Appraising Jewelry for Estate Purposes – or Keeping the Family Peace.
In the event a family member dies and requests in her will that her jewelry be divided equitably amongst her heirs, knowing the value of those pieces could save a family a good deal of extra grief. That way, each heir would receive a piece of jewelry that is comparable in monetary – but not necessarily sentimental value.
Jewelry appraisals are appropriate for insurance purposes, but knowing the value of what you or your family members own might have even farther reaching consequences: preserving familial harmony.
Oftentimes, families will be well prepared having worked with an estate planner and estate lawyers to take care of these issues before they become a problem. In certain cases, individual pieces are designated in a will or trust to go to particular family members. That usually precludes any disagreements among the family.
Problems arise when the will states the jewelry should be divided equitably and no one knows the real value of the pieces, which is often different from an insurance value. Estate pieces are generally valued at fair market value, which is often less than new pieces which are priced based on retail value. The fair market value is the price it would cost to replace the item on the open market, perhaps a second-hand market, rather than in a retail jewelry store.
Then there are those cases where a mother or an aunt traveled widely and purchased expensive jewelry, but also tended to pick up trinkets at discount stores. Then it’s up to the appraiser to sort out the real jewelry from the fake pieces and put a value on it. The appraiser would complete a detailed analysis, including measurements of the stones.
Families would be wise to work with an estate attorney to get their affairs in order so everything is spelled out, and the family doesn’t end up in front of a judge,(probate) who will end up making the final decisions.
For more information about jewelry appraisals of any kind, contact Aimee Berrent at A Matter of Brilliance, 70 Walnut St., Wellesley, MA, 02481 or call 617-304-0174. www.ambappraisal.com
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