When Professional Appraisals Are Needed
Not every estate asset has an obvious value. Bank accounts and publicly traded stocks are easy to price.
Real estate, businesses, collectibles, and jewelry often need a professional opinion. 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 key rules stand out. First, the appraiser must be "qualified." This means they have the right skills for the type of asset.
Second, the appraiser must be "disinterested." They cannot have a personal stake in the result.
Documenting Appraiser Involvement
Transparency matters. The statute requires each appraiser's name and address to appear on the inventory next to the items they valued.
This creates a clear record of who valued what. It protects the personal representative if questions come up later.
Using different appraisers for different property types is allowed and often wise. For example, a real estate appraiser handles the house. A business valuator handles the family company.
Why Accurate Appraisals Matter
Correct values affect how the estate is split among those who inherit. They also affect tax reporting.
If an asset is undervalued, heirs may face surprise tax bills later. If it is overvalued, the estate may overpay taxes or spark disputes about fair shares.
Hiring the right appraiser early helps avoid fights about what assets are worth. It also gives the personal representative solid backing for the values in the estate inventory.