Garlands are experienced in all aspects of house content valuations.
So if you need a house content valuation for probate in the Bristol, Weston-super-Mare and Bath areas, please call us to get a free, no obligation, quote on 07463 804438
If you have been appointed as an executor of a will you are often not familiar with the procedures that you need to follow to carry out your duties. You may not know how to go about valuing a house contents to enable you to wind up an estate for instance.
If you require a probate valuation of belongings, personal possessions, furniture, jewellery, personal effects or any other related assets for the purposes of probate we will be pleased to help and assist.
Below are a few frequently asked questions regarding the valuation of house contents for probate and inheritance tax purposes.
Is personal property subject to probate?
Yes it is and part of the primary duties of an executor or administrator of a will is to get a valuation of house contents for probate, including all of the the deceased persons property, personal belongings and possessions. This includes all of their goods and chattels (the possessions contained in a property which are not part of the building).
Furniture for example would be a chattel but the fitted kitchen or bedroom fitted wardrobes are not. As part of the probate you as the executor will be required to provide an estimate of the total value of all the deceased persons personal possessions, including all of those listed above so that tax liabilities can be correctly assessed.
Our experienced staff can help you with the information you will need to complete the probate documents by providing you with probate valuations for house contents.
Do I need a professional to value the house contents for probate and inheritance tax purposes?
It is tempting for executors to try and do this themselves by guessing the value of the contents for probate but there are a number of reasons why obtaining a professional valuation of both property and chattels will help to smooth the process of obtaining probate.
- HMRC are less likely to question professional valuations which could mean fewer delays.
- Probate valuations by someone without expert knowledge could result in undervaluation resulting in a query being raised by the tax authorities which could cause significant delays in the winding up of the estate. Or over valuation which could cause additional unnecessary tax liabilities.
- When individual items are bequeathed to specific beneficiaries, or there is family division, itemised probate valuations will help in the process of calculating tax liabilities on these items.
Garlands staff will provide you with the documentation for probate valuations in the form of a declaration of value, and, where appropriate, a schedule of higher value items. The value of the goods and chattels is declared to be valid at the date of death.
All the HMRC forms you will need when dealing with property valuation and probate valuation are available online and can be downloaded from www.hmrc.gov.uk/inheritancetax/. Attach the written probate valuation to these forms when submitting them to HMRC.
You may need to complete the some or all of 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.
NB we will only carry out valuation of the house contents and personal possessions, but we can help you find a qualified estate agent to value land on property
Can you assist us in selling any antiques and collectables?
Yes, if you wish us to, Garlands can purchase the entire contents of an estate and we would be happy to give you a valuation on that basis. Or we can offer help and advice on the use of local recommended auction houses and can arrange for items to be transported to a local saleroom.
Can you do a complete house clearance?
Yes we can. Especially if you need help getting a house cleared after probate is completed. We can arrange for the property to be emptied of all furniture, effects and personal belongings including any rubbish then leave it clean and tidy. This will assist you in preparing it for handing over to an estate agent for sale or returning a property to a landlord in the case of rental properties.
What if there are some things I wish to keep?
We are always happy to transport any items you wish to keep to a location of your choice in the local area. Please ask us for a quote to arrange this for you.
We are always happy to help so pick up the phone and call our friendly, helpful and courteous staff now on 07463 804438 for a no obligation discussion about what you need from us and how we can help.