LinksS. F. Marsalek, EsqBereavement Guide Maryland Estate Maryland Law |
Personal Property Sales & AuctionsAnyone who has ever moved house understands how much personal property there is in the average home. For the Personal Representative, this personal property represents a fiduciary responsibility to assess the true value of this property. We've all heard stories of priceless antiques found in an old barn, or valuable paintings in grand-mother's attic.Something that may seem worthless to the average layman may be seen as an item of some vale by a professional. Thus obtaining an accurate appraisal of valuables can be very important, both to protect the personal representative from a fiduciary standpoint, and to protect the estate and the legatees from a tax perspective. The Internal Revenue Service (IRS) requires that appraisals be conducted by qualified appraisers for tax reporting purposes. More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the item being appraised. Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. They can report more recent comparable sales to support their opinion. In addition to its importance in making a fair distribution of personal property, an appraisal may be necessary for insurance purposes. It is the personal representative's responsibility to ensure that the estate and its contents be protected while under his or her care. Finally, of course, it may be necessary to liquidate the personal property in order to make a cash distribution, and / or pay some of the expenses of the estate. Here the expertise of an EstateLink associate is invaluable, in that an expert will know just which auction house or dealer to use in liquidating valuables of different types. |