“Eight Rules to Avoid Loss to Estate Personal Property from Commonly Made Mistakes"

Bosch Appraisal & Estate Services’ mission is to educate estate professionals, trustees and heirs of the importance of estate personal property. We suggest calling a qualified appraiser of personal
property as the first thing to do when assigned with the important task of settling an estate. If there are antique furniture items, oil paintings, works on paper, antiques, fine china, collectible porcelains, art glass, sterling silver, oriental rugs, leather bound books, jewelry, collectibles and other appreciating property in the residence of the deceased, the accumulative total can be considerable.

On average an ordinary home contains approximately $10,000 worth of personal property. A more upscale home with fine art, antiques, fine china, silver and other appreciating personal property often contains upwards from $60,000 - $250,000 worth of goods. Several good paintings alone can total $100,000. We at Bosch Appraisal and Estate Services seek to educate the general public and estate professionals to give estate personal property the attention it deserves.

Rule Number One: Call an independent appraiser to identify valuable items of personal property before you do anything else.

Do not throw anything away, sell or distribute anything until this has been done. Be certain the appraiser is a member of an appraisal society that tests its members and holds them to a Code of Ethics.

Rule Number Two: Do not sell an item to the person who has set its value.

An appraiser should not offer to buy anything that they appraise, for to do so is a conflict of your best interest.

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"