Sample of items in an Estate Appraisal

 Estate Appraisals and Estate Planning

Why You Need An Estate Appraisal

Quite often, Estate Appraisals are overlooked and misunderstood during the Estate Planning process. An Estate Appraisal, during the planning stages, can provide a benchmark of value of an asset, or collection. So, future appraisals will show either growth or a decline in value. It’s been proven to be a valuable tool so the owners can plan in advance for taxes, or distribution of the estate. It can also provide peace of mind for collectors to know how their treasured objects will be handled.

 

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Settling an estate is a stressful job for anyone who is involved, especially the executor. As the executor, you are responsible for carrying out the final wishes, as promptly and accurately as possible. DB Appraisals Ltd can help by preforming an inventory and giving value to the items in the estate, as needed by probate. We can also determine the value of the property, at the time it is acquired by the beneficiary. This is done for possible capital gains or income tax purposes in the future. This must be completed by a certified, designated Personal Property Appraiser. If this is not completed in a timely fashion, the Courts may reject the estate. Our Appraisers act quickly and with sensitivity to the feelings of everyone involved, not to mention with the highest degree of discretion.

Representation of a Classic Car in an Estate Appraisal

Who Uses Our Estate Appraisals

Lawyers and Accountants rely on our Estate Appraisals when calculating personal property values for estates. Our Legal Estate Appraisal Reports meet the requirements of the Courts, the CRA and other various agencies. We are familiar with the requirements and procedures necessary to complete a Personal Property Estate Appraisal. The Legal Estate Appraisal Report will give you the Fair Market Value, ensuring that you receive the right valuation for the estate for purpose of selling assets or for tax purposes.

There are several different reasons to get accurate date of death values. Firstly, it will make splitting the estate between siblings easier by knowing what everything is worth. Secondly, it is necessary to determine if any taxes are owed to the CRA by the beneficiaries or by the estate. The fee for a Personal Property Appraisal is also tax deductible, if completed by a certified, designated Appraiser.
DBAppraisals Ltd operates under the strict scrutiny of USPAP (Uniform Standards of Professional Appraisal Practice) and PIPEDA (Personal Information Protection and Electronic Documents Act). We abide by the rules of Confidentiality and by a Code of Ethics.

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Regardless of your appraisal needs, DB Appraisals Ltd understands the complexities involved in assessing the value of the personal property under these difficult circumstances. Hiring a certified, designated Appraiser will ensure that you get the correct value for your estate, and by knowing that DB Appraisals Ltd stands behind our Appraisals, will give you peace of mind.
Darryl Bilobrowka, CPPA
DBAppraisals Ltd
Owner/President/Appraiser DB Appraisals Ltd

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