The word ‘chattel’ is a legal term for tangible, movable assets we can touch. It derives from the Middle English chattel, which probably came down to us from the Latin word ‘capatalis’. Although there is also a counter-theory it derives from the Anglo Saxon derivative ‘cattle’. Whichever the case, valuing chattels for probate does require specialist skills.
Chattels for Probate in Deceased Estates
The UK Government has decided that chattels need to be considered for capital gains tax. Although it excludes private cars along with a number of other items with a limited lifespan. However, that said the UK government does include the following chattels that have probate implications:
- Plant and machinery not permanently attached to a building
- All other motor cars as well as motorcycles and lorries
- Items of household furniture whether antique or not
- Collectibles including antiques, paintings, silverware etc.
Antique Collectibles© Discovered by Avery Associates
Items You Must Declare for Probate
Probate is the legal right to deal with someone’s property, money, and possessions after they die. The net value of the estate determines whether there is a probate fee, but also whether inheritance tax is due.
It follow the chattels and other assets must have realistic values as part of the process of staying within the letter and intent of the law. The first step is to draw up a complete list of all the assets, that should be included in submissions to the Probate Court and HM Revenue and Customs.
You may like to consider asking Avery and Associates to visit the deceased’s home and complete a chattel survey. This could save precious time, and expedite the distribution of assets. Jeffrey Avery has 40 years valuation experience, and offers a house clearance service to assist the bereaved, that is quick, compassionate, and seamless.
How to Determine the Value of Chattels for Probate
Valuations of chattels for probate purposes must be realistic, and defensible if challenged. HM Revenue and Customs suggests applying an open market value at the time of death. And they go on to interpret this as ‘the price it might reasonably be expected to fetch if sold in the open market at that time.’ However, you may not deduct the costs of sale.
Precious Metal Chattels© Discovered by Avery Associates
It’s important to note that open market value is not a factor of the original price paid for an item, or the new replacement we might insure it for. For example, what we might pay for new set of hand-blown, hand cut lead crystal glasses could be at least twice the price they sell for second hand in an open market.
Some items may not be resold unless they meet latest UK standards. Soft, upholstered mattresses and lounge suites for example must display the correct fire safety mark. Antique ivory items may not exchange hands unless they have exemption under the Ivory Act of 2018.
Meet the Avery Associates Team of Collectible Experts
- Jeffrey Avery is a deeply experienced valuator, and an expert in assessing chattels for probate He has a particular interest in 20th century designs, which are steadily increasing in value. He attends to most Inheritance Tax assessments personally.
- Clifford Lansbury hold membership of the Royal Institute of Chartered Surveyors (MRICS). He performs our clients’ valuations for insurance, probate, and current market value purposes. He is particularly knowledgeable about fine art.
- Stuart Billington is a speciality postage stamp consultant with 35 years of experience in philately. He conducts current market value, probate and insurance valuations on collections throughout the UK. He is especially knowledgeable about Commonwealth, Chinese and Egyptian stamps.
- Alan Darwell is Avery Associates’ top art and painting consultant. He has 45 years of experience in the London picture market, and has a wealth of knowledge of fine arts oils, water colours and historic prints.
Some Hidden Surprises Our Team Discovered
Jeffrey Avery has served the Greater London area since 1978. Since then he has expanded his business considerably, and now has associates representing him throughout the South of England. Most of his work comes to him through recommendations, acknowledging the proven skills of his team of accredited surveyors and valuers.
A Remarkable Piece of Work© Discovered by Avery Associates
We have had remarkable successes down the years while valuing chattels for probate. Every now and again UK media pick up stories of items purchased at car boot sales for a few pounds, that turned out to be stores of great value. Other collectables we illustrate here may not have proven quite so spectacular. However their owners were all pleasantly surprised.
An Avery Associates Review by a Satisfied Customer
Hi Jeffrey. Thank you very much for carrying out the valuation at my mother’s property and the subsequent house clearance in St Albans. On both occasions we were delighted with your level of service.
In particular Shaun and Steve were excellent workers and took very great care of our possessions and there were no breakages or damages.
The whole team were professional and friendly and I would have no hesitation in recommending your firm to future clients. Kind regards. L Naunton.
