When you become the executor of an estate, you can face the monumental task of making sure the will is upheld, all debts are paid, and all property is properly handled. Part of this process may involve determining the appropriate value of different parts of the estate.
The estate may be treated as a whole, but the general estate can include everything from homes and land to personal belongings and money. In order to get a proper assessment of value, it is not uncommon to need certain parts of the estate appraised. You may need estate appraisal services for some of the following items.
Most people choose to have the land and homes that are part of an estate appraised separately from personal belongings. In the event that you are planning an estate auction that will include the auction of personal belongings and the home, it will be helpful to have an idea of the value of the property itself. Likewise, if you plan to sell the real estate to liquidate funds to settle debts, it is helpful to know what asking price you could possibly fetch on the market.
Jewelry appraisals often happen outside of standard estate appraisals done as a whole. This is because some jewelry pieces can have substantial value when compared to other personal belongings. It can be especially important to seek jewelry appraisals if:
- You have vintage or antique pieces
- You have branded or custom-made pieces
- You are unsure of the authenticity of certain pieces
Keep in mind, some vintage jewelry pieces can fetch thousands of dollars even if the piece is not made out of fine materials. Furthermore, some pieces are valued almost like works of art because of their designs and the artist who made the piece.
High-value items should generally always be appraised outside of the full estate to gauge their value. For artwork, it is best to work with an estate appraiser who specializes in collectible or historical art, as there can be a lot of paintings, sketches, and prints that are either highly valuable or exceptionally good mockups.
From antique furniture and vehicles to antique toys and collectibles, all antique pieces should be properly evaluated when assessing an estate. The age of certain pieces can make them highly valuable in the eyes of a buyer, and you don't want to accidentally overlook something worth a lot of money. For example, some Art Nuova and Murano glass can be especially valuable, but may not always look like anything special.