When Professional Appraisals Are Appropriate
Not every asset in an estate has an obvious value. Bank accounts and publicly traded securities are straightforward. But real estate, business interests, collectibles, jewelry, and other personal property often require professional judgment. This statute gives the personal representative clear authority to bring in outside help.
The personal representative may employ a qualified and disinterested appraiser to assist him in ascertaining the fair market value as of the date of the decedent's death of any asset the value of which may be subject to reasonable doubt. Different persons may be employed to appraise different kinds of assets included in the estate.
A.R.S. § 14-3707Two requirements stand out. First, the appraiser must be "qualified," meaning they have the relevant expertise for the type of asset being valued. Second, they must be "disinterested," meaning they have no personal stake in the outcome. A family member who happens to be a real estate agent, for example, would not meet this standard.
Documenting Appraiser Involvement
Transparency matters. The statute requires that each appraiser's name and address appear on the inventory alongside the items they appraised. This creates a clear record of who valued what, which protects the personal representative if questions arise later about how values were determined.
Using different appraisers for different types of property is both allowed and often sensible. A real estate appraiser handles the house. A certified business valuator handles the family business. A gemologist handles the jewelry collection. Each brings specialized knowledge that results in more accurate valuations, which benefits everyone involved in the estate.