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.
Frequently Asked Questions
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.
The probate court inventory must reflect what each item would sell for as of the date of death, not what was paid. Purchase-price figures overstate the estate and can distort how belongings are divided among heirs. For example, a $2,000 couch that is 5 years old may have a fair market value of only $400.
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.
No. Personal property titled to a revocable trust passes outside probate, so there is no court-filed inventory and no probate fee calculated on its value. The successor trustee still tracks and distributes items per the trust's instructions, but without the formal probate valuation requirement. An online revocable trust from SimplyTrust takes about 15 minutes to complete.
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