EqualShares.com Home · FAQs · Steps · About us Advanced Method  Step 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16

Advanced Method Step 7:  (Optional) Determine entitlements and appraise certain items. A recipient is "entitled" to an item if whoever's in charge decides that the item should go to him or her without any bidding.  Have these items appraised, and ask the entitled recipients if they are willing to accept them at the appraised values.  If an item is declined at the appraised value, then it should be auctioned to the highest bidder.

Hints:

• Use the answers you received to Question (1) in Step 5 to help you decide if any recipient should be entitled to an item.  If necessary, ask recipients who seek entitlement for more information about their claims. 

• Divorcing couples will usually want to establish entitlements to a large share of their property.  A judge, for example, might assign a home to a custodial parent, a pension to the employee spouse, and a business license to whoever's most active in the business.  

• If a divorce isn't amicable, it may be best to establish an entitlement if one party cares deeply about an item and the other does not.  This will help prevent malicious bidding.

• If a recipient has already taken or received an item on your list, it may be best to entitle him or her to that item if there are no rival claims of entitlement.   

• As explained in Step 6, if you think that only one of the recipients is interested in an heirloom, it's often best to entitle that recipient to it.

• Used cars can be appraised using the Kelley Blue Book or Edmunds True Market Value websites.  

• You can get the names of competent appraisers at the websites of the American Society of Appraisers or the International Society of Appraisers.

• A cheap and easy way to appraise many lower-valued items is to see how much they sell for on eBay.  Try to find several eBay auctions that list an item similar to yours, and record the final bid prices.  Use these prices to estimate the value of your item.  Don't go by the asking price or reserve price, since these don't necessarily reflect market values.

• Valuable items may need to be appraised for tax purposes even if you plan to let recipients bid on them.  Consult a competent advisor for more information.

• Appraisal costs should be shared by all of the recipients.

Example:  In the Snider auction, Mary agrees to accept the heirloom piano for the appraised value of $500.  A small TV had been promised to Steve, and he agrees to accept it at the appraised value of $25.  More than one of the recipients is interested in the ceramic horse, so it will be auctioned even though it's an heirloom.   

Go to Step 8 

Step 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16

 

Copyright © 2004  Lori Alden.  All rights reserved.