"You’ve just inherited your grandmother’s antique desk, or your father’s coin collection. While the sentimental value may be obvious, the financial value may not be. You could be looking at a considerable financial windfall or just another pretty painting that’s hardly worth more than the cost of the frame.
A professional appraisal can help you decide if you should toss it or treasure it.
It pays to know the value of what you own or inherit — whether you need to purchase insurance, divide up your assets, value an estate or determine the worth of charitable tax deductions. And in many cases, an appraisal is required — to obtain insurance or to write off taxes on donated items that exceed a certain amount, for example.
David Goodis, CEO of software company Revelex Corp., hired an appraiser after his father died, and he took a look at what was in the estate. 'My father had a lot of what I call ‘blind’ items: paintings, statues, jewelry — and a lot of items from my grandparents,' he says. 'I had no idea what they were worth.'"
For the full article check out: https://www.bankrate.com/personal-finance/smart-money/hiring-an-appraiser-to-value-an-estate/