Owning boats and other types of watercraft are great, but you do need to be up to date on what they are worth. This can apply in a number of scenarios. If any of the following happen to be situations you are facing, now is the time to set up a watercraft appraisal rather than wait any longer.
Updating Your Estate Planning
Having most of your estate in order is great, but is everything still the way you want? Life can bring changes, and that means taking a fresh look at those estate plans. This is certainly true if you have assets now that were not present a few years ago.
That means the pleasure boat that you acquired a couple of years ago is not really addressed in the planning. In order to do so, have it appraised. Once you see how the current value stands, it will be easier to determine if it’s an asset that you want sold, or one that you would like to bequeath to a specific heir.
Dividing Assets Due to Divorce
Ending a marriage is not easy under the best of circumstances. One of the most difficult tasks is determining how to divide the marital assets. It’s easier to manage when you have a good idea of the current value of the major assets held.
Arranging for appraisals on any watercraft the two of you own will be helpful. Depending on the value, it may be wise to sell the asset and divide the proceeds. There’s also the possibility that one of you will want to keep the boat, meaning the other party will receive an asset of similar value.
Making a Donation to Charity
Charitable organizations can always use just about anything to further their missions. You’ve decided to donate one of your crafts that can be used as a fundraiser. At the same time, there’s the matter of coming up with a fair amount to record for tax purposes.
A watercraft appraisal prior to making the donation will benefit everyone involved. You will have a verifiable figure to use with your taxes, while the charity has an idea of what the asset is worth. That will come in handy when they offer it as a prize at an upcoming fundraising event.
Preparing to Sell the Craft
While you’ve enjoyed owning the craft, the time has passed when you use it regularly. That’s led to the decision to sell it and find something to do with the money. Before you place it on the market, it makes sense to have the craft appraised.
An appraisal will provide a good idea of what sort of price to set. The right one will attract more attention from serious buyers. At the same time, the appraisal itself can serve as a selling tool. By seeing a copy prepared by a professional, sellers can know that the boat is worth what you are seeking.
There are other situations that call for setting up an appraisal for any crafts that you may own. Talk with a professional and learn more about how to make the necessary arrangements. Once you have the appraisal in hand, it will be easier to proceed with whatever task is at hand.