The Short Answer

In Pennsylvania probate, the personal representative (executor/administrator) must list estate personal property on the inventory and state each item’s fair value as of the decedent’s date of death. “Fair value” is generally the realistic price the item would bring in an arm’s-length sale—not what it cost new and not necessarily what a family member thinks it’s worth.

What Pennsylvania Law Says

Pennsylvania requires a verified estate inventory, and it is the personal representative’s responsibility to identify estate assets and assign values. For personal property, the key concept is the item’s fair value on the date of death—the valuation date that typically matters for probate administration and related tax reporting.

The Statute

The primary law governing this issue is 20 Pa.C.S. § 3302.

This statute establishes that the personal representative must determine and state in the inventory the fair value of each item as of the date of the decedent’s death.

Relatedly, Pennsylvania law also requires the personal representative to file a verified inventory of the decedent’s real and personal estate and sets timing rules for when it must be filed. See 20 Pa.C.S. § 3301.

If you want a deeper overview of the inventory/appraisal filing itself, see: How Do I Prepare and File a Probate Estate Inventory and Appraisal in Pennsylvania?

Why You Should Speak with an Attorney

While the statute provides the general rule, applying “fair value” to real-world personal property can become contentious fast—especially when heirs disagree, when there are collectibles/jewelry/firearms, or when the value affects inheritance tax and distributions.

• Strict Deadlines: The inventory has statutory timing requirements, and interested parties can request an earlier filing. See 20 Pa.C.S. § 3301(c).
• Burden of Proof: If someone challenges the numbers, you may need credible support (appraisals, comparable sales, statements of condition, etc.) to justify the valuation.
• Objections and disputes: Any party in interest can object to the inventory, and valuation fights often spill into the accounting process. See 20 Pa.C.S. § 3305.

An attorney can help you choose defensible valuation methods, decide when a formal appraisal is worth the cost, reduce the risk of surcharge claims against the personal representative, and manage objections before they turn into expensive litigation.

Related reading that may help depending on the asset type:

• What Documentation Do I Need to Support a Vehicle Valuation in Pennsylvania Probate?
• Can I list personal property in broad categories on a Pennsylvania estate inventory without triggering a challenge?

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Disclaimer: This article provides general information under Pennsylvania law and does not create an attorney-client relationship. Laws change frequently. For legal advice specific to your situation, please consult with a licensed attorney.