Regardless of the size of your estate, it’s likely that you have a number of valuable items to your name. If you aren’t planning on selling your possessions or your property, you might not pay much mind to what your estate is worth, but there are a number of reasons why it’s important to consider estate appraisal services in Maryland. Understanding the true value of your estate is necessary in a number of different situations, and it can help you plan your estate more effectively.
What is an estate appraisal?
An estate appraisal is a process involving the assessment of the value of tangible property and assets. Unlike a property appraisal, an estate appraisal includes the valuation of all of the valuable assets in a person’s possession, including their land, their home, antiques, jewelry and collectibles. Estate appraisals are often conducted after a person passes away to ensure the even division of their property among their descendants. However, a lot of people choose to invest in estate appraisal services in Maryland earlier, while they’re planning the division of their possessions or estate in their will, so that they can fairly distribute things among their family members and friends. In addition to these, there are several reasons why people get estate appraisal services:
- Estate planning: When a person is writing their will, they may want to know the precise value of their possessions and property so that they can make informed choices about the distribution of their estate. This also allows people to identify the value of possessions or property that they want to donate to a charitable cause in a will or bequest.
- Dividing a decedent’s property: If a person dies without a will, their estate is typically evenly divided among descendants. A person’s will might also stipulate that their property be evenly divided among descendants. In either case, it’s necessary to get an estate appraisal to ensure fair distribution of assets.
- Determining value for tax purposes: When a person receives property as part of a will, they must report the value of the gift to the IRS for tax purposes. If the value of the property hasn’t already been established with an estate appraisal, one must be conducted to determine the value of the estate at the time of the decedent’s death.
- Benchmark valuation: If you have a collection of valuable possessions, it’s important to know how their value changes over time. Getting an estate appraisal allows you to establish a benchmark value for your collection or estate that you can reference in subsequent appraisals.
Schedule estate appraisal services in Maryland
You can find out more about estate appraisal services in Maryland by calling Jane Campbell-Chambliss & Associates, LLC. Since 2008, we have offered real estate appraisal, auction, deconstruction and estate planning services to our clients. Our professional team of experts has experience with a wide variety of property and estate appraisals so you can feel confident in the quality of the service that you receive. We are dedicated to delivering appraisals that are as thorough and accurate as possible. Give our team a call to get a quote or request service today!