Estate Appraisals - Inventory & Valuations
Antique appraisals or personal property appraisal services that are used for purposes of encompassing the entire estate and assessing their value, can be requested for many different reasons in conjunction with a local area estate sale, or, altogether separate for instances where someone may just have a few items that need to be appraised.
Estate Inventory & Valuations or Estate Appraisals
Most people have an opinion as to what their property or their family’s property might be worth. In some instances, people know how old things are, heirlooms that have been passed down for generations. Or, they know what was paid when the item was acquired, “Grandma paid $15,000 for that dining room set at an auction in the 1980s.” Unfortunately, that information while helpful is not a good indication of what an item’s current value is. Not all old items are value antiques and not all items purchased 40 years ago are considered good investments today, not all items have appreciated or even retained their value. The opposite is also often true as well. Many items in an estate appraisal surprise the heirs to find out items are quite more valuable than they ever imagined. That’s why getting the content inventoried can ensure you don’t miss the real value of personal property.
There are a few primary reasons why our clients may need an estate appraisal. Division of assets and value assessments are often needed when the property is being split up among heirs. Having a third party communicate what items are worth can help the family divide assets fairly and equally.
In addition, an estate tax appraisal is often required by the IRS to provide a fair market value of the personal property found within an estate. The courts often recommend or require, their clients obtain an estate tax appraisal for a deceased loved one. Whether you plan to donate the contents or divide it between heirs, a valuation may likely be necessary. Personal property can be items like furniture, art, clothing, vehicles, home décor, collections, jewelry, etc. Establishing this value can be crucial in closing an estate and assigning or liquidating the property properly.
Do you have an estate, or are involved in an estate that is currently being disputed? Do you or heirs to the estate, or an attorney need a formal assessment of the content or need a personal property content valuation of the estate so that you or family members or possibly even the courts, need documentation to fairly and appropriately divide assets? Maybe the entire estate process is causing some stress to the executors due to unknown content and valuations?
With Prestige Estate Services Appraisals Division, we can easily and affordably assist you in answering your questions. If you are a personal representative, bank, company, executor or an estate attorney we have the knowledge, expertise and credentialed appraisers to assist you in the process of determining the content of the estate and the estate appraisal is accurate and appropriately valued.
Many times our clients are required to understand and know the fair market valuations of items in the estate before handling the division of assets process formally.
Prestige Estate Services can process whole home inventories, so you understand what is in the estate and what the valuation of these items are, in a fair market environment prior to deciding what to do with the items. Whether you need to sell them, keep them, get them properly insured as a rider on your insurance etc. We provide a detailed report that will provide various critical information such as description, size, item location within the estate, fair market valuations, photographs etc.
This report can be utilized by any parties involved in the estate and it’s related affairs, so the parties can properly communicate effectively when referencing items within the estate. Many times family members live afar and are just not capable of providing a personal presence as many important decisions are being made in an estate. This service is invaluable to all involved.
Estate inventory and valuations have been performed for numerous purposes. An often popular one is valuing the content of a furnished home that may be offered turn-key. A report such as this can be very helpful, which allows the buyers and the sellers to have a comprehensive list of items in the home and their respective pricing, so that when individuals need to decide that they may want all, some, or none home’s content when they purchased the home or condo, valuating the content or negotiating it’s real, fair market value, can give a seller a leg up in their pricing of the content via a fair and third party.
Prestige Estate Services can process a partial home inventory or the entire home, entire collection or partial collections. Value thresholds, may be set, so that the amount of time valuing inexpensive items isn’t wasted. This can be wonderful and less stressful way to handle many estate situations by bringing in a third party to be an arbitrator like service. This can remove bias and present the real expectations of the estate to the intended heirs.
We can help with various other appraisals as well. Call us today to set up your appointment or to discuss your, or your client’s project. At Prestige Estate Services we have you covered. You are in the hands of the appraisal experts!
Like and Follow Us on Facebook
To Find Upcoming Estate Sales