Estate appraising follows the same descriptive format as for an insurance appraisal, with the vital exception in the value referenced. With tax implications and possible heir distributions, an estate value varies radically from the retail value and is dependent upon a number of factors.
When appraising estates, a fair market value is used which considers the secondary markets available for the article, its condition and marketability. There is no standard correlation between retail and fair market. One item may auction at a much higher value than an item that appears similar because of its vintage or manufacturer. An article may only have scrap value because of condition. These important factors take an expert in estate appraising to determine, especially in the case of vintage/antique markets, watches and colored gemstones.
Upon your needs and the instructions of your attorney, we can advise you on what should be appraised and give full documentation that will hold up for the Probate Court and Internal Revenue Service. An NGL appraisal should also negate the need for two appraisals when parties are in conflict. We use the same legal parameters regardless of client, so there is no such thing as “high” and “low” appraisals.