What Is the Estate's Personal Property Worth for Probate?
Estimate the fair market value of household items for the estate inventory — what furniture, electronics, and appliances would sell for today, not what was paid.
Fair market value (FMV) is the price a willing buyer would pay a willing seller on the open market, with both having reasonable knowledge of the relevant facts. For probate, FMV is based on what items would sell for in their current condition — not what you paid or what it would cost to replace them.
These estimates are approximations based on insurance industry depreciation guides and secondary market resale data. They provide a reasonable starting point for common household items. For high-value items, contested estates, or items with unique characteristics, a certified appraiser should be consulted.
Art, antiques, collectibles, and vehicles typically require professional appraisal. High-value items — fine jewelry, high-end watches, professional musical instruments, or firearms, or any single item or collection worth more than a few thousand dollars — also call for a qualified appraiser.
Most states allow executors to group low-value household items together (e.g., "household furnishings and personal effects — $2,500"). Individual listing is typically required only for items of significant value. State probate court requirements vary.
Personal property should be valued as of the date of death. If the estate elects the alternate valuation date for federal estate tax purposes, property still held six months after death is valued as of that date, while property sold or distributed during those six months is valued as of the date it left the estate. The valuation date affects fair market value because item condition and market prices change over time.
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Forms for Settling an Estate
Free forms for settling an estate: the probate petition, small estate affidavit, notice to creditors, inventory, and closing forms.
Petition for Probate and Letters
Open probate and ask the court to appoint you and issue Letters Testamentary or Letters of Administration.
Notice to Creditors
Notify estate creditors and start the claim period — the published notice plus mailed copies for known creditors.
Renunciation of Executor
Decline an appointment as executor named in a will — the writing filed with the court before anyone is appointed.
Affidavit of Heirship
Prepare the sworn statement of a deceased person's family history and heirs for recording in the county land records, with your state's recording instructions.
Small Estate Affidavit
Collect a small estate's property without probate — the sworn affidavit presented to banks and other holders, with a presentation letter for each.
Estate Inventory
Prepare the probate inventory of estate property — every asset at its date-of-death value, composed to your state's statute, with the state's filing or delivery instructions.
Tools for Settling an Estate
Free tools for settling an estate: whether probate is needed, executor and trustee pay, creditor deadlines, and inheritance taxes.
How Much Can an Executor Charge?
Calculate how much an executor can charge for administering an estate.
Can I Self-File Probate?
Whether your state lets you open probate yourself, and what it costs with a lawyer and without one.
How Do I Get Appointed as Executor?
See the court, petition, bond, and documents needed to be appointed and receive your Letters.
What Are the Creditor Claim Deadlines?
Find creditor claim deadlines, notice requirements, and payment priority order for your state.
What Happens When an Estate Is Insolvent?
See the order your state pays an insolvent estate's debts and which claims go unpaid.
How Do I Open an Estate Account When Someone Dies?
Compare estate-account opening requirements bank by bank: channels, required documents, and steps.
