Here are six reasons why Realtors should consider having a personal property Appraiser on their team. A well-meaning friend or relative is unlikely to have the specific suite of skills that an accredited appraiser will bring to the table. In brief:
1) An accredited Appraiser can help the family decide where to begin with the settling of an estate. They can meet with the client to discuss specific items and how their value is determined.
2) An Appraiser will document and value the assets of the estate in an appraisal report, which is required by the Lawyer handling the estate. If beneficiaries don’t realize the potential worth of high-value items, costly errors in managing them could be made.
3) An Appraiser can make things fair within the family. When dealing with collections of high-value items, joint ownership and breaking up a curated collection could collapse the overall value. In some cases, a group of items sold as a collection is more valuable than if the items were sold individually.
4) An Appraiser understand the markets for collectibles. This can help beneficiaries understand how, for example, the art or antique markets operate.
5) An Appraiser can help the family’s other advisors or trustees to make timely decisions for their benefit. Collectibles require unique treatment and market knowledge which most estate trustees won’t have.
6) Finally, a qualified Appraiser can help beneficiaries manage the impact and stress of suddenly having to manage a large collection.
Of course, the professional involvement of an unbiased, impartial third party, in the form of an accredited Appraiser, helps ease the stress and any worry of favouritism being shown to a particular family member!