Estate Valuations derive from a number of factors. Typically when we receive a call it is either from an attorney or bank whose client has passed away and the contents of the estate must be valued as part of the global value of the deceased’s property to settle probate or to provide an understanding of value to divide the estate among heirs. Alternatively, many collectors in the course of estate planning wish to know the value of their collection for future division among their heirs or that they may sell in advance as they uncomplicate their lives.
Within the realm of valuation, different values apply based on the need of the clients. In this realm, Fair Market Value is typically applied although Marketable Cash Value may also be utilized.
An excellent example of a varied estate can be viewed live on the EBTH.com website. This estate labeled as the Samuel and Sarah Greene Marx collection not only contains high end couture and fine art but numerous signed letters and books by Hollywood celebrities, composers and directors. Much of this material is the type that can otherwise be overlooked when first examining the contents of a residence so it is important to remember to search thoroughly when inventorying any residence from attic to closet to basement.