In the context of estate planning, why is establishing property values significant?

Establishing property values is significant in the context of estate planning primarily because it ensures fair distribution among heirs. Accurately assessing the value of a property is critical in determining how assets will be divided after the owner’s death. This process prevents disputes among heirs by providing a clear and objective measure of what each heir is entitled to receive.

When property values are clearly established, it helps in preparing an estate plan that is equitable, as each heir can receive their fair share based on the appraised values of the assets. Additionally, this valuation is important for tax purposes, as it can influence estate taxes and the overall financial responsibilities of the estate.

The other options may relate to property values in different contexts, but they don't address the core purpose of valuing property within estate planning. For instance, increasing property appeal to buyers is more relevant to market conditions rather than estate planning, and promoting investment opportunities does not directly concern the distribution of assets among heirs. Personal ownership verification is important for ownership claims but does not specifically pertain to ensuring equitable sharing in an estate scenario.