The Short Answer

In a Florida probate case, the personal representative generally must list estate assets on the probate inventory using an estimated fair market value as of the decedent’s date of death. “Fair market value” is typically what a willing buyer would pay a willing seller in an arm’s-length sale, and the right valuation method often depends on the type of personal property (vehicles, jewelry, collectibles, household contents, business interests, etc.).

What Florida Law Says

Florida requires a verified probate inventory that describes estate property with reasonable detail and assigns an estimated fair market value as of the date of death. For personal property, that usually means using credible market data (comparable sales, published pricing sources, or an appraisal when appropriate) rather than sentimental value or original purchase price.

The Statute

The primary law governing this issue is Fla. Stat. § 733.604.

This statute requires the personal representative to file an inventory listing estate property and including each item’s estimated fair market value at the date of the decedent’s death, and it also gives beneficiaries the right (in many situations) to request an explanation of how a value was determined or a copy of any appraisal obtained.

If you want more context on how inventories and appraisals work in practice, see: How Do I File a Probate Inventory (and Appraisal) in Florida?.

Why You Should Speak with an Attorney

While the statute provides the general rule, applying it to your specific situation is rarely simple. Legal outcomes often depend on:

• Strict Deadlines: Florida probate rules generally require the inventory to be filed relatively early in the case (commonly within 60 days after letters of administration are issued), and late or incomplete inventories can create avoidable disputes and court involvement.
• Burden of Proof: If a beneficiary challenges values, the personal representative may need to justify the numbers with documentation (market comps, condition reports, or appraisals). Florida law also allows certain beneficiaries to request a written explanation or appraisal copy. See Fla. Stat. § 733.604(3).
• Exceptions: Not everything the family considers “personal property” is necessarily a probate asset (some items may pass outside probate), and some assets raise special valuation issues (e.g., collectibles, closely held business interests, or property subject to liens).

Because inventory values can affect beneficiary distributions, negotiations, and even fiduciary exposure, getting the valuation wrong can trigger objections, delays, or claims that the personal representative breached duties. A probate attorney can help you choose defensible valuation support and reduce the risk of a challenge.

Related reading that may help depending on what you’re valuing: How Do I Prove the Value of a Deceased Parent’s Vehicles in Florida Probate? and How Are Collectibles Valued for a Florida Probate Inventory?.

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Disclaimer: This article provides general information under Florida 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.