EXECUTORS
Probate Valuations, Fees And Pre-Sale Advice
Turner & Sons are auctioneers and valuers with over 200 years of experience. We are a family company who have been carrying out probate works and valuations since 1787.
Our valuation reports are prepared by experienced and qualified valuers specialising in open market valuations for probate.
If you do require a probate valuation for belongings, personal possessions, antique and modern furniture, jewellery, paintings, works of art, personal effects, or any other chattel asset then we are sure we can help.
Probate Valuations For Inheritance Tax Purposes:
Personal assets subject to probate.
It is one of the duties of an executor/administrator of an estate to value that estate on an open market basis for probate, That is – the house contents must be valued for probate, this will include the deceased’s property, personal belongings and possessions, and their goods and chattels (the possessions contained in a property which are not part of the fabric of the building). The term probate valuation is an open market valuation of household contents for the purposes of probate and Inheritance Tax Liability calculations. The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person’s property under a will
As an example, the furniture would be a chattel, whereas, generally, any items which are fixed to the walls are not (Boilers, Radiators, etc.). As part of the closing of an estate, an executor will be required to provide an estimate of the total value of all the chattels, so that tax liabilities can be correctly assessed. These documents are known as probate valuations.
Bequests – Turner & Sons are able to handle bequests for the estate either in holding the items on behalf of the estate – in safe insured storage, and ensuring the items are delivered to the bequeathed or advising on queries that may arise from these items.
We provide the report for probate valuations in the form of a schedule of value, (similar to an inventory and appraisal) and, where appropriate this will include high value items. The value of the goods and chattels is declared to be that which exists at the date of the passing of the deceased on the open market between a willing buyer and a willing seller.
COSTS:
Our probate valuation fees depend on the amount of work involved and range from £50 plus vat upwards. Sometimes research is required into collections, unusual or high value items and may require specialist knowledge. We can supply a quote prior to our undertaking the valuation.
We can also arrange for items to be removed to our auction house and realised to the benefit of the estate, and can also advise you on Turner & Sons auction methods
If the estate needs help getting a house cleared after probate we can completely empty the property of all furniture, effects and personal belongings including any unwanted/unsaleable items – then leave it clean and tidy. We are also sensitive to any personal items that we may find: photographs, certificates etc. and will bring these to the executors attention before taking any action with them.
A quote can be supplied with an outline of costs for these services. We use several licensed and experienced companies to carry out this work. They also have expertise in sanitising and clearing properties that require specialist or deep cleaning.
Please note that this is separate from our sale and valuation service –
In order to offset costs in this area we liaise with several charities and will, with the consent of the estate, make donations were appropriate
If required we can hold keys to the property and administer alarm systems and liaise with local police. Also we can drain down heating systems and water tanks to prevent pipe bursts, or de-comission the water services entirely. We can also isolate all electrical systems and secure the premises by changing the locks. To do this, we offer the services of a locksmith, CORGI gas engineer, plumber, and electrician. This is particularly important where the property is likely to be empty for a while.
OTHER USEFUL INFORMATION:
You may need to complete the following forms:
Schedule IHT 405 – Houses, land, buildings and interest in land.
Schedule IHT 407 – For jewellery, vehicles, boats, aircraft, antiques, works of art, or collections
Schedule IHT 408 – This is for household and personal goods donated to charity.
Schedule IHT 404 – Jointly owned assets.