Personal Property Appraisals
Why you may need one?
Are you curious about that porcelain vase or old portrait your Great Aunt always said was more valuable than the house you are currently living in? Have you been appointed the Executor of an Estate where heirs don't agree on how items should be distributed? Perhaps you want to play it safe and have your collection or items in your home documented in the event of misfortune, theft or even a move to another location. Often times you may need a professional written appraisal or perhaps only a verbal consultation to provide you with the right information needed.
Types of Appraisals
Insurance Appraisals documents the existence, condition and replacement value of your belongings. It is wise to have an updated appraisal every five years.
Equitable Distribution Appraisal is used to settle divorce or estates for fair distribution of property that is based on fair market value.
Donation Appraisals is recommended to substantiate a donation to a charitable organization of $1,000 but it is required for anything above $5,000.
How is an appraisal performed?
We begin the appraisal process with an on-site examination of your belongings, billed by the hour. We then inventory and photograph the items while noting and evaluating characteristics and the overall condition. Market research including sales and history of similar items are conducted off-site to ensure proper valuation. All documents are written according to USPAP format and are available by printed copy or electronic transmission within 2 weeks of the completed onsite inspection.
Have you considered this?
There may be times when you do not need a formal appraisal but rather need a consultation with an appraiser or a verbal approximation of value. The verbal approximation of value should not be considered an appraisal. Beck Estates can provide this service, please email or call for an appointment. Remember - a qualified personal property appraiser should have formal education in appraisal theory, principles, procedures, ethics, and law set forth by USPAP. Education and direct experience in the industry ensures competence.
