topic | inventory and appraise assets

Step 3: seek appraisals for specified assets

Estimating the dollar value of an asset is necessary to:

  • determine if the asset qualifies as a small estate
  • satisfy inquiries from the probate court
  • compute state and federal estate taxes
  • satisfy inquiries from beneficiaries
  • determine equal value for beneficiary bequests
  • determine the tax basis of valuables

Activity 1
Seek Appraisals for Assets Specified in Step 2

The following professional resources may provide assistance in estimating value:

  • real estate appraisers
  • brokerage firms
  • For insurance policies and annuities, contact the issuing company.
  • For interests in businesses, consult a professional appraiser.
  • For vehicles, check Kelly Bluebook, on-line sources, or even dealerships.
  • For items such as antiques, jewelry, and furniture, consider consulting on-line auctions or professional appraisers.

Activity 2
Record the Asset Values

Personal Property may be used as a tool to record values.

 



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