Must a New Jersey estate inventory be appraised by more than one person?
When an inventory is required, yes. N.J. Rev. Stat. 3B:16-2 provides that a personal representative who files an inventory must have a just appraisal made by two discreet and impartial persons, and filing becomes mandatory if the court orders it or the family exemption is to be set off. This two-person rule is unique to the probate inventory context.
Does New Jersey license personal property appraisers?
No. The state's licensing statute covers only state licensed and certified real estate appraisers performing real estate assignments; it does not regulate who may appraise household contents, collections, equipment, or other personal property for private or court purposes. Report quality therefore rests on methodology, documentation, and recognized standards.
What effective date should a personal property appraisal carry?
The date the legal or tax event fixes: date of death for an estate, date of gift, date of casualty loss, or a court-set date in litigation. Standards require the value conclusion to reflect market conditions as of that specific date, which may be retrospective, and misdating the analysis is one of the most frequent errors in rejected reports.
Why do insurance and tax values differ for the same items?
They use different value definitions. Insurance appraisals apply replacement cost with current retail pricing and little or no depreciation, while tax and estate work requires fair market value based on what a willing buyer would actually pay. The same New Jersey household contents can carry two legitimate but very different numbers depending on purpose.