Personal property often requires a formal appraisal in order to obtain insurance, settle a claim, help determine estate tax liability, document a charitable donation, aid in equitable distribution, or just in preparation for resale. Other times you may simply be curious about what you have, its potential value, or just what to do with it. That’s where I come in with a formal or verbal appraisal, or consultation.
Uniform Standards of the Professional Appraisal Practice: Why They’re Important
More and more people are realizing that their basic homeowner insurance policies are likely not enough to cover their collection of antiques. Other times items are shrouded in mystery, especially inherited pieces thought to have historical significance or special value. Accurate identification or confirmation of value is very important because it almost always determines your next step in protecting your property.
But not all appraisers are equal! You will hear some of us that are part of professional appraisal associations such as the International Society of Appraisers, talk about “Uniform Standards of the Professional Appraisal Practice,” or USPAP.
What are these standards and why are they important to an appraisal?
Think of them as quality control standards for appraising both real estate and personal property. In the United States they are administered by the Congressionally-authorized Appraisal Foundation. The IRS requires appraisals for their use to be USPAP compliant. Appraisers that are members of reputable associations like the ISA are required to maintain USPAP-compliance.
Whether you need a formal or verbal appraisal, or just basic advice, USPAP compliance is the truest indication of an appraiser’s seriousness and professionalism.
If you have an artifact, antique, artwork, rare book, general collectible, or an entire estate – give me a call or send me an email, I’m ready to help!
For more information on USPAP, click here.