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  • Writer's picturePrestige Evaluation

When should you use an appraisal services?

Updated: Jan 20


There are a lot of good reasons to use a professional appraiser but it really comes down to 3 main objectives;

  1. Knowing an objects value for either selling, insuring, or giving away.

  2. Documenting the details of an object for legal purposes.

  3. Decision making.


Here is a list of the most common reasons to call in a professional appraiser:

  • Estate Planning Appraisal

  • Charitable Donations

  • Equitable Divisions

  • Financial Appraisal

  • Gift Tax Exemptions

  • Disaster Loss

  • Divorce / Dissolution

  • Loan Collateral

  • Appraisals in Prenuptial Agreements

  • Bankruptcy Appraisal

  • Expert Witness

  • Probate Appraisal

  • Insurance Claims Appraisal

  • Litigation Support

  • Trust: Estate Settlements

  • Appraisal Fairs for Charities

  • Public Speaking Estate Sales



ESTATE PROBATE

  • Probate – Proof of Wills Equitable Distribution of Assets Fair Market Value to 3 rd Party.


Many clients are unaware that the personal property of an estate must be inventoried and valued during the probate process. This requires the services of a Professional Accredited Personal Property Appraiser. Their job is to provide a value of the estate's contents as of the date of the descendants death. If this is not done in a timely fashion, the estate may be rejected by the Ontario Court System. Prestige Evaluation is experienced in providing appraisals for the purposes of estate settlement and probate. We can assist you or your personal representative in their obligations involving Federal tax liability.



DIVORCE


  • Dispute over value of marital assets

  • Equalization of separation

  • Expert witness in court when there are disputes on value

  • Starting a Divorce Claim in Ontario or Quebec Provincial Court, or Superior Court


Preparing and managing a divorce can be a complicated and difficult procedure. Each spouse is often entitled to some portion of all matrimonial property. The term is known as equalisation or the distribution of marital

assets. This requires a careful description and valuation of vehicles, boats, furniture, accessories, jewellery, antiques and other household items. We can help by providing a detailed and descriptive inventory to accurately appraise all of your commonly held personal property. Your divorce lawyer

will receive a thorough, objective report that meets the standards and guidelines of USPAP (uniform standards of professional appraisals practice), The International Society of Appraisers Standard for reports or that satisfies the requirements of Ontario Court ordered equitable Distribution / Equalization.



FINANCIAL


  • Banks / Credit Unions - Loan Purposes (Small Business Development Lending)

  • Financial Advisors - assist in Estate planning (valuation of collectables, jewellery, antiques)

  • Public and private corporations

  • Financial institutions,

  • Receivers and trustees in bankruptcy

You can rely on our experienced appraisals to accurately value assets for financing; disposals, insurance, merger and acquisition purposes. Assets that we assess include but are not limited to machinery, office equipment, consumer products, industrial inventories, as well as anything that is not; Real Property, meaning we do not conduct

Land and or Building Appraisals.



BANKRUPTCY


  • Receivership (for secured and non secured creditors)

  • Trustees (personal/ business)


A trustee in bankruptcy (trustee) in Ontario is responsible for administering the affairs of the bankrupt estate. This involves, inter alia, preparing an inventory of existing assets, releasing assets to the secured creditors, gathering and liquidating existing assets, reviewing claims to the assets, and

paying dividends to creditors in accordance with the scheme of distribution in Section 136 of the BIA (Bankruptcy and Insolvency Act).

The federal Bankruptcy and Insolvency Act (BIA) and Companies; Creditors Arrangements Act (CCAA) are administered by the Office of the Superintendent of Bankruptcy (OSB) and the Courts respectively.


Prestige Evaluation can provide Personal Property Appraisals for Ontario TRUSTEES

and for Individuals and or companies that have or considered filing for bankruptcy in Ontario Canada. We are not Trustees, please contact your lawyer or Trustee for more information and direction.



INSURANCE CLAIMS


  • Pre-Loss - for endorsements or riders

  • After Loss - value after a claim

  • Loss of Value due to damage


Antiques, family heirlooms, art objects and collectable's can valuable as sets, unfortunately, most people rely on their homeowners insurance for protection against losses. Many are unaware that their policies usually exclude: Antiques, coin collections, furs, and fine art objects. To ensure complete replacement Cost Coverage, you should have your personal property appraised. We specialise in providing appraisals for

purposes of Insurance Replacement often required in claims involving loss, moving damage, theft, damage or destruction from fire, smoke or flood damage.



CHARITABLE DONATIONS


Revenue Canada Compliant

If you're considering making a tax deductible, non cash charitable contribution or need to file a casualty loss claim, we can assist you with a Federal or Provincial Tax Appraisal. We follow Revenue Canada's strict requirements regarding the submission of formal appraisals.


Numerous Charitable Foundations use our services to insure proper reporting of donated assets to their institutions.


REQUEST A QUOTE TODAY!


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