How are charter and commercial boats appraised differently from family boats?
Income-producing vessels are valued on discounted future net operating income, while recreational boats rely on comparable sales evidence. For a Lake Michigan charter operation, documented revenue and expenses drive the analysis; for a family runabout, sold prices of similar hulls control. The two methods are not interchangeable.
What is a boat worth when it is no longer seaworthy?
Often its salvage or residual value: the value of usable parts minus disposal costs. When restoration would cost more than the finished boat could bring, appraisers legitimately shift from market comparables to a salvage-based analysis, which matters for Wisconsin insurance claims and estates holding derelict or storm-damaged vessels.
Can any qualified professional value a boat for a Wisconsin estate?
Not freely. Where an appraisal is required, Wisconsin has the court appoint one or more disinterested persons to appraise each inventoried item and certify its value, so the personal representative does not simply engage whomever it prefers. No appraisal is required for assets whose value is readily ascertainable without an appraiser's judgment, and a documented marine valuation is the kind of evidence that can establish value under that exception, subject to the court's own requirements.
How long does an executor have to inventory a boat in Wisconsin?
No later than 6 months after appointment, unless the court sets a different deadline, with the vessel listed at its date-of-death value. Even when formal appraisal is waived because value is readily ascertainable, Wisconsin courts can demand supporting evidence, and interested persons or the Department of Revenue may force a formal appraisal. Solid comparable sales documentation keeps a boat's inventory value from being challenged later.