An assessment of the value of an asset or property on the open market. Appraisals should provide the best estimate of what an asset would be worth if sold today. The appraised value helps the executor understand the financial condition of the estate. Also, if local laws require estate valuation details during the process then an appraisal is the best measure of that property's current value. Appraisers can be specialized in different asset types such as real estate, business valuation, collectibles and others. Appraisal fees are valid estate expenses and can vary depending on the level of expertise and specialization.