Has an elderly parent passed away leaving you with a house full of furniture, paintings, silver, china and collectibles?
Do you want to know what the personal property in your house is worth so that you can complete estate planning for the future?
Do you want to know what your personal property is worth so you can have it sold?
As a personal property appraiser for over 30 years, Tara Finley’s recommendations are:
ONLY HIRE A QUALIFIED, ACCREDITED APPRAISER! When it comes to having your tangibles and items appraised, you should only hire a qualified accredited appraiser who is USPAP (Uniform Standards of Professional Appraisal Practices) compliant. Appraisers can handle your Insurance, Estate, Equitable Distribution and Donation appraisal.
A qualified appraiser will discuss the assignment and provide you with the following:
- An estimate for the assignment and provide an hourly rate or price for the job.
- Do not hire an appraiser who wants to charge you a percentage of what the appraised items are worth – this is illegal.
- The valuation you need for the purpose of the appraisal.
- For example, Replacement Cost values are necessary for insurance coverage and Fair Market values would be used for estate probate and donation.
- The research of comparable items and finalize a value based on condition, size, medium, desirability in the marketplace and provenance (history of ownership).
- Research regarding the value of your items is based on past sales of similar items compared to your items quality, condition, rarity, desirability, and provenance.
- A professional, well-organized, signed report complete with definitions, explanations, comparables and photographs.
ORGANIZE IN ADVANCE! Being organized ahead of your appointment will save you time and money.
- Prepare a list and tag items that you would like appraised ahead of time.
- Compile a folder with any receipts, invoices and the history (provenance) of items you wish to have appraised.
COMMUNICATE WITH THE APPRAISER!
- Who you wish to share the appraisal with?
- Would you like a digital or hard copy of the appraisal report?
by Tara Ana Finley, ISA, AM, President, Anubis Appraisal & Estate Services, Inc. 305.446.1820 anubisappraisal.com
