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Probate Valuation Service FAQ

Lavender clearances can arrange all aspects in regards to the probate valuation of deceased estate’s, for probate of contents. We can make a be confusing and seemingly complex aspect of dealing with a bereavement a little easier.
Our range of probate valuation services include;

Household Contents
Detailed valuation of furniture, electrical goods, soft furnishings and general household effects
Antiques & Fine Art
Accurate valuation of antiques and fine art with an individual value of £500 and upwards
Books & Ephemera
Specialist valuation of book collections, 1st editions, antiquarian, ephemera and autographs
Motorcar Valuation
The valuation of motor vehicles

 

Probate Valuation Service FAQs

What is a probate valuation?
Basically, the purpose of the valuation is to ascertain the value of the assets held in the estate. There are many reasons why this is important. In the first instance, a probate valuation will be required to show whether or not Inheritance Tax (IHT) is due on the estate and, if so, how much will be charged. This is a vital step in the procedure, as it will directly impact the eventual sums to be passed on to the beneficiaries. Also, according to probate law executors are likely to find that their powers of administration are limited until a percentage of any IHT owing has been paid. As such, it is important that probate valuation occurs quickly in order to ensure that the rest of the probate process can continue.
Do I need a Solicitor?
No. Personal applications are accepted by the Probate Registry, if a deceased persons tax affairs are complicated then the use of a solicitor is recommended.
How much do you charge for Probate Valuation?
We do have a set price which may obviously change under different circumstances ; cluttered properties or unusual or rare items that require detailed research.
Why do I need a probate valuation?
A probate valuation by someone without expert knowledge could result in over valuation, which could cause additional, unnecessary tax liabilities or undervaluation, resulting in a query being raised by the tax authorities, which could cause significant delays in the winding up of the estate.
Can a probate valuation report be rejected by HMRC?
Yes. There are a number of inexperienced companies that are being queried by HM Revenue and Customs for inaccurate valuations, if this is the case probate valuations will be rejected causing unnecessary delays and additional expenses to executors.

 

Which HMRC forms will I need when dealing with probate valuation of household and personal goods or chattels?

You will need to complete the following forms:

  • 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.

The forms are available online and can be downloaded from www.hmrc.gov.uk/inheritancetax/. Attach your written probate valuation to these forms when submitting them to HMRC.
The contents of the property have no commercial value, so why do I need to get a professional written probate valuation?
Even in this case it is advisable to get an accurate valuation, as the Inland Revenue usually requires this, , it can also help to speed up the winding up of the estate.

Can you undertake a probate valuation in a cluttered property?
Yes. We can arrange a probate valuation in almost any conditions.
How is a probate valuation different to an insurance valuation?
A probate valuation is the mid-range value expected of the estimated value, but an insurance valuation will be the full value of replacement items, which will generally be higher..
Helpful links

How to value the estate of someone who has died – the basics
http://search2.hmrc.gov.uk/kb5/hmrc/contactus/view.page?record=Ve4W32E6kds
Contact the Probate and Inheritance Tax Helpline

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