How do I value collectibles like Pokemon cards when preparing my estate paperwork? (ID) | Idaho Probate

Detailed answer: How to value collectible cards (like Pokémon) when preparing estate paperwork under Idaho law

When you prepare estate paperwork in Idaho, you must identify and put a value on the decedent’s property so the personal representative (executor) can inventory the estate and the court and any interested parties can see what the estate contains. Collectible trading cards—Pokémon, Magic: The Gathering, sports cards—are personal property that must be inventoried and assigned a fair market value as of the date of death or the date of distribution. Idaho’s probate statutes govern the administration process; see Idaho Code Title 15 (Probate, Trusts, and Fiduciary Relations) for statutory rules and timing.

Idaho Code, Title 15 (Probate, Trusts, and Fiduciary Relations)

Step-by-step practical process

Make a thorough inventory. Photograph each card or lot (front and back). Note set, card name, edition (1st edition, shadowless, etc.), printing run, condition (use consistent grading terms), any unique markings, and whether the card is graded (PSA, BGS, SGC) including the grade number and slab serial number.
Separate into groups. Group cards into “high-value singles,” “moderate-value singles,” and “bulk/common cards.” Often only a small percentage of a collection creates large value; isolating high-value items makes valuation more efficient.
Determine fair market value (FMV). FMV is the price a willing buyer and willing seller would agree on at the date of death. Common methods to determine FMV for cards:
- Check recent completed sales on marketplace sites (eBay completed listings, Heritage Auctions, PWCC, TCGplayer). Use sale prices for similar items in similar condition and market channels.
- Use price guides cautiously (Beckett, PSA Graded Price Guide) as cross-checks, not sole evidence.
- For graded cards use recent auction and private sale data for that exact grade.
Get a written appraisal when appropriate. If individual items or the aggregate collection have substantial value, obtain a written appraisal from a qualified appraiser familiar with trading cards and collectibles. A written appraisal is important when values are high, contested, or when the personal representative lacks confidence in market research. Appraisers that follow USPAP (Uniform Standards of Professional Appraisal Practice) provide credible written reports.
Document sources and a valuation summary. For each item or lot, list the FMV, the source used to determine it (auction result link, date, sale price, appraiser’s report), and attach photos. Keep an overall valuation summary for the inventory filing and for beneficiary communications.
File inventory with the court as required. Idaho probate rules require filing inventories and accountings as part of estate administration. Follow local probate procedures and file the inventory that includes the collectibles’ values. If you received a professional appraisal, attach it to the inventory or keep it available for the court.

When to hire a professional appraiser

Consider a professional appraiser if any of the following are true:

Individual cards sell in the hundreds or thousands of dollars.
The collection’s aggregate value is significant compared to the estate’s other assets.
Beneficiaries might dispute values or gifts of cards are being allocated by value.
You need appraisal support for tax filings or sale negotiations.

How to choose an appraiser

Look for appraisers who list collectible trading cards as a specialty.
Prefer those who follow USPAP and provide written reports with comparable sales data.
Check memberships (Appraisers Association names, not titles—do not rely on the words “specialist” or “expert” alone) and ask for sample reports and references.
Confirm fees and whether the appraiser will testify or provide affidavits if a dispute arises.

Tax and probate considerations

Idaho probate procedure requires disclosure of estate assets and values; the court uses the inventory to supervise distribution and creditors’ claims. For federal tax purposes (estate tax or income tax bases for heirs), values used must meet IRS standards for valuation; written appraisals help if the estate approaches federal filing thresholds. For state-specific tax questions or whether any Idaho filing or tax applies, consult the Idaho State Tax Commission or a tax attorney.

Idaho State Tax Commission

Sample inventory entry (hypothetical)

“Lot 1: 1999 Pokémon Base Set 1st Edition Charizard (ungraded), condition: ‘good’ (see photos); FMV as of date of death: $4,500 — source: completed sale (Heritage Auction, Lot #12345, sold 06/15/2024 for $4,500).”

Practical tips for executors and family members

Start early. Market prices can change quickly; documenting contemporaneous evidence (sales around the date of death) strengthens valuations.
Keep originals and high-resolution photos together with appraisal reports and marketplace screenshots.
If selling through an auction house, compare seller fees to marketplace fees and the likelihood of reaching fair market prices for higher-value cards.
If you plan to divide cards among beneficiaries, document the agreed method of allocation (by value, by lot, by draw) in writing to avoid later disputes.

Where to get help in Idaho

If the inventory or valuation task seems large or contentious, consider hiring a probate attorney in Idaho to help navigate filing requirements, inventory rules, and potential disputes. For valuation accuracy or tax reporting, consult a qualified appraiser and a tax professional.

Important: This article explains general approaches to valuing collectible cards for estate inventory in Idaho and points to Idaho probate statutes for procedure. It is educational information only and does not create an attorney-client relationship.

Disclaimer: This is not legal advice. For advice about your specific situation, consult a licensed attorney or qualified appraiser in Idaho.

Helpful Hints

Photograph every card (front and back) and label photos with inventory IDs.
Use completed sale prices from comparable condition and the same market channel whenever possible.
Keep a running spreadsheet that lists card details, FMV, and links to sales or appraisals.
For graded cards, use sales of the exact grade number (PSA 10 vs PSA 9 can differ greatly).
Consider separate appraisals for very high-value items rather than a single combined valuation.
Save all receipts and appraisal reports — courts and tax authorities may request them later.
When in doubt, get a written appraisal—verbal estimates are weaker evidence in court or for tax purposes.