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When the time comes to have an estate appraised, there are a lot of variations and considerations to take into account. Knowing how to best prepare for the appraisal is key to ensure accurate valuation of the property’s contents. This blog will walk you through the seven steps to prepare for an estate appraisal and give you greater peace of mind.
1. Understanding the Estate Appraisal Process Estate appraisals are complex, but don’t let that intimidate you. When preparing for an estate appraisal, it is key to understand the process and what to expect. To start, the size and scope of the estate will influence the kind of appraisal that can be performed. Additionally, appraisals of estates are typically handled in two parts: the real property appraisal and the personal property appraisal. The real property appraisal will assess buildings and land while the personal property assessment will review the value of tangible assets such as art, Jewelry, furniture, and antiques. There may also be other miscellaneous items such as vehicles and electronics that need to be appraised. Once appraisals of the real and personal property are completed, a value of the entire estate can be determined. Understanding how the estate appraisal process works will ensure that you can make informed decisions, ensuring that your family receives the maximum value for your estate.
The second step in preparing for an estate appraisal is collecting the necessary documents. This is an important step of the process, as it helps ensure that the appraiser has an accurate understanding of the items to be appraised. When collecting documents, be sure to include documentation of the actual items, such as a sales slips, receipt, certificate of title, or any other bills of sale. Additionally, look for documents that provide context for the items, such as a wills, trusts, or other probate documents. These documents can help the appraiser determine the value of an item relative to its historical significance or provenance. Furthermore, if you are looking to appraise tangible items such as jewelry, antiques, or furniture, documents such as appraisals from past years or condition reports can be very useful. They can help the appraiser determine the item’s condition and any repairs or alterations that may have been made. Finally, don’t forget to gather any photographs of the items that may be available. They can provide further insight into the condition of the item and can help the appraiser determine its value.
The third step in preparing an estate appraisal is hiring a qualified appraiser. Before hiring an appraiser, you need to do your research and make sure the appraiser you choose has the right qualifications and experience. Look for appraisers who have experience with estate appraisals, knowledge of the area and current market value of the items. It’s important to get references, read reviews and do comparison shopping before making a final decision. A good appraiser should be highly experienced and knowledgeable about appraisals, and should be able to provide accurate and up-to-date valuations. You should also look for an appraiser who is willing to answer any questions you might have about the process. When you feel comfortable and confident in your choice, you can move forward with the estate appraisal.
One of the most important steps when preparing an estate appraisal is to get the property ready to be evaluated. This means making sure all furnishings, tools, and other items are properly arranged and visible to the appraiser. Additionally, it is important to ensure that all documents pertaining to the appraisal are readily available. This includes deeds, titles, appraisal reports, surveys, or any other documents needed for the appraisal to be completed. If any of these items are missing, it can lead to a delay in the appraisal or even a reduced estimate of the value of the estate. It is best to be well prepared before the appraiser arrives in order to ensure a smooth and accurate appraisal process.
The fifth step in preparing an estate appraisal is to identify the property and its contents. It is important to be comprehensive when taking inventory of all property, no matter how small or insignificant the item may seem. Estate appraisers typically start by inspecting the property and its contents in the home, garage, and outbuildings, such as sheds or barns. They will identify items such as furniture, artwork, antiques, collections, jewelry, vehicles, and tools. They may also identify items of sentimental value, such as photographs, mementos, and family heirlooms. All of these items must be identified and appraised in order to accurately value the estate. This process would normally take a few hours to complete.
When it comes to scheduling an estate appraisal, one of the biggest decisions you will have to make is finding the right appraiser for the job. You'll want to research each appraiser and their qualifications before making a final decision. It's important to also consider their availability and timeline – make sure they are available to perform the appraisal when you need it. Be sure to also inquire about fees, as some appraisers may charge a higher fee depending on the scope of the project. Finally, once the appraiser’s timelines and fees have been agreed upon, it’s time to schedule the actual appraisal. Make sure you discuss the appraisal specifics with the appraiser, including the type of appraisal (i.e. residential or commercial) and the location. Discuss any additional details and information that the appraiser might need prior to the appraisal to ensure that everything runs as smoothly as possible.
7. Referencing the Results: After an estate appraisal has been completed, it is important to reference the results in the best manner possible. Depending on your needs, the appraisal results can be recorded and stored so they can be easily accessed later on. Many appraisal companies provide online tracking systems and secure storage options to keep your information safe and secure. This helps ensure that the appraisal results are available whenever they are needed for reference. Additionally, the results should be reviewed on a regular basis to ensure that it has not been adversely impacted by any external factors.
Now that you know the seven steps to prepare for an estate appraisal, you’re ready to begin the process. AppraiseItNow is dedicated to providing comprehensive appraisal services all over the country. Contact us today for assistance with your estate appraisal needs.