Legal Question in Wills and Trusts in New York

Re: probate and estate

There should be no difference. An appraisal tells someone what the value of personal or real estate is. An appraisal for estate purposes is to establish the value of an item for the purpose of settling an estate and for valuation for tax purposes. An appraisal for resale purposes is for an individual to determane what should be the fair market value to establish the starting point for putting it on the market. Other than for the purpose there should not be any difference.

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Re: probate and estate

While I generally agree with Jeffrey, there could be a difference. A formal appraisal (used for tax reporting purposes) is usually done by a licensed appraisor, while that used for resale purposes can be estimates from local real estate brokers familiar with sales of comparable property in the area. The former is quite extensive and could run from several hundred dollars or more, while the latter is usually done for free.