This FAQ-style guide explains how to value collectible trading cards (for example, Pokémon cards) when preparing estate paperwork in Kansas. It explains the valuation standard, practical steps, documentation you should gather, and when to hire professionals. This is educational only and not legal advice. Consult an attorney or tax professional for your specific situation.
Detailed Answer — How to value collectible cards for Kansas estate paperwork
When you prepare estate paperwork in Kansas, the personal representative (executor) must list the decedent’s assets and their values as of the date of death. The valuation standard generally used for probate is fair market value — the price a willing buyer and willing seller would agree to, neither being under compulsion to buy or sell and both having reasonable knowledge of relevant facts. For Kansas probate rules, see the Kansas Probate Code (K.S.A. Chapter 59): https://www.ksrevisor.org/statutes/chapters/ch59/.
Steps to value a collectible card collection (hypothetical example: a 500-card Pokémon collection including a 1st edition Charizard):
- Identify and document each item. Create an inventory listing each card’s name, set, edition (e.g., 1st edition), printing (shadowless, base set), card number, condition, metadetails (holographic, reverse-holo), and any grading (PSA/BGS/CGC). Take clear dated photographs of fronts and backs.
- Determine condition and grading. Card condition dramatically affects value. Use a consistent grading scale (mint, near mint, excellent, good, poor). Consider professional grading (PSA, BGS, CGC) for potentially high-value cards because graded cards sell more predictably and have established market prices.
- Research comparable sales for fair market value. Look for recent sold listings and auction results for the same or substantially similar cards. Good sources: eBay sold listings, TCGPlayer, Heritage Auctions, PWCC, and auction house archives. Use sales close in time to the date of death when possible. For bulk/common cards, use average sale prices; for rare cards, rely on auction results for the exact edition and grade.
- Aggregate values and note valuation dates. Record the date you used for each comparable sale. For probate, the relevant valuation date is typically the date of death (or an alternate valuation date if permitted for tax reasons). Make a spreadsheet that shows how you reached each card’s value and totals the collection.
- Get professional appraisals when appropriate. If individual cards or the collection have significant value (commonly when an item is worth several thousand dollars), obtain one or more written appraisals from qualified appraisers or auction houses. Written appraisals strengthen probate filings and, if federal estate tax applies, support valuations submitted to the IRS. For federal valuation rules and appraisal standards, see the IRS estate tax guidance: https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax.
- Disclose and file the inventory with the probate court. Kansas probate practice requires the personal representative to file inventories and account for estate property under the Kansas Probate Code (K.S.A. Chapter 59). Use the values you documented and be prepared to explain the sources used to arrive at those values. See Kansas statutes and local probate court guidance: https://www.ksrevisor.org/statutes/chap59/ (Kansas probate statutes).
- Consider insurance and safekeeping. Until the estate transfers the collection, maintain security and appropriate insurance (homeowner’s, scheduled personal property, or a collectibles policy) based on the assigned values.
- Understand tax and basis implications. Kansas law around estate taxes has changed over time; confirm current state rules with the Kansas Department of Revenue or a tax advisor (https://www.ksrevenue.gov/). For federal estate tax rules, consult the IRS. If the estate is large enough to trigger federal estate tax or if beneficiaries later sell the cards, basis rules (step-up in basis to date-of-death fair market value) will affect capital gains calculations.
Example application (hypothetical): You find a 1st edition Charizard graded PSA 8. Recent auction results show similar PSA 8 Charizards sold for $60,000 within 3 months before the decedent’s date of death. You would list that card at $60,000 on the estate inventory, attach the auction sales copy, include the PSA grade certificate photo, and obtain a written appraisal if you anticipate estate tax or litigation risk.
When to hire an appraiser or auction house
- Individual items can sell for large sums (thousands to tens of thousands). If any single card or the collection likely exceeds a few thousand dollars, get at least one written appraisal.
- Hire appraisers with collectibles experience, collectible-card auction houses, or reputable graders (PSA/BGS/CGC) when authenticity or grading materially affects value.
- Use written appraisals for court filings, insurance, and tax support.
Practical documentation checklist
- Photographs (dated)
- Inventory spreadsheet with card details, condition, and assigned values
- Copies of recent comparable sales/auction results
- Grading certificates or grader reports
- Written appraisals (if obtained)
- Insurance policy information and receipts
Helpful Hints
- Always use fair market value as of the date of death for probate inventory.
- Document everything you do — courts accept valuations backed by contemporaneous research and written appraisals more readily than informal estimates.
- For bulk common cards, report realistic bulk-market values; don’t inflate totals by listing retail values for unopened packs or speculative prices.
- Consider professional grading selectively — grading costs can exceed item value for low-value cards and may not be worth it for commons.
- Check auction houses that specialize in trading cards; they can provide auction estimates and sales channels that determine market value reliably.
- If beneficiaries disagree about value, mediation, a second appraisal, or court guidance may resolve disputes.
- Keep copies of all inventory filings and valuations with the estate file; probate courts expect transparency from the personal representative.
- Consult a Kansas probate attorney for complex estates, disputes, or when federal estate tax reporting could be required.
Disclaimer: This article provides general information only and is not legal advice. It does not create an attorney-client relationship. For advice about a specific estate, probate filing requirements, tax consequences, or disputes in Kansas, consult a licensed Kansas attorney and a qualified tax advisor.