The Probate Valuation Should Include All Items Within The Home
The most common mistake most executors make is to assume that the contents of the deceased home have little value or no value at all and think its not necessary to have the contents professionally valued. Failing to provide an official house contents valuation for probate purposes can be very risky. To the untrained eye things that look worthless can actually be quite valuable and as well as this you may find HMRC asking on what basis were the values obtained and proof of how you arrived at the conclusion that they had no value. If not satisfied the revenue could then ask all manner of questions possibly leading to a full investigation of the whole estate causing lengthy delays and possible penalties.
When Household Items Have No Value Leave The Valuation To A Professional
As professional valuers we can provide evidence and comparables to show how an item is valued whether its worth £5.00 or £5000.00 or even a zero value. We quite often state in a report that a proportion of the contents have no commercial value, this might include soft furnishings that do not carry a compliant fire certificate, untested or damaged electrical items, obsolete items and general household effects that are being used every day but have no resale value at all. Incomplete sets of cutlery, crockery, glassware, worn out furniture, old beds and even clothes carry very little or no value at all, but its always wise to inform the Revenue of anything that has been given to charity as this is a question they sometimes ask. And remember that its advisable not to clear away the contents or carry out a house clearance until probate has been granted.
Family Division Gifts Wishes And Bequests
When following the deceased directions stated in the last will and testament concerning bequests and benefactions but after the house contents valuation has been completed its permitted for the items to be divided and distributed to the bequeathed and others mentioned in the will, but they should keep them in their possession until probate has been granted just in case there are any disputes or questions from HMRC. Separately to this, other parties are free to buy any of the chattels from the estate for the value stated in the agreed probate valuation report. At this time its quite usual for close members of the family and friends to take small mementoes of a sentimental nature or a special memory from the past, which has far more value than money for most.
The Final Stages And Clearing The Residual Contents
After grant of probate its safe to clear the remaining items from the property. Some families are quite capable and carry out a complete house clearance after probate has been granted themselves, but for others it can be an overwhelming task, and wouldn’t know where to begin. In these cases a professional house clearance company can be instructed to carry out the work. Most firms of valuers cannot help in these circumstances but here at Avery Associates we offer a comprehensive all round service which will include a full house clearance, cleaning, removal of unwanted vehicles, emptying lofts outhouses and garages, finally leaving the property clean and tidy ready for sale or ready to hand back to the council or a private landlord.
We hope this article has been informative and for assistance in matters like this please feel free to call our team on any of the numbers provided.
Author Jeffrey Avery 10/04/2018
