When the estate is opened, an expert must be called in to make an inventory of the property. This is a procedure that requires the utmost care. Many agencies and experts in the field have the necessary skills to resolve these dilemmas. In exceptional circumstances, these experts can be of great assistance in the application of the law and due process.
Ensure the application of procedures
The belongings of the deceased are divided among the heirs in accordance with his or her wishes. Works of art are considered both cultural objects and property. Jurisprudence thus provides for a number of injunctions on how works of art are to be valued. If the expert’s estates are held two years after the death, the sale price at auction is imposed. An expert or an auctioneer carries out the inventory of the goods and the determination of the value. In case the art objects have not been inventoried in the days following the death, the preferred value will be those fixed by the insurance. The contract should have been taken out about ten years before the succession. Find more information at https://mr-expert.com.
Valuing art objects and ensuring their safeguarding
An expert in works of art and inheritance works and contributes to the valuation of these heritages. When the estate is opened, he makes an inventory and determines the value of the art objects. It is the court in charge of the estate that appoints the mandatary. His expertise is required by several entities and professionals: museums, collectors and curators. He keeps himself informed and up to date through catalogs and reference books. In accordance with the regulations, the expert estates check and scrutinize the possible traces of wear, alteration or falsification on the art object. He will be able to examine any type of work of art: tapestry, jewel, furniture, silverware books…
Determining the amount of estate tax
At the time of the estate inventory, all heirs must first pay the expert estate tax. These sums can be revised downwards if the situation so requires. The notary calculates the value of the deceased’s property and assesses the amount of expert inheritance tax based on the results. By making the inventory in due form, it is possible to pay much less. If the real estate is put up for auction within two years of the opening of the estate, the auctioneer will retain the resale price. It is strongly recommended that you wait at least 2 years before reselling the property.