Estate settlement is a part of estate planning to ensure that the wealth of an individual is passed on to the intended beneficiaries before his death.
In the unfortunate event of one’s death, the testator’s (the one who passed away) will is carried out by an appointed liquidator or executor. One of the jobs of the liquidator or executor is estate settlement.
Normally, the property will be inherited by the person mentioned in the testator’s will. However, in the event that the property left behind is to be split between multiple heirs, the people involved may decide to sell the property instead, and distribute the income from the sale amongst them.
It is a real estate appraiser’s job to observe the property and provide a fair value for the liquidator or executor to work with.