Lloyd & Finch Appraisals
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An estate appraisal is usually performed after the death of an individual to give the executor of the estate a value of the personal property of the deceased. The appraisal may be used for tax purposes or just as a way to equitably divide the estate among the heirs. This type of appraisal is usually valued at fair market value which basically is the price one would find at an estate sale.
This type of appraisal is also valued at fair market value; however, this appraisal is used by individuals who are seeking a divorce. Divorce attorneys use these services often. Sometimes in this type of appraisal, the appraiser must testify in court hearings during the divorce.
The insurance appraisal is used when an individual desires to insure their personal property for replacement value. In other words, if their personal property was destroyed by fire, flood, wind, or other perils, this value is the price the individual would have to pay to replace those items or those items similar to the ones that they lost. Insurance appraisals use retail value and therefore are usually higher values than fair market value appraisals
There are other types of appraisals do be discussed but these are the most common to use.