Organising a probate valuation
If you are the executor of an estate, it is your responsibility to ensure that all the deceased’s assets are accurately valued, in order for inheritance tax to be calculated and applied.
Before a Grant of Probate can be issued, you must ensure that you have a house contents valuation for probate if any of the assets contained within are likely to be valued at over £500 individually. An itemised list must be prepared in this instance.
Within the valuation, items such as furniture, jewellery, vehicles and antiques, as well as any belongings which were gifted within the last seven years, should be included. The end valuation will give the realistic market price of the goods at the time of death, rather than the insurance valuation figure.
Although some lower priced items can be easily valued through a little research, more specialist or valuable pieces may require the assistance of a relevant valuation expert.
It is important to ensure that the valuation is as realistic as possible, as over-valuing items for probate can lead to an investigation and possibly a fine by HMRC.