Calculating The Value Of Personal Property
Money:
Gather recent bank statements to find the balance of any accounts. Funds in accounts with a named beneficiary, not passing through the estate, should be excluded.
If exact amounts are unknown, estimate the value, and then update it after being appointed as the personal representative and accessing bank records.
Personal Items:
Estimate the value of personal belongings such as clothing, jewelry, household items, art, furniture, and electronics.
Items jointly owned, particularly with a spouse, should be excluded. A general estimate for personal items, especially if most belongings remain with a surviving spouse, is acceptable.
Vehicles:
Include all vehicles (cars, trucks, motorcycles, ATVs, watercraft, trailers, RVs) in the personal property category.
Overall Estate Valuation
The total estate value is the sum of the gross value of personal property plus the net value of the land.
(Sum of gross value of personal property + net value of land = estate value for probate)