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Rule Number Three: At the time of death change the locks on every door.

Only those persons who are completely trustworthy should be given a key. No person should ever have access to the personal property alone, including the safety deposit box. They should always be accompanied. The sense of entitlement that heirs often experience at the time of death of a parent, especially when there is family strife and disagreement, can easily overwhelm their sense of right and wrong. Pilfering can go on for a long time before it is discovered. We have had clients tell us of siblings pilfering items from the household as their mother lay dying in the next room.

Rule Number Four: Write down exactly who you want to receive what items, and include this list as part of your will or your family trust.

Do not leave the disposition of personal items to chance. Be direct and specific. Be certain everyone involved knows exactly who is getting what items prior to your death.

We have personally watched two sisters fighting to the bitter end each holding one diamond earring and wanting the other. This does not just happen with family members. We have seen bank trustees, church friends, caretakers and taxidrivers set aside or take plum items for themselves, somehow thinking these estate items no longer belong to anyone and are free for the taking.

Rule Number Five: If you have valuable items of personal property have a written appraisal done prior to your death.

Give a copy to every heir so that everyone knows the value of items in the household and one person cannot take advantage of the others’ ignorance.

On another appraisal assignment, we found china and other items shown in photos from a previous appraisal were missing, along with a valuable set of sterling silver flatware. It was later determined that a certain heir systematically removed one valuable item at a time from the home each time she visited her terminally ill stepfather. While other heirs were busy caring for him, she had taken an estimated $7,000. worth of goods, some of which had been left in the will to others.

Rule Number Six: Keep a list for your trustee and heirs of exactly where valuable and important items are kept.

Bosch Appraisal finds unidentified valuable items and cash stashed in very odd places and containers. Check inside everything that leaves the house that is about to be thrown out, donated to charity, sold in a “buy out” or given away. We recently located a KPM porcelain plaque which was hidden in the linen closet wrapped in towels which were headed for charity which sold for $3,000. Another estate liquidator reports finding $10,000. in a paper matchbox located under a bed.

Rule Number Seven: Do not underestimate the cumulative value of a lifetime accumulation of personal property or sell it to a “buy out” dealer just to get rid of it.

When escrow on the house is near to closing, a “buy out” dealer can make a killing. A buy-out dealer is someone who buys and hauls away an entire household, usually for very little money. They can be a desirable option when the entire house must be cleared quickly, but first everything of value should be identified and removed. We have been called at the last minute by a client who was negotiating the sale of an entire household to a “buy out” dealer because they needed to empty the house. This dealer was practically drooling over specific items while at the same time offering a mere $2,000 for the entire lot. Fortunately, our clients became suspicious. Within that estate we identified an Aurene Art Glass Lamp, alone worth $2,700 amongst other estate items totaling $28,000.

Rule Number Eight: Do not assume your trustee or heirs will automatically know what is valuable and what is not.

You might not know that something you received as a wedding gift fifty years ago is now a prize collectible. If you don’t know the value of your personal items, how will your heirs know the value when you are gone?

There is much, much more to learn. There are specific situations when you will need a written fair market value appraisal for estate tax or equitable distribution amongst heirs. Other times you may simply need a one hour verbal consultation onsite. Or you may wish to hire us to
conduct an onsite estate sale. There is only one time to settle an estate and the learning curve is high. We specialize in helping you through this process with ease.

You are always welcome to call us here at Bosch Appraisal and Estate Services. Our number is 707-773-3970. Call us first before you make any important decisions in regard to estate personal property. We offer a free one half hour telephone consultation in regard to your specific situation with no obligation. We look forward to hearing from you now or in the future.

“Call a Qualified Personal Property Appraiser First, When Settling an Estate”

You obviously have an interest in maximizing the return on your estate sale of inherited items. Or you may be in charge of distributing estate personal property fairly amongst the heirs. You probably have lots of questions like, “How do I know the value of each item in this estate?” and “How do I make the correct decisions about selling my things?” This true story of the experience of one of our very happy clients is just one example of how you can prevent loss to your estate personal property by calling Bosch Appraisal first.

Instead of being perplexed with questions, you can get the answers you need right now. There is much to know when you are in charge of distributing personal property in an estate. The learning curve is high. You can avoid commonly made costly mistakes by calling Bosch Appraisal & Estates Services before you make any important decisions regarding estate personal property. Take advantage of our FREE 30-Minute telephone consultation to discuss your specific situation with no obligation whatsoever. Since this is our job and we love doing it, call us at 707-773-3970. We are always delighted to of service.

Bosch Appraisal and Estate Services does not offer tax advice. We recommend that you always refer to your CPA or tax accountant to determine your exact appraisal needs whenever you are donating over $500.00 to charity in any given year. Be certain to keep all receipts in order to support the value you take as a write off.