up basis for future capital gains.
Illinois follows federal rules for estate taxes, so getting the value right matters for both taxes now and for planning down the road.
If the estate tops $13.61 million in 2024, you’ll need to file Form 706 with the IRS within nine months of death. The appraisal is essential for this.
Form 706 asks for detailed asset values at fair market value as of the date of death. Real estate is usually one of the biggest items and needs a professional appraisal.
Portability elections let a surviving spouse use any unused federal exemption. Even if you’re under the filing threshold, consider filing Form 706 to lock in that benefit for the spouse.
The appraisal must meet IRS-qualified appraisal standards. That means using certified appraisers and following specific formats.
Illinois imposes a separate estate tax with a $4 million exclusion; valuations still drive federal basis and any state estate tax exposure.
The retrospective appraisal sets the stepped-up basis for inherited property. That’s the fair market value on the date of death, which can wipe out years of appreciation for capital gains.
If heirs sell the property later, they calculate capital gains using that stepped-up basis. The appraisal report is your proof for the IRS.
Example scenario:
New basis-consistency rules make solid valuations even more critical. The IRS can challenge your numbers if you don’t have proper documentation.
Illinois applies its own capital gains rates, but the stepped-up basis calculation is the same for state and federal purposes.
Sometimes the sale price and the appraised value don’t match, especially if months pass between the two. The IRS expects you to explain any big differences.
Common reconciliation factors:
If you sell within six months of death, you might use the sale price if it better reflects fair market value. That can help if property values drop after the appraisal.
Good documentation helps avoid tax penalties if the IRS asks questions. Keep records showing market analysis between the appraisal and sale.
Appraisers should mention possible value changes in their reports. That can strengthen your case if tax authorities come knocking.
The appraisal holds for tax purposes even if you sell for a different price later. But big gaps between appraisal and sale could draw IRS attention, so be ready to explain.
If the estate must file IRS Form 706, the executor may elect an alternate valuation date—six months after death or the actual sale date (if sooner). This choice can reduce estate taxes, but it must be applied consistently across all assets. If elected, tell your appraiser early so comparable sales and market data match that effective date. This ensures compliance with IRC §2032 and consistent IRS reporting.
If the estate holds a partial or undivided interest in property (e.g., a tenancy-in-common), a separate valuation adjustment may be required for lack of control or marketability. Courts and tax authorities often recognize reasonable discounts when properly documented. Discuss this with your appraiser and tax advisor early to avoid disputes or inconsistent filings.
Illinois executors can get into real trouble if they don’t communicate with beneficiaries or fail to update asset values during long probate cases. These common mistakes can lead to personal liability and even court sanctions.
Lack of communication is one of the top reasons executors get sued in Illinois probate. You need to keep beneficiaries in the loop about estate progress, asset values, and when they can expect distributions.
Required Communications Include:
Document every decision in writing. That means which appraisers you use, sale negotiations, and all beneficiary contacts. Courts want a clear paper trail.
Documentation Best Practices:
If you don’t communicate, you risk lawsuits or getting removed as executor. Illinois courts take beneficiary rights seriously and expect transparency.
Asset values can shift a lot during a long probate. That creates timing headaches for executors. Real estate, stocks, and business values all move up and down.
When to Order New Appraisals:
If you sell assets for much more or less than reported, you could be personally liable. Illinois probate courts expect you to be reasonably accurate.
Stock portfolios need close attention. Prices can change daily, so document market conditions when you explain valuation differences to the court.
Business interests are tricky. Private company values can swing with contracts, staff changes, or industry shifts. If something big changes, have a professional update the value.
If you want your retrospective appraisal to hold up, you need clear communication with the appraiser about timing, purpose, and standards.
The scope of work and quality review process really do determine whether your report will stand up in probate court.
The effective date sets the foundation for the entire appraisal. For probate cases, this date is usually the date of death.
The appraiser needs this exact date in writing. That way, all market data and comparable sales will fall before or on this date.
Intended use should be clearly stated as “probate proceedings” or “estate settlement.” This tells the appraiser what level of detail and documentation standards to follow.
Different uses call for different approaches to research and reporting. It’s important not to gloss over that.
Intended users should include the estate executor, probate court, and any beneficiaries. The appraiser needs to know who will rely on this report.
This affects the language, detail, and documentation included. It’s not just a formality; it really shapes the report.
Property details matter too. The appraiser needs the complete legal description, property address, and any improvements that existed on the effective date.
Photos from around the date of death help establish the property’s condition at that time. If you have them, share them—it makes a difference.
The scope of work defines what research methods the appraiser will use. For probate appraisals, this usually means a sales-comparison approach using properties that sold within 6 months of the date of death.
Comparable sales should bracket the effective date, meaning they occur before and near that date. When exact-date sales aren’t available, appraisers apply supported time adjustments using paired sales, local indices, or statistical market-trend analysis.
The appraiser should explain their research methods upfront. Here’s what they’ll usually cover:
Geographic boundaries for comparable properties should be discussed. Rural properties may need a wider search area than urban homes.
The appraiser should justify why they included or excluded certain properties as comparables. Sometimes that’s a judgment call, and it’s good to ask questions if something seems off.
Look over the effective date on every page of the report. It needs to match the date of death—no exceptions here. If you spot any differences, you might run into headaches in probate court.
Comparable sales verification means you’ll want to check each sale date yourself. Every comparable should have sold either before or on the date of death. If a sale happened after, it just doesn’t fit the analysis.
The report should lay out a market conditions section that actually makes sense. It should explain what was happening in the local real estate market on that specific date. Stuff like economic factors, interest rates, and even seasonal quirks can matter more than you’d think.
Supporting documentation depends on the appraiser. You should see property tax records and assessment history included. Photos showing how the property looked at the time help back up the valuation.
Make sure the appraiser actually followed the right retrospective appraisal guidelines. They should explain what data they couldn’t get and how they worked around those gaps in the analysis.
Whitsitt & Associates documents Illinois date-of-death effective values that satisfy probate, support Illinois estate-tax thresholds near $4 million, and protect heirs’ basis at sale. Keep probate moving — contact us today.
What is a retrospective (date-of-death) appraisal in Illinois probate?
A retrospective (date-of-death) appraisal estimates fair market value as of the decedent’s death and is used for the estate inventory, tax basis, and any estate tax filings. It’s different from a current-date appraisal because the effective date is the date of death.
Do I actually need a retrospective appraisal to settle an Illinois estate?
If the estate includes real property or other assets that require a fair market value, an appraisal is typically needed to document the inventory and protect the executor. Illinois probate practice expects a verified inventory with values; courts and the IRS favor qualified appraisals over informal estimates.
What deadlines affect when I should order the appraisal?
Illinois law requires a verified inventory within 60 days of the issuance of letters (supervised estates). In independent administration, the inventory isn’t filed with the court but must be served on the surety within 90 days—so securing valuations promptly helps you meet these obligations.
Who should perform the appraisal, and does it need special wording?
Use a USPAP-compliant Illinois State-Certified Residential (1–4 units) or State-Certified General (all property types) appraiser. Confirm the report states the effective date = date of death and intended use for probate or estate tax.
How does the date-of-death value affect taxes and heirs’ basis?
The date-of-death fair market value typically sets the tax basis for inherited property; it’s also the value referenced for any Form 706 estate tax filing when required. Keeping a defensible appraisal helps reduce disputes and supports later capital-gains calculations.
How much does a retrospective appraisal cost in Illinois, and how long does it take?
For a typical residential property, expect ~$450–$900+, depending on complexity, location, property type, and rush needs; multi-unit, rural, or unique homes often cost more. Turnarounds vary by market and urgency.
Are there situations where a formal appraisal might not be required?
Non-probate transfers (e.g., certain TOD or joint-tenancy assets) or tiny estates may not need a court-filed appraisal, but documenting fair market value at death is still smart to substantiate basis and distributions. When in doubt, executors should obtain a qualified opinion.
