Do Maryland estate vehicles need a formal appraisal?
Not always. Estates and Trusts § 7-202(d) lets the personal representative value a motor vehicle at the average value shown in the National Automobile Dealers Association used car guide or a similar guide approved by the register of wills instead of ordering an appraisal. Collector, modified, and damaged vehicles are where a guide figure fails and an appraisal is worth the fee.
Can a Maryland personal representative hire an appraiser for the inventory?
Yes. Under § 7-202(e) the personal representative may employ a qualified and disinterested appraiser to determine fair market value as of the date of death for any asset whose value may be fairly debatable, and may use different appraisers for different kinds of assets. Reasonable appraisal fees are an expense of administration.
Does Maryland license personal property appraisers?
No. Maryland licenses real estate appraisers only; there is no parallel license for personal property appraisers. Personal property work is instead held to USPAP, and our appraisers carry credentials with organizations such as ASA and ISA.