Is that painting you found in the closet worthless or worth millions?
While it’s rare for someone to find something that is worth millions in an estate, knowing the value of things is important because finding things that are worth thousands is not all that rare.
Getting an estate appraisal is the only way you can know for sure how much the items in a home are worth. And, contrary to popular belief, they aren’t just done after someone has passed away.
Keep reading to learn a few reasons as to why you may need the help of an estate appraisal expert.
In many cases, an official estate appraisal is needed before securing insurance. When looking to get a valuation for this reason, it’s important to make sure you’re using someone with the right credentials.
Most insurance companies will only accept an appraisal from someone that has been authorized by the Uniform Standards of Professional Appraisal Practice (USPAP). Always ask about this before hiring someone.
When someone passes away, and the will states that the assets are to be divided between heirs, it can be difficult to know who gets what or how much everyone will receive.
This is where a professional appraiser comes in. They can provide a fair market value for the estate contents so it can be divided equally between parties.
If the assets are to be sold to provide an inheritance, this valuation should only be considered a guide as there’s no guarantee the items will be sold for that amount.
Donating to Charity
If you have valuable items that you’re looking to donate to charity, you will need to have them professionally appraised first. This will allow you to write off the full amount on your taxes.
Alternatively, some people choose to donate entire estates to charity because it’s far more straightforward and faster than going through the selling process. However, to get a tax write-off, you’ll need an appraisal.
This is another instance in which you will have to be especially careful about who you hire. The IRS may investigate any item that has been appraised for more than $50,000, so you want to know the person you’re hiring is giving an accurate valuation.
Having an Estate Sale
Whether you’ve inherited a house filled with unwanted items or you are merely liquidating belongings, an estate sale is a great way to earn some money while getting rid of things you don’t want.
However, if you want to know what the values of items prior to an estate sale you can hire someone to appraise the estate. This will help when deciding what the family may wish to keep or sell. Maybe you would want to keep an item if you knew it was worth $5,000. An estate inventory or valuation also known as an estate appraisal is a great way to determine that very question before an estate sale process begins.
How to Schedule Your Estate Appraisal
Now you know the reasons behind why you may need an estate appraisal. It can be done for insurance or donation purposes, or to find out the value of items to execute a will or sell everything.
If you’re ready to have an appraisal of your estate done, check out our website to learn more.