Legal Question in Wills and Trusts in New York

Re: Personal property inventory

The answer is up to you. Some people list everything, some assign the mass of 'stuff' a numerical value, and some exclude all stuff below a certain value.

If you state in the inventory what the cut-off dollar amount is and some idea of the nature of the stuff thereby excluded (clothing, old furnature, etc), then you should be ok with the court.

100 dollars is an ok cut-off amount. 50$ is safer, and 500$ may be too high. Use your judgment. if the estate is in excess of 1 million, you can use a higher cut-off than if the estate is 10,000$.

You are welcome to a consultation for no fee.

Re: Personal property inventory

You do not describe who the beneficiaries of the estate are: family and/or friends. Technically you are required to properly evaluate all assets, including "stuff". The valuation is needed to determine if any portion of the estate is subject to federal and/or state estate or inheritance taxes. If no taxes will be involved, a best estimate may be the practical way to handle this. Also, if there will be no disputes between the beneficiaries on the disposition of the "stuff", a best guess may be the way to go, particularly if most of it is valueless. Contact me directly if you have any questions.