This article explores what household contents require financial assessment when undergoing probate.
We will discuss what items must be valued, what doesn’t, and how to handle different types of household personal property for probate valuation.
Get the details below to complete this part of the probate process efficiently and accurately when you inherited a home.
Do House Contents Have to Be Valued for Probate?
As a general rule, house contents valuation for probate is a standard practice.
Some states may allow exceptions for small or uncomplicated estates. However, this valuation is usually a required step to ensure personal property is accurately assessed as part of determining the overall worth of an estate.
When it comes to performing this valuation, it’s important to note that not all items are treated the same. Probate rules typically focus on those that make the biggest difference in the estate’s total worth.
As a result, probate courts typically require that those high-value items be valued and documented individually.
That contrasts with items the law refers to as “de minimis” household contents or items of negligible financial impact.
These have a low monetary value, are easily replaceable, and detailed valuations are impractical.
Kitchenware, everyday clothing, and linens are examples.
Since these items are typically valued collectively rather than for their individual worth, they can be grouped together in most cases and given an overall value.
To further simplify the process and make it quicker, some states even allow de minimis items to be excluded from probate valuation altogether.
Even if all items are not required to be assessed when valuing house contents for probate, it’s usually necessary to document all the home’s personal property on a probate inventory form.
If you are named executor in a will or appointed as the administrator of an estate by the court, you’ll be responsible for completing this form.
As state-specific probate laws dictate the requirements, these forms don’t all look alike. They vary in format, plus the complexity of the estate influences the level of detail captured.
Despite these variations, most share some common components:
- Identifying information about the decedent and the administrator or executor, which is used to create the estate’s probate record
- A listing of assets, including personal property, owned by the deceased at the time of their death
- The item’s worth as of the date of death and the valuation source
- Location details, which in the case of household contents would be the physical address
- A section where the executor or administrator verifies the accuracy and completeness of the information provided
How to Value Personal Property for Probate
When managing an inherited estate — from working with heirs to divide belongings to selling a home during probate — it’s essential to know what everything inside the house is worth.
Getting an accurate valuation helps keep things fair. It also sets the starting point (basis) for potential future capital gains tax when selling inherited property.
To help you navigate the valuation process, here’s a list of common types of household personal property, along with valuation approaches and who is best suited to make the assessment.
- Functional (Everyday) Furniture
Check used furniture stores or online for comparable resale prices. Factor in age and wear and tear. A general personal property appraiser can help, if needed.
- Electronics
When undertaking personal property valuation in probate for common electronics like TVs and computers, you can get an estimate from online marketplaces. Consider age and functionality. Bring in a personal property appraiser for unique or pricey items.
- Jewelry
It’s best to get an expert opinion from a certified gemologist or estate jewelry appraiser for high-end pieces. Less valuable items can be assigned a combined estimated worth based on local market comparisons.
- Artwork
You can typically skip appraisals for basic, low-value pieces. However, if you inherited a house with expensive paintings, sculptures, etc., get them appraised by a qualified professional. The artist, condition, and ownership history determine value.
- Collectibles
The value of items like coins, stamps, toys, and sports memorabilia is based on scarcity, condition, and demand. To get the most accurate valuation, consult dealers or appraisers specializing in that specific collectible.
- Antiques
Typically furniture and art over 100 years old, antiques are common when getting an inheritance of a long-held home. How well preserved and rare they are determines their worth. An antiques appraiser is the best pro to hire for this assessment.
- Household Goods
These include basic kitchen items, linens, textiles, and such. They aren’t usually valued separately or appraised, and the bulk worth is often based on resale or donation value.
Ultimately, accurately valuing house contents such as those discussed above provides essential financial clarity for estate administration.
It gives you a better understanding of the estate’s total assets, which impacts major decisions like choosing between keeping or selling your parents’ home after their death.
It also helps you decide how to fairly divide personal property among heirs, or whether selling some of the items makes sense.
Something to keep in mind if you’re selling any of the inherited items: you may owe capital gains tax if you get more than the probate value.
That’s particularly relevant for financially significant assets like precious jewelry, antiques, and fine art, where even a small percentage increase in value can translate into a sizable gain.
You’ll have a clearer picture of your tax position with the knowledge gained from this process and can explore strategies (if needed) to reduce or potentially avoid capital gains tax when selling the inherited property.
What’s the Easiest Way to Sell an Inherited Property?
There’s a uniquely efficient path for beneficiaries wanting to sell their inherited house: liquidating it through a company that purchases this type of property directly.
These firms are made up of investors well-versed in the considerations that come with inherited homes. They also have no problems working with heirs selling an inherited house as is.
All in all, these buyers offer a distinct set of advantages that include the following:
- Fast access to cash: You receive immediate cash, bypassing the often lengthy wait associated with mortgage approvals.
- Less complicated process: Your transaction involves minimal paperwork and fewer steps. So, it’s much simpler.
- Shorter closing timeline: You can sell an inherited property fast. Closing in a couple of weeks is not out of the ordinary.
- Sell in existing condition: Avoid the time, expense, and stress of repairs if you inherited a house that needs work.
- No commission costs: No real estate agents are required. So, you don’t pay a realtor fee.
- Closing costs paid: You can cross closing expenses off your list. In most cases, direct buyers handle these.
Whether you’ve inherited a hoarder house or a property in great condition, direct buyers offer a quick and hassle-free solution.
To explore your options, get a cash offer from multiple local companies vetted by and listed on our website. See how they stack up against each other. Then, choose the most favorable one.
For more sales strategies, reference our article on selling an inherited house. It will help you navigate the process with ease.
