Appraising an Estate
The major benefit of having your estate appraised is the ability to equally distribute your valuables amongst your heirs. The estate appraisal is based on fair market value, which as defined, by treasury regulations. “Is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.” The prices noted in such an appraisal are, therefore, estimates of the current fair market value of the item in their present condition. They do not represent replacement values of similar merchandise.