Purpose Of The Appraisal
An appraisal can have many purposes including, but not limited to:
- Liquidation / Bankruptcy
- Management Planning
Types Of Appraisals
Probate appraisals are written when required by Probate Court or the executors or attorneys for the estate. These appraisals also offer comparative values for the distribution of property among heirs and to establish value for tax purposes.
Insurance and Replacement
The replacement values used for insurance appraisals provide and estimate of the total cost of replacing property that is lost to theft, fire, or flood.
Appraisals can be written for the fair division of property within family and among heirs and beneficiaries.
Appraisals of property for a charitable donation must be written on the basis of realistic fair market value as required by the regulations of the Internal Revenue Service.