What value does a probate court expect for a boat?
A supportable fair market value as of the date of death, listed with identifying detail. Michigan's inventory instructions, for example, require year, make, and model for boats with the hull identification number submitted on an attached form. Replacement cost and the insured amount are not the probate standard.
What if pricing guides don't list the boat?
Value it from comparable sales, condition documentation, and photos, adding a marine surveyor's appraisal where warranted. North Carolina guidance even allows the inventory to list the asset as undetermined and be amended later, which beats guessing and creates fewer disputes with the court and heirs.
Can the executor reuse a property tax or registration value for the estate's boat?
No. California, for example, assesses vessels annually at fair market value as of the January 1 lien date, a different valuation regime and date than probate's date-of-death standard. The state of registration also does not control the federal estate value of a vessel, which is valued as tangible personal property.
How do heirs typically challenge a boat's probate value?
By attacking the valuation method rather than the number itself: whether the appraiser should have used the market approach for a standard production boat, the cost approach for a newer or heavily upgraded vessel, or the income approach for a charter boat. Method choice can move value materially, so the report should justify its selection.