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How Do I Value House Contents And Chattels For Probate Purposes

April 6, 2018 By Avery Associates

The Problems Executors Face When Valuing Chattels And Assets

An increasing problem for executors dealing with an estate is the valuation of chattels ie: the assets of the deceased. ‘Chattels’ in probate terms are the everyday belongings which can be furniture, ordinary possessions, china as opposed to investments, a house or similar. A house is much easier to appraise and can be valued by a specialist RICS valuer. As for investments their market value is readily available at any time.

Living Standards And The Rising Value Of Chattels

Due to the increase in estate values and wealth an increased number of estates are now falling into the IHT (Inheritance Tax) net. When the value of the estate is significantly below £325,000 the IHT threshold for 2017/18 even placing a high estimated value on the belongings or chattels would most likely not present an IHT liability.
The rise in living standards unlike the past has shown that people now have chattels and belongings that are of a considerable value, which has resulted in some households having grossly undervalued insurance policies falling well short of their real value.

Open Market Valuation For The Purposes Of Probate – Correct Practice

The correct basis for asset valuation for the purposes of probate, is ‘the open market value’, as is if the sale was between a willing seller and willing buyer. For works of art, paintings, stamp collections, book collections, coin collections and the like a RICS specialist valuer should always be instructed as the items are likely to have a significant value. Car trade guides can be used for vehicle values and boats can be valued through a yacht broker.

Correct Procedure When Valuing Bequests And Valuable Items

Bequests and individual items worth over £500 should be valued and listed individually. Commonly traded items like antique furniture, musical instruments and so on can usually be valued by a comparable gained from prevailing internet and auction sale results.

House Clearance – Use A Reputable Company

A common problem these days is that executors may not know the difference between items of no value and other items that are quite valuable, and where general house clearance company has been instructed to empty the property items of value may be disposed of for small sums or even thrown away altogether.
Sometimes where three children have been given an equal third share of the distributed chattels its very important that the correct values have been ascertained, this makes distribution fair and easy at a time where emotions are running high thus avoiding potential family disputes. This is why an accurate professional valuation is useful.

Jeffrey Avery – 06/04/2018

Filed Under: Chattels Valuation Tagged With: bequests, chattels, How to value house contents for probate, inheritance tax, open market value, probate valuation, probate valuation house contents, valuation of house contents for probate, value house contents for probate

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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Client Reviews

Oct 6, 2020
by Edward Harvey on Avery Associates
Probate Contents Valuation London

Dear Jeffrey, Following your recent valuations, one for the property and the other for personal belongings etc, at the property in Lower Road London... Read More

Oct 5, 2020
by Mr Wood on Avery Associates
House Clearance In Oxford

Dear Jeff. I can not thank you enough . The house clearance wen like clock work. What a great team you sent me. Mr Wood

Oct 5, 2020
by Michael Hasning on Avery Associates
House Clearance Abingdon

“Avery Associates have supported me as the Executor to my late mother’s estate. In the first instance I found their website an excellent source of information... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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