Overseeing estate administration can be a lengthy and stressful process. Personal representatives (widely known as executors) have to wear many hats. They secure assets and communicate with creditors. They file tax returns. They may also need to hold an estate sale.
Estate sales of personal assets belonging to the deceased are common — especially as emotional attachment to heirlooms has decreased in recent generations. In some cases, the personal representative may organize and conduct the sale themselves. Other times, they might hire a business to oversee that process.
In either case, the beneficiaries of the estate might question the value assessed for the assets sold. Is a professional appraiser’s insight into the value of assets necessary before an estate sale?
A valuation might be worthwhile
Certain types of assets can be relatively valuable. Power tools, antiques, collectibles, jewelry and even furniture can represent hundreds of dollars or more on the secondary market. In situations where people have extensive collections of assets in good condition, working with an appraiser to determine what those assets are worth can be helpful.
Personal representatives have a fiduciary duty to the beneficiaries of an estate. They should act in their best interests, usually by trying to maximize the value of what they inherit. Outside valuations can help prevent scenarios in which key resources end up sold for a fraction of what they are worth. However, the average collection likely does not require professional valuation.
Reviewing financial records and an inventory of assets with an attorney can help those overseeing estate administration determine when professional valuation services might be beneficial. Experienced legal guidance when making critical decisions can also help personal representatives fulfill their duty and act in the best interests of beneficiaries.