Advice for Executors and Executrixes: Appraisers Cannot Buy What They Appraise

If you are an executor, executrix, or have power of attorney in matters that have to do with personal property, then it´s your fiduciary duty to be informed of the Appraisal Process. Appraisers must not buy what they appraise due to the inherent creation of a conflict of interest. Simply put, appraisers are forbidden to buy what they appraise. If they are accredited their appraisal societies forbid it, the government (USPAP) forbids it, the IRS forbids it, and for crying out loud – common sense forbids it! Appraisers must keep at arm’s length from any possible perception of both impropriety and partiality. There aren’t many people that can do this because the reward is greater for the wicked. As an executor or executrix you may have a better chance of finding someone who is honest, someone who plays by the rules, if you hire a credentialed appraiser rather than Bubba-the-auctioneer who might be located conveniently just down the street. When you need a professional, turn to AAA or ASA. Search by State, City, Discipline (that would be personal property), and then narrow it down to category, like: Zip Code/Personal Property/Folk Art/.