How does an estate appraisal work?

An estate appraisal establishes the fair market value of a decedent's personal property as of the date of death, giving the executor a documented basis for probate, estate tax filing, and distribution among heirs.

The process follows a consistent sequence:

• Scope definition: the appraiser confirms what's being valued (art, jewelry, furniture, collectibles, household contents), the effective valuation date, and the intended use of the report.
• Inventory review: photos, prior appraisals, receipts, and any provenance documents are gathered, often with input from the executor, attorney, or CPA handling the estate.
• Inspection: items are examined either through detailed photographs and descriptions or, for larger and more complex estates, an on-site visit. Condition, maker's marks, materials, and identifying features are all recorded.
• Market research: the appraiser compares each item against relevant auction results, dealer sales, and other market evidence to support a defensible fair market value.
• Report preparation: the final document includes item-by-item descriptions, photographs, methodology, and concluded values, prepared in accordance with USPAP.

Most estates benefit from item-level valuations rather than a single lump-sum figure, since art, jewelry, and collectibles depend heavily on condition, rarity, and provenance rather than a flat percentage of the estate. A well-documented report can typically support several needs at once: Surrogate's Court filings, IRS Form 706 estate tax reporting, and equitable distribution among heirs, so the family isn't paying for multiple appraisals down the line.

If you're beginning this process for a New York estate, NYC Personal Property Appraisers can walk through what's in the estate and confirm timing based on the size and complexity of the collection before work begins.