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Identify & Secure Personal Property Assets
Property & Assets
Begin identifying and securing valuable or important personal items. This includes jewelry, artwork, firearms, collectibles, safes, family heirlooms, or any possessions with financial or sentimental value. Photograph or inventory these items. Do not begin distributing belongings until the will or trust is reviewed and legal authority is confirmed.
Frequently Asked Questions
Legal
What counts as personal property in an estate?
Personal property includes everything that is not real estate: furniture, vehicles, jewelry, artwork, collectibles (coins, stamps, firearms, wine), electronics, clothing, tools, sporting goods, musical instruments, and household items. It also includes intangible personal property like stocks, bonds, bank accounts, and intellectual property. Even seemingly low-value items must be accounted for in the estate.
Costs
When do I need a professional appraisal?
Get professional appraisals for jewelry over $500, artwork, antiques, collectibles, firearms, and any item where the value is uncertain or disputed. The IRS requires a qualified appraisal for any single item or collection valued over $5,000 claimed on the estate tax return. Appraisals typically cost $100-$500 per item or $250-$1,000 for a whole-home inventory. Use an appraiser certified by ASA or AAA.
Process
How should I store personal property during probate?
Keep items in the deceased's home if it is secure, or move high-value items to a locked storage unit or family member's home. Photograph and inventory everything before moving it. Change the locks on the deceased's home. Do not distribute any items until the executor authorizes it—premature distribution can create legal liability and disputes among beneficiaries.
How do I handle high-value items like jewelry, art, or collections?
Document each item with photographs and descriptions. Store them in a secure location such as a safe deposit box or home safe. Obtain insurance riders if the homeowner's policy does not adequately cover them. Do not clean, polish, or repair items—this can reduce their value. For firearms, check state and local laws regarding storage and transfer, as some require registration or permits.