There are five different basic types of value, all ‘fair’, yet each assesses fairness based on difference perspectives and circumstances. These are:

• Fair Market Value
• Auction Market Value
• Replacement Value
• In-Place Value
• Orderly Liquidation Value

The range of different values certainly goes beyond the initial perspective of the average executor, who may be simply seeking ‘a fair Market value’ for the heirs

New legislative guidelines exist for what is required regarding documentation and due diligence on behalf of the executor to ensure valuations are correct.

Different items may require different appraisals and different appraisals exist for different situations. Executors should be made aware of the various options. When executors are looking for valuations, they’ll want to know about the different types of appraisers, how they’re regulated and how to determine the right type of appraiser for their needs. Different levels of diligence regarding valuations are required depending on the value of goods, the executor’s own knowledge and experience, and the likelihood of discord among the heirs. There are a variety of appraiser qualifications in North America, some of which include CPPAG ( the largest Canadian appraisal designation with over 1000 members), ASA, American Society of Appraisers, ISA, International Society of Appraisers, GPPA, Graduate Personal Property Appraiser (offered by the National Auctioneers Association in the USA), and various others. In addition, there are many specialty appraisers such as Certified Gemologists who appraise jewels. Plus, there are informal but expert appraisers who do coins, stamps, cars, and an unlimited variety of interesting artifacts. Appraisals in North America are guided by the “Uniform Standards of Professional Appraisal Practice” or USPAP. These are updated regularly and include thorough details guiding the appropriate conduct of appraisals, and related terms. Included are definitions for what is an Appraiser, and Appraisal, and numerous related terms that help explain and clarify the work of appraisal.
There are extensive online options now available to assist with efficient and practical liquidation of assets. Please see some of the websites below;

www.uspap.org

Home Estimate value calculator

Value of your business calculator

Where businesses are concerned, greater valuation complexities such as goodwill require professional accounting skills. Goodwill is an accounting concept meaning the value of an asset that is intangible but has a quantifiable ‘prudent value’. Another way of looking at it is that goodwill is the difference between the book value of a company (the sum of the value of all assets) and the selling price. Goodwill is often viewed as an estimation of the value of a company's brand names, reputation, or long-term relationships that cannot otherwise be represented financially.