A record or book collection in an estate or inheritance

In an estate, a collection is handled in three stages: an item-by-item inventory, a professional valuation of anything with real value, then division into lots between the heirs. Tax authorities want market value, not what was paid. What I Already Own builds the inventory by scanning barcodes; the valuation is someone else's job.

Official sources checked on September 29, 2026, numbered and dated at the bottom of the page.

From inventory to division, in five steps

1. 1Keep it togetherUntil the estate is settled, leave the collection where it is or store it safely. Don't give away or sell anything without the other heirs' agreement and the executor's say-so.
2. 2Take the inventoryOne item per line, with the exact edition and its condition. For a large collection, count the crates and shelves first, then list what stands out: first pressings, rare editions, signed books.
3. 3Get the important pieces valuedA professional (appraiser, auction house, specialist record or book dealer) values the pieces that matter, in writing and dated. A value taken from recent sales of identical editions is noted with its source.
4. 4Check with the executorThe executor and their advisers decide how the collection goes into the estate paperwork and any tax return. Rules differ from country to country; the UK and US ones are summarized below.
5. 5Make up the lotsSort the inventory by lot or by heir, by value as well as by taste. Lots of unequal value are balanced when the estate is divided.

What official sources say, in the United Kingdom and the United States

• In the UK, GOV.UK asks you to work out what items such as jewellery and paintings would have fetched if sold. ¹
• HMRC's form IHT407 has a section for antiques, works of art and collections that names collections of books, and asks you to enclose a copy of any professional valuation. ²
• HMRC's Inheritance Tax Manual uses the open-market price: a professional valuation on that basis is usually accepted, an insurance valuation may be too high, and sales after the death, particularly at auction, are the best evidence. ³
• In the US, the IRS uses fair market value for estate tax, not necessarily what was paid. ⁴
• The Form 706 instructions require an appraisal by an expert under oath for any item or collection of similar items valued at more than $3,000, and cite books and coin or stamp collections among the examples. ⁵

These rules are summarized from official pages as of the date shown. They don't replace your policy or contract, or advice from your insurer, a lawyer or another professional.

How What I Already Own fills it in as you scan

1. 1Scan the collection: each item is identified down to the exact edition, with label or publisher, catalog number, year and barcode, which is what an appraiser asks for.
2. 2Create a shelf for each lot or heir (“Lot for Claire”, “To be appraised”). In the Collection tab, “Select” files several items at once.
3. 3The printable inventory (PDF) lists every item, numbered, with its shelves, the item count and the date: a starting point to hand to the appraiser or the executor.
4. 4The CSV export holds everything, including a shelves column: sorted in a spreadsheet, it gives the list for each lot. Add the template's Value and Goes to columns.
5. 5Share a shelf or the whole collection by link: the other heirs see the list without creating an account, never your prices or notes.

What the app doesn't do

• It doesn't value the collection. The printed inventory itself states that it is neither an appraisal nor a probate valuation.
• It has no role in the estate: no tax return, no division, no legal document. That's for the heirs, the executor and their advisers.
• It doesn't sell anything: no marketplace, no introductions to buyers.
• It doesn't keep evidence: a photo you take of a sleeve becomes its cover in the app, but neither the inventory nor the CSV includes it.

Frequently asked questions

Who values a record or book collection in an estate?

A professional appraiser or valuer, an auction house, or a specialist dealer. Ask for a written, dated valuation, piece by piece for what matters. HMRC notes that a valuation made for insurance may be higher than market value.

Is there a flat rate for household contents?

Not in the UK or the US: household and personal goods are valued at what they would sell for. Some countries do use a flat rate, France and Spain for example; our pages in those languages explain how.

How do heirs divide a collection?

Starting from the valued inventory, in lots of similar value, or by balancing unequal lots with money. The will and the executor have the last word; if heirs disagree, take legal advice.

Does the app's inventory count as an estate inventory?

No. It repeats what you entered, without checks, and says so. It is a starting point for the appraiser and for the executor's own inventory.