There's an old saying that goes: What's the best way to eat an elephant? One hit at a time!
Personal property of the property elephant . This is the responsibility that takes most of your time and gives the estate the least amount of money for the effort. But it is not possible to avoid personal property management. The property must be indelibly marked, evaluated, distributed or sold. Let's start by analyzing our wealth (inventory); then we will determine what is worth (rating). In a future entry we'll figure out what to do with it (distribution / sales).
When you go to court, the clerk gives the form you need to complete the inventory. The form asks you to specify general categories and values for the categories listed. For example you would list: furniture $ 1500; office equipment, $ 300, etc. You do not have to list items separately, for example, the couch, $ 100; chair, $ 5; typewriter, $ 25. I suggest you keep a list of each item. Although the court does not need to know much detail, you probably want a more detailed inventory. This is for two reasons: track property sales and protect yourself from claims by heirs and / or creditors.
No need to imagine real inventory; pencil and paper. If you are so inclined, in-store inventories of home inventory are available or online shopping can be purchased. There are also some companies specializing in home stockpiling.
You will need help. One person chooses and counts while the other writes. Start in the house and go from the top of the house to the bottom. Go to the room where there is a consistent pattern so that there is nothing left: always clockwise or counterclockwise in the room. Write down what's on the walls, not just on the floor. For small commodities, describe identifiable groups such as 200 hardcover books, 100 softshell books, 42 nick-knacks, and so on. You can add an asterisk in the list to any item that you think might be valuable. If nick-knacks porcelain and books are the first releases, they are valuable elements. When done, follow the same procedure for the outbuildings: garage, shed, workshop, or anything else. If you have a rented self-contained unit, a holiday home, a leisure vehicle or a ship, you must also be registered.
When you stock up in court, you must enter the personal property value. A powerful resource for high performance household goods is the software program It's Deductible that comes with the Turbo Tax of the income tax program. It is Deductible can also be purchased separately. The software lists the household goods' value in the household goods and is easy to use.
Items that are considered valuable It Deductible will not work. The value of each item or collection can be determined in several ways. A good starting point for eBay ( http://www.ebay.com ). To help eBay set up values, you must be a registered user. Registration on eBay is free; just follow the instructions when you get to the website. After registration, enter the item you are looking for and eBay will search for the item. When the search results are displayed, scroll down and see the search options on the left side of the page, click on the completed lists, scroll down and click Display items. The displayed search results refer to completed auctions, not to ongoing auctions. The green listed prices are actually sold products; red prices apply to items that do not sell. When you find your item and the price is green, you get a good value. Compare the details of an item on eBay with details of that item. Use the closest match for your value.
If you can not find the item on eBay, it's time to get to the library or bookstore. Here you will find all kinds of antique or collectible offers. You can also find blue books for cars and equipment.
If there are many items and you do not have time to research, then it's time to call an expert. In the local directory you will find jewelers, antique dealers, auctioneers, assessors and other professionals who will tell you what the real estate is. What they offer you is a valuable review rather than an evaluation. Evaluation is based on actual sales data rather than opinion. I will cover the following assessments; Now, just look at the difference. For practical valuation purposes, the value of the value placed should be at the market value of the deceased's death. This value should be asked by your expert to submit.
In Virginia state, individual items or collections worth more than $ 500 must be valued. The valuation of personal property is not permitted as a real estate appraiser but governs the content of their report. In order for the personal valuation of assets to be valid and acceptable for tax purposes, it must be done by a qualified expert and follow the federal guidelines of the Uniform Standards for Professional Survey Practice. Most real estate appraisers do not appreciate personal assets. You can find the personal valuer online through the Certified Appraisers Guild of America, the Auctioneers National Association or the American Society of Appraisers website.
Real estate agents find that record keeping and valuation of real estate assets is the most time consuming task, but there are resources to help us.