Legal Definitions - apprize

Apprize (verb)

To formally determine or estimate the monetary worth of something, often by an expert, for legal or financial purposes.

Here are some examples of how "apprize" is used:

• When a family is settling an estate after a loved one's passing, they might need to apprize various assets like jewelry, rare books, or collectible items. An independent expert would examine these possessions and assign an official market value to each, which is essential for calculating inheritance taxes and ensuring a fair distribution among heirs.

• If a homeowner's property is damaged by a natural disaster, their insurance company will send an adjuster or a specialized appraiser to apprize the extent of the damage. This involves assessing the cost of repairs or replacement to determine the appropriate payout under the insurance policy.

• In a business merger or acquisition, the acquiring company will often hire financial analysts to apprize the target company's overall value. This comprehensive valuation considers all assets, liabilities, future earnings potential, and market conditions to establish a fair and justifiable purchase price.