Detailed Answer

If someone in Illinois owns a collection of trading cards — like Pokémon cards — and you are preparing estate paperwork, you must assign a realistic, supportable value to those collectibles for the probate record. Illinois law requires the personal representative (executor or administrator) to identify and value estate assets for the court. See the Illinois Probate Act of 1975 (755 ILCS 5/) for the general rules governing probate administration: https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2106&ChapterID=60.

Core principles for valuing collectible cards

Use fair market value as of the date of death: that is the price a willing buyer and willing seller would agree on, neither being under compulsion and both having reasonable knowledge of the relevant facts.
Separate individually valuable cards from bulk commons. A single rare graded card will be handled differently from hundreds of ungraded commons.
Document your valuation method: auction comparables, completed online sales, dealer offers, or a written appraisal. The court and beneficiaries expect evidence supporting the listed values.

Practical step‑by‑step method

Create a detailed inventory. List every card or lot, note card name, set, edition (e.g., 1st Edition), card number, condition, and any grading information (PSA, Beckett, CGC grade and certification number). Take clear photos of front, back, and certification labels.
Separate graded and high‑value cards. Graded cards (PSA, BGS, CGC) usually have easier valuation because they include grade and certification. Items with known scarcity (promo cards, first‑edition holos, sealed boxes) deserve separate cataloging.
Research comparable sales. Use recent, completed sales from reputable sources: eBay sold listings with matching grade/condition, major auction houses that sell collectibles (Heritage, Goldin, PWCC), and marketplace sales reports. For graded cards, the grading population reports and recent auction results are particularly helpful.
Calculate per‑lot values. For lots of commons, calculate a per‑card value based on actual sold lots rather than estimating per card from asking prices. For single high‑value cards, use the most similar completed sale (same grade, same certification) whenever possible.
Get a written appraisal when appropriate. If a card or group of cards likely exceeds an amount that would materially affect estate administration, hire a qualified appraiser who documents their methods in writing and follows accepted appraisal standards (USPAP). Appraisers who specialize in collectibles or trading cards will provide the most reliable reports.
Preserve condition and provenance. Keep cards in protective sleeves/toploaders/holders and avoid cleaning or altering them. Preserve receipts, invoices, grading certificates, and any provenance showing rarity or prior sale history.
Record values for probate paperwork. When filing the inventory and valuation with the probate court, list the fair market value and attach supportive evidence: copies of comparable sales, the written appraisal, certification numbers, and photos.

When to hire a professional appraiser or attorney

Consider professional help if any of the following apply:

The collection includes cards or sealed products likely worth substantial amounts individually (often hundreds or thousands of dollars).
There is disagreement among beneficiaries about values or potential conflicts of interest with buyers (family members, dealers).
The estate may owe estate taxes or the value will materially change how the estate is administered.

Use an appraiser with experience valuing trading cards and collectibles. Look for credentials from recognized bodies such as the American Society of Appraisers or membership in professional appraisal organizations. Quality appraisals typically reference the Uniform Standards of Professional Appraisal Practice (USPAP) and provide a signed report you can file with the court. For background on appraisal standards: https://www.appraisalfoundation.org/.

How Illinois probate treats these valuations

The personal representative must identify and account for estate assets and their values to the probate court and beneficiaries. While the Probate Act does not list step‑by‑step appraisal formulas for specific collectibles, courts expect valuations to be reasonable and documented. If a beneficiary or the court disputes a valuation, the personal representative may be required to provide additional evidence or obtain a professional appraisal. See the Illinois Probate Act for the overarching duties of personal representatives: https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2106&ChapterID=60.

Example (hypothetical)

Suppose the estate includes 300 ungraded commons, a sealed booster pack, and a single PSA‑graded PSA 9 1st edition Charizard. You might value the commons at $0.10–$1 each based on recent completed bulk sales, document the sealed pack’s recent sale price, and rely on a specific completed auction sale for the PSA 9 Charizard. For the high‑value Charizard you would obtain a written appraisal or at minimum attach the exact auction result used for valuation, including date and sale price.

Common pitfalls to avoid

Relying on listing/asking prices rather than completed sales.
Failing to document condition or certification; condition dramatically affects value.
Mixing market values across different time periods without noting the date (values can change quickly).
Altering or handling cards in a way that reduces value before appraisal or sale.

Helpful Hints

Start the inventory now: photos and basic notes make later appraisals faster and cheaper.
Use “sold” or “completed” filters on marketplaces (eBay) to find real prices rather than asking prices.
For graded cards, always record the grading company and certification number; you can often pull sales records using that info.
Keep cards in current grading holders; removing them will void grading provenance and reduce value.
If you expect to sell through auction, contact major auction houses for pre‑sale estimates; they often provide records of recent comparable sales.
When in doubt, get a written appraisal for items that could significantly change estate distribution or taxes.
Talk to an Illinois probate attorney if values are large, beneficiaries disagree, or you need guidance on filing the inventory with the court.

Resources

Illinois Probate Act of 1975 (overview): https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2106&ChapterID=60
Appraisal standards and guidance (The Appraisal Foundation): https://www.appraisalfoundation.org/
Grading and population reports (example grading company): https://www.psacard.com/

Disclaimer: This article explains general information about valuing collectibles for estate paperwork in Illinois. It is educational only and not legal advice. For advice about your specific situation, consult a licensed Illinois attorney or a qualified appraiser.