If someone dies without a will and documentation on collectibles can’t be found, executors may need to start from scratch
Executor s must put a number on an estate’s value, but when dealing with collectibles, how do they distinguish the treasure from the trash?
Appraisal fees can range from $150 to $350 an hour, so the cost depends on the time it takes to conduct the evaluation, research and analyze the market, and write the report, she says. Fees aren’t tied to the value of the objects., likely would need an appraiser specific to that field, Ms. Juhasz adds.
Some items, such as most china and flatware patterns, have fallen out of favour in recent years. But she notes that other collectibles are gaining ground such as ceramicware, handbags and clothing from top designers. Some items that are deemed valuable and not simply personal property may trigger capital gains taxes at the date of death, when assets are deemed to have been sold, Ms. Donsky Walker says. Executors provide each item’s value to an accountant who will determine whether capital gains are in order, she adds. Collectibles sold will result in a 50 per cent capital gain for the proceeds minus the adjusted cost base. Collectibles worth less than $1,000 won’t result in a capital gain.
“If wants to throw out the item, sell it, or appraise it, the executor wouldn’t necessarily have that responsibility,” Ms. Donsky Walker says.
Globe Advisor Appwebview Advisor-Noregwall Item Appraiser Executor Capital Value Advisor Collectible Collectibles Toronto Heela Donsky Walker Kelly Juhasz
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