Detailed answer — what to do and why

When you prepare estate paperwork in Arkansas and the estate includes collectible items such as trading cards (for example, Pokémon cards), you must identify and reasonably value those items so the personal representative (executor or administrator) can complete any required inventories, make distribution decisions, and address tax and insurance needs.

Follow these practical steps to create a defensible valuation record:

1. Create a clear inventory. List each collectible or group of similar items. For trading cards include: card name, set/edition, card number, condition notes (corner wear, creases, centering), whether it is graded (PSA, BGS, CGC) and the grade number, and the quantity of identical items.
2. Document condition with photos and descriptions. Take dated, high-resolution photos of fronts, backs, edges, and any flaws. Condition drives collectible value far more than nominal face labels.
3. Establish the valuation date. For probate and ordinary estate administration, use the value as of the relevant date (commonly the date of death or another date required by law). Note the date you used and explain why. This matters because markets for collectibles move quickly.
4. Use recent market data. Look for recent completed sales of the exact card (same edition and grade) on reputable marketplaces. Useful sources include completed eBay sales, auction-house results, and specialist marketplaces (TCGplayer, Heritage Auctions, PWCC). Record links or screenshots of the sales and the sale dates.
5. Separate raw (ungraded) and graded items. Graded cards often have substantially different values. If a card is not graded but could be worth substantially more when graded, note that potential but value it based on the market for comparable ungraded cards unless you obtain a formal appraisal reflecting hypothetical grading outcomes.
6. Get a written appraisal for high-value items. If individual cards or a collection could be worth several hundred or thousands of dollars, hire a qualified appraiser experienced with trading cards and sports/entertainment collectibles. Ask for a written appraisal that states the methodology, comparable sales, and valuation date.
7. Keep a provenance and receipts file. Gather purchase receipts, grading certificates, prior appraisals, and correspondence. Preserve certificates of authenticity and grading slabs.
8. Consider insurance and secure storage. If the collection has significant value, obtain appropriate insurance and move items to secure storage while administration proceeds.
9. Document disposition decisions. If cards will be sold, gifted, or distributed in kind, document the chosen method and keep sale records to show the estate obtained fair value.

Practical valuation examples (hypothetical):

• A raw 1st-edition common card in played condition: value based on recent completed sales of the same card in similar condition — often low single digits.
• A rare holographic 1st-edition card graded PSA 9: use recent completed auction or marketplace sales of the same card with the same grade to set value — potentially hundreds or thousands of dollars.
• A large mixed collection of ungraded commons: consider valuing by lot (per-box or per-thousand) using comparable lot sales instead of trying to price each card individually.

Why documentation and method matter: Probate courts, beneficiaries, insurers, and tax authorities expect transparent methods. Good records reduce disputes and support the personal representative if beneficiaries challenge reported values.

Arkansas-specific process pointers: Arkansas probate practice requires the personal representative to identify estate assets and administer the estate under court supervision when probate is opened. For general information about Arkansas probate procedure and forms, see the Arkansas Courts website: https://www.arcourts.gov/. For Arkansas statutes and code, consult the Arkansas Legislature code resources: https://www.arkleg.state.ar.us/. If a valuation will affect federal estate tax reporting, follow federal valuation rules and deadlines (see the IRS estate and gift tax guidance at https://www.irs.gov/businesses/small-businesses-self-employed/estate-and-gift-taxes).

Note: Local probate courts may have different inventory forms and deadlines. Confirm filing requirements with the probate clerk in the county where probate is opened or consult an Arkansas probate attorney.

Helpful hints

• Be conservative and consistent: use the same valuation approach across similar items to avoid beneficiary disputes.
• Keep contemporaneous records: screenshots, dated photos, and sales lists created near the valuation date provide strong evidence of market value.
• Use graded sale history when possible: identical grade sales provide the best comparables for graded cards.
• When in doubt for high-value items, hire a specialist appraiser; ask for qualifications, sample reports, and references.
• If selling, obtain multiple sale estimates or auction consignments to show the estate sought fair market value.
• Check whether any card is subject to provenance issues, counterfeits, or grading disputes — these factors materially affect value.
• Keep insurance updated and consider a separate floater policy for high-value collectibles during transit or storage.
• Document any family agreements about distribution in writing to reduce later conflicts.
• If the collection is large, consider cataloging software or a spreadsheet to manage details and track valuations and appraisals.