Flint, MI asked in Estate Planning for Michigan

Q: I know cars & house must be appraised. How do you calculate the other inventory items? See below

Furniture, linens, utensils, flatware, dishes and clothing. Do we just guess what the value could be? The clothing would be donated because none of the heirs can wear the clothing or want them. Is there some type of calculation formula? These items really don't have a monetary value. As far as jewelry, is this for fine jewelry only like diamonds, gold etc... Does this include costume jewelry that isn't designer jewelry? Who can appraise fake jewelry? This is for probate for Genesee County in Michigan.

Related Topics:
1 Lawyer Answer
Trent Harris
Trent Harris
  • Estate Planning Lawyer
  • Jackson, MI
  • Licensed in Michigan

A: There are a number of places where you can get inventory values for the things you need.

For valuation of real estate, an appraisal is acceptable but may not be required. Local practice may vary, and other sources of valuation for real estate may also be accepted, such as a Comparative Market Analysis (CMA) or a multiple of the State Equalized Value (SEV). Call your probate register to find out.

For cars, you can use Kelley Blue Book (KBB) or NADA value, taking into consideration the year, make, model, trim package, mileage, and condition.

Fine jewelry should be appraised by a jeweler, or pawn shop.

For other items like fake jewelry, costume jewelry, kitchenware, clothes, linens, furniture, etc., used resale value is what you are after. What does it cost to purchase used goods of similar age and conditoin? A good guide to value is to research completed sale listings on Ebay to see what similar used items have actually sold for recently. You can also look at listings on Craigslist, Facebook Marketplace, or other classified ads to see the going price. You can also look at what similar used goods bring at garage sales or yard sales. These are all decent barometers of used resale value.

1 user found this answer helpful

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.