What are the Most Common Reasons for Obtaining a Personal Property Appraisal?

Having a certified personal property appraiser in your network can be more beneficial than you might realize. Whether you're an estate planner, wealth manager, guardian, accountant, or simply an individual, it's important to plan ahead for life's unexpected moments. Here are the most common reasons you might need a personal property appraisal and how to obtain one when necessary.

Estate Planning

In the world of estate planning, personal property appraisals may be required or recommended for various reasons. When a loved one passes away, personal property appraisals are often needed during probate by a state or local municipality in order to assess the contents and overall value of one's estate, including tangible property such as fine art and valuable antiques. Estates that exceed a certain monetary threshold set annually by federal and state governments must also pay estate tax, and personal property appraisal reports must accompany these tax filings. Appraisal reports can also be invaluable for equitable distribution when it's time for the family to peacefully and fairly divide estate items based on their monetary value. High-quality estate appraisal reports, like those provided by Valuables Appraisal Service with comprehensive analysis and photographed catalogs, also identify higher-value items that can impact the structure of an effective estate plan.

Charitable Contributions

When claiming tax deductions, the IRS often requires an appraisal report for tangible property donations, as may the recipient of the donation. Certain charitable contributions valued over $500 and claimed on an IRS Form 8283 must include a written appraisal that adheres to strict criteria regarding the analysis of the donated property, appraiser qualifications, and the appraisal methodology. The qualified appraisers at Valuables Appraisal Service can simplify charitable gift reporting for you or your clients with our certified written appraisal service.

Insurance Coverage & Claims

An appraisal report for insurance purposes is used for specific, itemized coverage to present to insurance firms. Insuring large collections of valuables with a certified written appraisal report can protect your client’s assets in case of damage or theft. Insurance appraisals are often required when filing a claim after theft or damage occurs. Valuables Appraisal Service provides certified appraisal reports that are accepted by insurance firms for both coverage and claims.

Planned Sale

This type of appraisal report is typically prepared for items of significant value that would benefit from a formal, thorough analysis of their current market value. A planned sale appraisal report can also identify specific venues where the items are likely to achieve their highest potential through an experienced broker. Valuables Appraisal Service offers both planned sale appraisals and brokerage services for individual items and high-value collections. Contact us to learn more about our brokerage services for fine auction placement.

Final Thoughts

It's crucial to know who to contact if you need a personal property appraisal. Personal property appraisers are valuable partners whether you or your client are making charitable donations, navigating various estate planning processes, submitting insurance coverage or claims, or planning to sell valuable items. The qualified experts at Valuables Appraisal Service are ready to assist with your needs. Contact us today to learn how you can be prepared and obtain a certified personal property appraisal when necessary.