Do possessions in an estate get appraised anymore?

[janterry]

I am told that they don't. The possessions have some value (not too much - perhaps less than 40,000 - but not less, imo, than 30,000). Frankly, it could be a bit more (closer to 50,000).

Why am I told that there should be no appraisal?

[The Velveteen Ocelot]

1. Depends on the state but for estate tax purposes there is often an exemption

for personal belongings up to a certain value. If there is very valuable property like jewelry it might have to be appraised for tax purposes.

[janterry]

3. They stole her jewelry years ago

and, just to put it out there - stole her wedding ring off her finger in the ambulance as she was dying .

It's not for tax purposes. It's to divide up the estate.

[TreasonousBastard]

9. That's horrible-- seems like almost every family has a few of those ghouls and graverobbers, but...

sounds like it would be a good idea to contact an appraiser just have the values handy. If some family are going to be sneaky, it's best for you and others you trust to be as straight up as possible.

If there's a will, the lawyer will help.

[janterry]

10. Oh, yes! The will is fine

The jewels (and there weren't that many) were stolen by a cleaner The ring was gone and we can only assume someone in the ambulance or the ER. It happened so fast.

There's a good will. They just don't want the possessions appraised - in the house. I can't see why not.

[TreasonousBastard]

2. You may not need an appraisal if there are no tax questions, or...

fighting amongst the heirs.

But I can't think of any reason not to get one if you want one.

[janterry]

4. We're sort of fighting

but not quite. We haven't 'fought' over any one thing (it's all his choice, in the end). I just thought that you get things appraised and then divide it up based on sentimentality and - also - value. TBH, I don't know what it's worth at this point. Perhaps not that much. But at one point, it was worth closer to 100,000 (furniture has taken a tumble!).

But they are telling me no one does this anymore. I feel like perhaps this is a bit of an untruth.

[Wellstone ruled]

5. Depends on what the Estate holds.

Antiques and Collectibles can surprise one as to value. Ask questions of people you trust as to what they think,if not bring in a Auction Service's with no commitment. If you decide to go that route,remember,they will charge up to 30% commission.

We help family members in your situation, found a local Auction Service who came in and did a fair estimate and we later had the same People do the clean out with the proceeds of Sale at 20%. Always look at it this way,if it seems to go to throw,well,some ones trash could be some ones treasure.

[janterry]

6. They keep telling me that I shouldn't do it

and that makes me think that they are sort of scamming me.

There are some nice things in the home - things that I know are worth a little money. And then, of course, a lot of junk . I don't know. I don't trust the person who is telling me not to get it appraised. It just seems like the right thing to do.

[secondwind]

8. A good certified appraisal can cost money also

[janterry]

11. But how much?

A thousand or two? Would it be much more??

I would think a thousand is money well spent, at this point.

[brer cat]

17. The appraisers I know charge about $75/hour.

Total will depend on whether they have to do much research. They should be able to give you a good estimate up front and, if there are unusual items requiring a lot of research, tell you that ahead of time. A house of mostly furniture takes a lot less time than hundreds of smalls. If you have collections such as art, coins, stamps, etc. you need to find someone with expertise in those fields.

For peace in the family, it might be well spent.

[janterry]

20. No, nothing too small (really)

and certainly no art work (that wasn't their thing .

I think it's money well-spent, too. Then things just sort of divide (based on sentimentality and value). That seems fair to me.

[brer cat]

21. When my parents died, my sisters and I divided based on

what we particularly wanted, then worked out what we thought was reasonable value. I took more and paid the difference. We had no arguments and no hard feelings, but not all families are that cooperative. It sounds like you are dealing with someone who might cause difficulties. Good luck!

[Sedona]

7. Is it Real Estate?

Then yes, every time.

[janterry]

12. No, we're dealing with the real estate

and have had people looking into that. (We've got that settled....I hope~!)

[Phoenix61]

13. Are you the executor of the will?

If you are, you can certainly go ahead and have things appraised. I don't know what that would cost but it might be worthwhile if there are some valuable things. I feel for you. It makes a difficult time worse when others feel the need to be jerks.

[janterry]

14. No, I'm not

and if you met who was.....well. Let's just say you'd hurry across the street if you saw him coming (he's pretty dangerous looking!).

But he is the executor (sigh).

[Phoenix61]

15. Legally, I'm not sure what you can actually do

other than encourage him to get an appraisal. If you think he is mishandling things an attorney could advise you. It's the opposite for me. I'm the executor and the jerk is my brother. Our mom died on a Sunday evening. By Monday afternoon the man who was handling mom's investments had my brother's contact info. Couldn' even wait 24 hours. There's more that's a lot worse. Born again, NRA member, Trumpster.

[janterry]

16. I think I can force it

the possessions belong to both of us (money-wise). He gets first choice, of course.............. .

Here's to jerks of brothers, I guess

[blueinredohio]

18. I live in Ohio and we are going through this now as my mother passed December 20.

One of my brothers and I are co executors. When we signed papers at the lawyers office last week they asked did we have anyone in mind for appraisal of house and contents so they still do it here. Hope this helps.

[janterry]

22. TY

it sounds reasonable to me

[safeinOhio]

19. Ive been in the antique business for 30 years.

Ten appraiser will give you ten different amounts. If the heirs can’t agree the judge will have everything, and I do mean everything sold at auction and the money split. I have seen that happen many times. Always better to hash it out and not take it to court.

[janterry]

23. Oh

well, I guess that's a thing, too. But at least there would be a ballpark? IDK. I guess I just always thought that's the way things worked.

[PoindexterOglethorpe]

24. Is there a will?

What are the provisions? What does the attorney handling the probate say?

But it does sound as if it would be a very good idea to get things appraised.