Step 3: seek appraisals for specified assets

Estimating the dollar value of an asset is necessary to:

• determine if the asset qualifies as a small estate
• satisfy inquiries from the probate court
• compute state and federal estate taxes
• satisfy inquiries from beneficiaries
• determine equal value for beneficiary bequests
• determine the tax basis of valuables

The following professional resources may provide assistance in estimating value:

• real estate appraisers
• brokerage firms
• For insurance policies and annuities, contact the issuing company.
• For interests in businesses, consult a professional appraiser.
• For vehicles, check Kelly Bluebook, on-line sources, or even dealerships.
• For items such as antiques, jewelry, and furniture, consider consulting on-line auctions or professional appraisers.

Personal Property may be used as a tool to record values.