When an individual dies, he or she may owe estate taxes depending on how much his or her assets inside the estate are worth. Therefore, it may be necessary to have items appraised prior to selling them in an estate sale. While these items may not need to be sold for their appraised value, it is important that you get a reliable valuation.
What Needs to Be Appraised?
All items that have the potential to be valuable should be appraised as soon as possible. Specifically, it may beantiquea worthwhile to have paintings, sculptures or other collectibles that may have been purchased for a large sum of money looked at. Anything that may have a historic brand name may also need to be appraised to determine its value on the open market. Additionally, any object that you believe may have significant monetary value should be appraised by a professional.
Should You Appraise Digital Goods?
As technology evolves, it is likely that an individual may have digital goods that may have monetary value. If you believe that a loved one has photography, recordings or other potentially valuable digital assets on a computer’s hard drive or stored on a floppy disk, it may be worth assessing the value of that digital asset. The same might be true if a loved one had a copy of a book or another famous work on a computer or other type of drive.
The Goal of an Estate Sale May Be to Raise Money
While you want to have accurate valuations for estate tax purposes, you also want to make sure that you raise as much money for the estate as possible. This ensures that heirs get as large an inheritance as possible. It also makes it more likely that creditors can be paid and income taxes can be paid promptly. Doing so may reduce legal challenges to an estate and allow it to be settled as quickly as possible.
Working with Prestige Estate Services can be beneficial because they have the experience and knowledge to tell you what assets may be worth. This may be helpful in determining how much an estate may be worth overall and make it easier to settle a deceased person’s affairs. Furthermore, it may put your mind at ease knowing that a valuation has been completed by a knowledgeable and objective professional.
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