Mason & Helmers
We Welcome Your Call
  • Phone 651-323-2548
  • Toll Free 877-389-5533

Overview of how to value personal property

A recent post on this blog discussed how those involved in probate disputes can accurately place a value on a home or other piece of real estate. However, in addition to the family home or farm, most Minnesota estates that wind up in probate will also contain personal property that will need to be valued accurately, particularly if the estate is the subject of a conflict.

"Personal property," speaking generally, includes most anything that a person, or an estate, owns except for a home or land. Some personal property, like a bank or retirement account, is pretty easy to value. All one has to do is get the account's balance as of the day a person died. Likewise, cash is pretty easy to value simply by counting.

For more difficult items to value, ranging from cars to furniture to shares in a family business, a person may have to put in some extra time and work. One court system provides a series of suggestions that would also apply in Minnesota and that many Saint Paul residents going through an estate dispute may find helpful.

For example, it suggests that items like cars and other vehicles be valued by checking sale prices on websites like Craigslist or consulting a guide like the Kelley Blue Book. One must be sure that he or she is comparing the sale price of a vehicle that is similar to the one in question in terms of mileage and condition.

Although certain personal items and certain common household furnishings can be grouped together and valued under one dollar figure, anything that could have significant standalone value should be examined separately. If it is difficult to identify a value by turning to respected pricing guides or the general market, it might be best to hire a professional appraiser.

No Comments

Leave a comment
Comment Information

For Assistance with Estate Disputes & Other Matters, Contact Us

To learn more about the firm and how we can assist you,
contact Mason & Helmers in St. Paul, Minnesota. Call 651-323-2548 or 877-389-5533 (toll free) to set up an appointment.

*AV®, AV Preeminent®, Martindale-Hubbell Distinguished and Martindale-Hubbell Notable are certification marks used under license in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell® is the facilitator of a peer review
rating process. Ratings reflect the anonymous opinions of members of the bar and the judiciary. Martindale-Hubbell® Peer Review Ratings™ fall into two categories — legal ability and general ethical standards.

Contact Our Attorneys

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response
Mason & Helmers

Mason & Helmers
332 Minnesota Street
Suite W-3070
St. Paul, MN 55101

Toll Free: 877-389-5533
Phone: 651-323-2548
St. Paul Law Office Map