Because the lawyer said so…reasons to get a personal property appraisal
‘Who needs a personal property appraisal?’ is a question I hear all too often. Hopefully this post will help answer that question.
- Buying: If you are interested in buying an item or collection that is going to be an investment, you may want to get an independent, unbiased opinion along with current market value. The seller is not free from bias!
- Selling: Then there is the flip side, selling an item; again, an appraisal protects both you, the seller and the potential buyer, from an unfairly skewed price that is artificially low or high.
- Insurance: Get a ‘pre-loss’ appraisal done as an ounce of prevention vs the pound of cure. Have valuables appraised at replacement value before something happens, like theft, damage, fire, flood etc. It’s very difficult, if not impossible, to do a ‘post-loss’ appraisal on something that is no longer there, or has been reduced to a sodden or smouldering pile of rubble.
- Estate Planning: As people plan on how to split the proceeds of an estate, they want to ensure that their beneficiaries get an equal share of their estate. That bedroom suite may have cost you $2500 back in 1990 but may be worth much more, or much less now. A personal property appraiser will find the current FMV for you.
- Marital Disputes: Sadly divorce is a common fact of life, and tensions run high. People undergoing such upheaval are already under enough stress and have enough work to do. Get a personal property appraiser to find FMV for the estate so equitable distribution can be assured.
- Inheritance: Emotions and tensions tend to run high in the wake of a family member’s passing. Once again, emotions run high and judgement is clouded. Head this, and other issues pertaining to the estate and distribution of wealth, off at the pass by hiring – guess what! – an independent, unbiased, personal property appraiser.
- Personal Curiousity: Not long ago I was asked to identify an item that was completely unknown to its owner. I correctly identified the item, narrowed down a date of manufacture and was able to supply current FMV.
- Because The Lawyer Said So: Nobody hires a family law lawyer for fun. So, bluntly put, if you are retaining the services of a lawyer and have been instructed to get an appraisal done – get an appraisal done, by an accredited personal property appraiser.
And that’s all for this post. Have a good weekend.
