How do I value collectibles like Pokémon cards when preparing my estate paperwork? (IN) | Indiana Probate

Detailed answer — valuing collectible trading cards for Indiana estate paperwork

When you prepare estate paperwork in Indiana, the estate’s personal representative (executor) typically must list and value the decedent’s assets so the court and beneficiaries know what the estate contains. For collectibles such as Pokémon cards, the objective is to determine the fair market value (what a willing buyer and willing seller would exchange for the cards on the date of death or other valuation date required by the probate process).

Under Indiana probate law (see Indiana Code, Title 29 (Probate)), inventories and accountings should accurately describe estate property and provide values. That means the personal representative should make a reasonable, documented effort to value collectible cards. Below are practical, law‑consistent steps you can follow.

Step-by-step process to value Pokémon and similar trading cards

Identify each item precisely. Record set, year, card number, player/character, edition (first print, reprint), language, and whether the card is graded (PSA, Beckett/BCW, CGC) and its grade. Photograph each card clearly (front and back) and keep those photos with the inventory.
Determine the valuation date. For probate inventory the relevant date is generally the date of death (or another date required by the court). That is the date you should use when finding comparable sales.
Collect comparable sales evidence. Look for recent sales of the same or very similar cards near the valuation date. Reliable sources include auction house results, sales on major marketplaces (eBay completed listings, TCGplayer historical sales), and specialized auction platforms for collectibles. Record the sale price, fees, and date for each comparable item.
Adjust for condition and grading. Grade has a major effect on value. A PSA 10 or CGC 10 often sells for dramatically more than an ungraded card in near‑mint condition. If you rely on marketplace sales, match grade and listing condition as closely as possible.
Use a written appraisal when values are significant or disputed. If the collection has many high‑value cards or beneficiaries may dispute values, hire a qualified, written appraiser who specializes in trading cards or collectibles. A written appraisal creates a professional record you can file with the estate. Ensure the appraiser provides a signed report stating the valuation date and method used.
Document your methods and keep the backup files. For each card list the valuation, the sources you used, photos, and any appraiser reports. Keep copies of receipts, auction invoices, and screenshots of comparable sales.
State the aggregate value and individual item values on the inventory. File the inventory required by the probate court, listing items and values in the format the court expects. If you rely on an appraisal, attach it.

Hypothetical example

Suppose an Indiana decedent owned a 1999 Pokémon Base Set Charizard, PSA 9. To value it for the inventory you would:

Note card details (1999 Base Set, Charizard #4, PSA 9).
Find completed auction sales for the same card/grade within a few months of the date of death.
Compare sale prices and deduct seller fees or buyer premiums to estimate net fair market value.
Document at least two or three comparable sales and include screenshots or invoices in the estate file.
If the card is unusually valuable or the estate will be distributed to multiple beneficiaries who may disagree, obtain a written appraisal from a reputable appraiser and file it with the court.

When to hire an appraiser

Consider a professional valuation when:

Individual cards or the collection have potentially high value (hundreds or thousands of dollars).
Condition disputes exist (the card’s condition materially affects price).
Beneficiaries disagree about values or you anticipate contested accounting.
The estate must satisfy creditor claims or taxable events where clear documentation is important.

Common pitfalls and how to avoid them

Don’t rely on a single marketplace listing. Use completed sales, not asking prices.
Don’t ignore grading or counterfeit risks. Verify authenticity and grading slabs.
Failing to document your work makes valuations harder to defend. Keep a clear file for each card or lot.
Don’t forget fees. Auction house and marketplace fees reduce the net value you would realistically receive.

Indiana-specific considerations

Indiana probate law requires inventories and accountings that describe and value estate property; see Indiana Code, Title 29 (Probate). The personal representative has a duty to make a good‑faith, reasonable effort to discover and value estate assets. If you file an inventory with the court, attach supporting documentation for any high‑value or unusual items to reduce later disputes.

Recordkeeping checklist for trading cards

Photos (front and back) for each card or lot
Description: set, year, card number, edition, language
Grader and grade (if applicable), serial number of slab
Receipts, purchase records, or provenance if available
Comparable sale records (screenshots or invoices with dates and net sale prices)
Appraisal report (if obtained)

Helpful hints

Start early. Gathering comparables and appraisals can take time.
Prioritize high‑value items for professional appraisal.
Use multiple reputable sales sources (eBay completed, TCGplayer sold data, hobby auction houses).
Preserve evidence of authenticity and grade to maintain value (don’t remove slabs).
If you expect distribution in kind (giving cards to beneficiaries rather than selling them), document how you arrived at each card’s value and consider using an appraiser to avoid later disputes.
Contact the probate clerk or review local probate rules for any required inventory form or format; different courts may have different administrative requirements.

Disclaimer: This article is for general informational purposes only and does not constitute legal advice. It explains typical steps and considerations under Indiana probate practice but does not replace advice from a licensed Indiana attorney or a qualified appraiser. If you need legal or tax advice about a particular estate, contact a licensed attorney in Indiana and, when appropriate, a professional appraiser.