Estates and families often use an equitable distribution appraisal for planning, selecting, and distributing personal property in advance. This way family members actively participate in their inheritance which minimizes future dissension.
There are different approaches to valuations and levels of marketplaces which greatly influence appraisals. Personal property is primarily sold through auction houses, yard sales, EBAY, consignment, and often household contents are donated to Goodwill or Restore. These valuation levels range from secondary markets to liquidation. A formal appraisal of this type ensures that all the facts are known prior to beneficiary selection, so assets are distributed equally should the time or need arise.
True Story: A wonderful couple retains us for estate planning purposes. The heirs really have no interest in the Blue-chip art collection and intend to sell it all upon passing. The heirs having all the facts, market conditions, collection factors, all pertinent facts of each piece, and marketable cash value for each item, allowed the parents to resolve issues in advance and distribute assets accordingly.