Here at Jane Campbell-Chambliss & Associates, LLC, we know that the true worth of a belonging depends on much more than merely its dollar value. However, there are a variety of scenarios in which knowing that exact dollar amount can be very useful, and help you to save or gain money. If you’ve never needed personal property appraisal in Maryland, you might be wondering when exactly you might. Read on for a list of the most common reasons people come to us for personal property appraisal in Maryland.
- Insurance policies: If you have a valuable belonging, it only makes sense to insure it, so that in the event of damage or robbery, you can be fairly reimbursed. It might be tempting to give your insurance provider an estimate, or just write down the amount that you originally paid for it. However, many insurance providers require appraisals before insuring certain items. Also, if you own an antique, its value might have gone up without you even realizing it. If you want to get the most possible coverage, have your belongings appraised before insuring them.
- Marital contracts: In the event of a divorce, knowing how much your personal belongings are worth, and how much you’re legally entitled to, is one way to make the stressful process go a bit more smoothly. And if you aren’t married yet and want to protect your belongings, having them appraised for a prenuptial agreement isn’t a bad idea either.
- Selling belongings: When it comes time to part ways with valuable belongings, the only way to know for sure that you’re charging a fair price is to have the item appraised. Appraisals can also help protect potential buyers from being overcharged.
- Trusts and wills: Whether you’re setting up a trust fund for your child or drafting a last will and testament, understanding the value of your belongings will help you in knowing how to allocate them. For example, if that old car suddenly became a valuable classic, you might want to sell it and set up a college fund for both of your grandchildren, rather than just leaving one of them the car.
- Tax purposes: Whether you’re gifting or selling a belonging, knowing how much it’s worth will ensure that your tax returns are accurate and you don’t find yourself in hot water from a legal standpoint. The IRS has tightened the rules about deductions and estimates in recent years, especially with automobiles, so it’s wise to err on the safe side and hire a professional appraiser to help with your tax returns.
- Update an old appraisal: If you’ve already had your personal belonging appraised, you might think you’re out of the woods. But most experts recommend that it’s best to have the item reappraised every two to three years. Whether it’s for tax reasons, an insurance policy or something else, it will always behoove you to make sure the appraisal is up to date.
If you need a personal property appraisal in Maryland for one of these or any other reasons, we hope you’ll consider trusting the job to Jane Campbell-Chambliss & Associates, LLC.