Estate planning has several complicated steps. Completing all of them correctly is crucial to making a legally enforceable estate plan.
One step that you should not neglect is evaluating your assets. You should conduct a proper, legally sound appraisal. Failing to do so can have several negative consequences. Here, we will discuss why you should always properly appraise your assets when planning your estate.
- Spare your loved ones from the hassle
If you do not appraise your estate while you are alive, the task will fall to your loved ones after your death. In addition to grieving your loss, they will also have to handle the burden of conducting an appraisal. Do not leave this challenge to your inheritors: take care of it now, yourself.
- Avoid family fights
You may believe that their beneficiaries will cordially negotiate to distribute your assets equitably. However, this will not necessarily come true. Family in-fighting is not unheard of when a loved one passes away, especially when it comes to valuing assets. You may avoid family tensions by appraising your estate today.
- Distribute your assets the way you want
Knowing the value of your assets is crucial to distributing your estate as you wish. Perhaps you want to distribute your estate equally between your children; to do this, you must first valuate your possessions and other assets. Otherwise, you may inadvertently give your beneficiaries assets of less value than you wished.
How do I valuate my estate?
Now that you know the importance of having your estate appraised, you are wondering how to do this. You could attempt to appraise your estate yourself by cataloguing your assets. However, this may not be wise: courts do not always honour do-it-yourself appraisals.
Most courts prefer the assessment of a neutral second party such as an attorney or a professional appraiser. The benefit of working with an experienced professional is the assurance that your appraisal will be accurate and legally sound.