When liquidating your estate, you want to know that you are getting fair value for your assets. An estate appraisal is the process which leads to the valuation of these items. Here are the answers to the important questions:
What is an appraisal?
An appraisal is the formal process conducted in order to determine the market value of your assets. The process involves specific market analysis to produce a statement of fair value and could include analysis on current demand, country, age, material, condition, etc.
Where does the appraiser get the information to perform the valuation?
Experienced appraisers should have a vast amount of knowledge about the market. Their history of past estate sales should be extensive and they should always be researching the market for new opportunities and information. They may also have a list of buyers or contacts that they store. Ask about what they specialize in as some have a focus on antiques appraisal, while others focus on property, etc.
Why do I need an appraisal?
You would approach a certified appraiser if you want to formally inquire about the worth of your assets. These valuations are used for insurance purposes to ensure you have the correct coverage. They are also used in the declaration of tax, such as estate taxes and gift taxes. Sometimes they are used to ensure that assets are distributed equitably, for example in a divorce. Mostly they are used during estate liquidation, where significant financial decisions need to be made.
What am I paying for?
You are paying for the legal document that declares the value of the assets. If you are also looking to conduct an estate sale or liquidation, some estate appraisers will conduct the valuation for free, so make sure you ask beforehand
For professional estate appraisals, contact Jerry’s Antiques and Estates today. We’re located in Montclair, NJ, and serve all of NJ as well as parts of New York and Pennsylvania.