Heirloom jewelry, including diamonds, that are part of an estate can be a joy as well as a nightmare unless someone can be found to help sort out all of the legalities and the value of the pieces involved. Heirs to an estate may find themselves in a predicament, depending on the number of pieces involved and how they are divided up within the Last Will and Testament. Selling diamonds in Boca Raton can be very lucrative for someone who has inherited estate jewelry.
- Last Will and Testament – The Last Will and Testament is a person’s way of assigning his or her belongings to the people they want to receive them. Most of the time, a person’s heirloom diamonds and other pieces of jewelry go to close family members who want them as keepsakes. In some cases, however the individual may choose to sell them if they have no personal attachment to the pieces.
- Attorneys and Mediation – While a person’s Will is in probate, an attorney will help the family sort out who gets what. When there is no Will, an attorney may be needed to help with the division of assets. When a person passes away without a Last Will and Testament, they are said to be intestate. This means the division of assets is set forth by the state. When a large number of valuables are involved along with several heirs, an attorney may be forced to sell off the property and divide the cash value between the heirs. This means a fair and equitable settlement for all involved. If one or more of the heirs chooses to buy the heirloom diamonds and jewelry, for example, they would purchase them at fair market value and each heir would receive a portion of the proceeds. Attorneys are there to mediate between all parties so each person gets their share.
- Sustained Value – One of the benefits of antique or vintage family heirloom diamonds and jewelry is the pieces normally hold sustained value. More often than not, their value will increase with age. Vintage pieces that are in pristine condition can bring a high price from the right buyer. Even pieces that are broken or damaged can bring a nice profit, if something about them is truly unique. For example, a miner’s or European cut diamond that has a proportionate cut and culet will bring a much higher price than one that is not cut properly. Diamonds that look as if they have a dark hue or a hole through their center have been improperly cut across the point. The cut at the very point of a diamond is called the culet. Often hidden by the setting, it can give the diamond a darker appearance or make it look as if has a hole in the center.
- Appraised Value – A diamond’s appraised value will not be the same as it’s sentimental or family value. What may be priceless to a close family member, may be only worth a few dollars to an appraiser. Before selling or buying any estate diamonds in Boca Raton, always have the piece appraised by a qualified and bonded jeweler or diamond specialist. In some cases, having a piece appraised by a professional can work out in your best interest. A piece of diamond or heirloom jewelry that was thought to have little or no actual value, may turn out to be worth much more than was expected. Appraising an item is also beneficial for insurance purposes in case, it is ever lost or stolen.
- Family Disputes – Family disputes over the assets of an estate can take years to resolve. If someone feels they were not given what was due them in the Last Will and Testament, they may choose to dispute the Will causing it to remain in probate until the problem is resolved. Claims filed against the state must be addressed fully and completely before it can be closed and the heirs can take possession of their inheritance. Disputes can be filed by people outside of the family as well. Although those claims are much harder to prove they can prevent the sale of heirloom jewelry and diamonds in Boca Raton.
- Unfamiliar Territory – Individuals who have been bequeathed heirloom jewelry and diamonds as part of a family member’s estate, may have no clue what they are dealing with. Not many people know or understand the difference between a diamond’s cut or clarity and even fewer, about the cost of vintage or antique pieces. In this case, contacting a professional appraiser or jeweler who specializes in vintage jewelry and diamond settings may be in a person’s best interest. This will prevent them from being taken advantage of by jewelers who realize the limits of their customer’s knowledge of the subject. By working with an appraiser the seller can go into an establishment with a statement that declares the jewelry’s appraised value. This eliminates any chance of the jeweler trying to take advantage of an unsuspecting customer. It’s in the heirs best interest to learn all they can about the pieces they are trying to sell. As a collector, buying estate jewelry can be a profitable business if items from the estate can be purchased as a lot or through the disbursement of the assets. An estate auction can work out quite well for both the buyer and the seller of heirloom jewelry and diamonds.
Estate diamonds and pieces of heirloom jewelry carry value in many ways. Some may only have sentimental value and, as such, not be worth much on the jewelry market. On the other hand, vintage pieces which have an exceptional cut or have other features that make them incredibly unique, may have an appraised value that can gain the heir a tidy sum of cash. Individuals who buy and sell heirloom diamonds and jewelry in Boca Raton need to do a little investigating and learn about the pieces they have. That, in addition to an appraisal will give them the upper hand if they choose to buy or sell pieces to local jewelers or collectors.