What personal property belongs on a Massachusetts probate inventory?
Everything the decedent owned, including household contents, jewelry, art, and collectibles: the personal representative files an inventory generally within three months of appointment. Massachusetts prescribes no valuation methodology, so a professional appraisal is the standard way to support the fair market values reported for significant items.
Which items count toward the Massachusetts estate tax?
All of the decedent's personal property, from vehicles and business interests to art and collectibles, valued at fair market value. Because the Massachusetts filing threshold is a $2 million gross estate, well below the federal exclusion, accurate personal property values can decide whether a return is due.
Can property be appraised as of a past date?
Yes. Appraisers routinely prepare retrospective valuations with an effective date matching the legal event, most commonly the date of death for estate work. Matching the effective date to the assignment is a professional requirement, and getting it wrong is a common reason reports are rejected.
Why is my insurance appraisal higher than the estate value?
Because they answer different questions. Insurance appraisals use replacement cost through retail channels, while estate and tax work uses fair market value, what a willing buyer would actually pay. The two standards use different methods and data, and they are not interchangeable.