Over our lives, we accumulate a great many things from our collections of items, such as stamps and books, to artwork and even our vehicles. The fact is that over the course of our lives, our personal property often grows to a considerable value. Despite this, when it comes to estate planning and estate settlement, the potential value of personal property is often overlooked in favor of simply considering investments, land, and real estate. Despite this, personal property can often exceed the value of real estate and other investments. Let’s take a closer look at this property and the importance of accounting for it in estate planning and settlements.
Personal Property Accumulates
Over the years, personal property has a habit of accumulating in every household. There are many reasons for this compulsion to seek comfort from belongings, sentimentality, the belief it may be worth more down the line, and fearing the loss of something that may be of use in the future. No matter what the reason for it, the fact is that most people’s personal property will grow with time.
Appraising Property for Estate Planning
Many pieces of personal property, such as jewelry and antiques, among many others, can often command greater value if their fair market value is known in advance. In order to ensure that costly mistakes are avoided, it is important to have such pieces professionally appraised.
It is crucial to trust your appraisal to a professional designated by one of the respected professional appraisal organizations. This can provide you with not only an accurate appraisal of valuable collectibles, furnishing, and other property but also help to connect you with reputable channels to dispose of valuable items.
There are many unscrupulous individuals out there ready to take advantage of those who are unaware of the value of their property. So ensure that you trust personal property appraisals to a professional.
When performing estate planning, ensure that the appraisal results are in writing and accompanied by photographs or video. This can be crucial for insurance and identifying the items in question. The record will be crucial for identifying the value of the estate when it comes time for it to be distributed amongst any designated heirs. This can also help to prevent any rash decisions, such as assuming that property is not worth anything and selling it in a yard sale.
Appraisal for Estate Settlement
When the time comes for the estate to be distributed amongst the designated heirs, it is important to first have an appraiser come in to provide a fair market value for any significant personal property. Once these have been distributed, the remaining assets can be entrusted to an appraiser or estate liquidator to quickly determine what can or cannot be sold. This can then be liquidated through many possible channels.
Personal property can play a large role in determining the value of an estate. In many cases, this can represent the largest component of an estate’s value. The first step to account for this property’s role in an estate is to have it professionally appraised.
For accurate appraisals of personal property, contact Manzi Appraisers & Restorers. With more than 20 years of experience in providing accurate property appraisals, you can trust our team to provide you with top-notch service. Contact us at 617-948-2577 and connect with us on Facebook.