Michigan Estate Sale Blog

Hiring an Appraiser to Value an Estate

"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/

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