Resources for executors and Estate Administrators
Resources for executors and Estate Administrators
The Appraisal Foundation‘s “The Personal Property Owner’s Guide to Appraisal Services“
An estate’s personal property consists of physical assets of the estate, not including real property.
Per the Appraisal Foundations website,
“The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal.”
The Appraisal Foundation publishes the USPAP which professional appraisers use as the minimum criteria for establishing professional credentials as a personal property appraiser.
Therefore the Appraisal Foundation’s publication, “The Personal Property Owner’s Guide to Appraisal Services” is a good starting point for executors seeking to understand how appraisal of “personalty” or personal property works. Many executors wander into “executor duty” thinly aware of the role of appraisal, the appraisal process itself, and where it fits into the estate administration process.
While many estates’ personal property assets may not warrant an appraisal, understanding the purpose of appraisal, and the role it serves relative to distribution and in some cases, taxes, is important for executors to consider. As with so many aspects of the estate administration responsibilities, a discussion with the probate attorney and/or estate accountant is recommended.
See Full Document:
Executorium – USPAP Standards, Personal Property and Appraisal Organizations
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