Appraisals are a necessity both personally and legally in today’s complicated world. Heritage Appraisals recommends everyone should have their personal property appraised every 5 years. Specializing in Fine Art Appraisals, Jewelry Appraisals, Antiques Appraisals, Silver & China Appraisals and more, contact us for further information.
What Types of Appraisals are There?
Insurance appraisals: This appraisal will provide the necessary documentation to substantiate the existence, condition and replacement cost of your belongings. It is wise to have an update done every five years or preceding a pending household move.
Resale Appraisals: This appraisal will provide the necessary fair market value documentation so all parties involved are knowledgeable about the personal property. Although Heritage Appraisals does not buy or sell items due to the conflict of interest we can supply the client with a list of reputable auction houses, brokerage firms, consignment and estate dealers that would be best suited and have a strong background on such items to assist in the sale. From that point, the client can make their own determination as how to proceed and whom they choose to assist them.
Charitable Contribution/Donation appraisals: This appraisal is suggested by the IRS to substantiate a tax deduction above a $500; however, it is REQUIRED for anything above $5,000 that will be donated to a charitable institution.
Pre-move appraisals: Due to the limited level of protection for damage or loss provided by a moving company, this type of appraisal will provide an inventory of your high-value items as it can substantiate both the higher value and their existence. It will help you to purchase the additional necessary insurance.
Equitable distribution appraisals: This appraisal is used during divorce or estates settlements to facilitate a fair distribution of property.
Estate appraisals: This appraisal is necessary for a taxable estate. It is necessary to properly document the property providing an appraisal that meets IRS requirements.
Trust or will inventory appraisals: This appraisal should be attached to the trust / will and a copy also given to the trust attorney who has knowledge of the property and knows who is to inherit which item(s).
When Will I Need an Appraisal?
- Personal Records
- Insurance Coverage & Claims
- Resale Function
- Estate, Will & Trust Planning
- Charitable Contribution/Donation
- Equitable Distribution, Dissolution & Divorce Settlements
- Moving Insurance & Claims
- Estate Probate Tax
- Loan Collateral
- Identification & Authentication
- Expert witness / Litigation Support
- Review or Second Opinion
What Styles of Appraisals are There?
Restricted-Use Appraisal Report– Appraisal report is one provided when the intended users do NOT include parties other than the client.
Appraisal Report– Appraisal report is one provided when intended users include parties other than the client, such as the Federal Government or any Estate functions.
Heritage Appraisals is a leading authority on business dissolution and loan collateral appraisals. We also service clients with their identification and authentication appraisal needs! Please browse the rest of our website to see a full list of our services we offer.
Contact Us for all of your appraisal needs. We are National Personal Property Appraisers based in Michigan who specialize in Fine Art, Sculpture, Art Glass, Jewelry, Antiques, Silver & China.
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