Do I need an appraisal to settle my parent's estate?

Often you do, or at least it is wise to have one. Executors and administrators may need a documented value for household contents, collections, vehicles and jewelry to divide property fairly among heirs, report to a court, or handle tax filings. A qualified appraisal gives everyone a neutral starting point and can head off family arguments later.

Estate appraisals are normally done at fair market value as of the date of death or another date your attorney specifies. Not every item needs individual attention; appraisers commonly group ordinary furnishings and focus detail on higher value pieces.

Requirements differ by state and by the size of the estate, so talk with the estate's attorney or accountant before hiring anyone. They can tell you what level of documentation is actually needed.