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
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.
Record the Asset Values
Personal Property may be used as a tool to record values.
(if this Step is complete)
Return to Step 2