Our chattels are the movable possessions that we own, and treasure as they become part of our lives. Their memories, and value, may also attract interest from friends and family members. We should mention those whom we wish to inherit significant chattels in our wills, or at least in our letters of intention. This will simplify probate for chattels, and help ensure our estate closes out faster.
Two Ways to Share Chattels through Probate
Probate is an old-fashioned word for the legal right of an executor to distribute the assets in a deceased estate. In olden times the Church performed this function, often in exchange for a donation. Nowadays a division of the High Court administers the process, and charges a fee for doing so.
This permission may take the form of a Grant of Probate if there is a will, or Letters of Administration if there is not. It may take months and months to obtain that grant. However, once the executor has their permission, they may go ahead and release the assets, including the chattels under their probate authority.
A Collection of Ceramic Vases (Image © Avery Associates)
A Grant of Probate, or Letters of Administration, legally entitles an executor to share out the assets among the heirs. However, the law waives this requirement unless at least one of the following is true:
- The deceased left more than around £20,000 in any one account.
- A deceased estate includes stocks or shares, and/or certain insurances.
- The deceased owned property in their name, or as tenants in common.
What Exactly Are Chattels Then?
Broadly speaking, a chattel is any object that is not money, security for money, or property used solely, or mainly for business purposes. Those exceptions are usually relatively easy to identify and value objectively, because they trade on the open market and appear on a list somewhere.
Valuing loose chattels for probate, on the other hand can become more complex, especially if they are fairly unique, or have sentimental family value. Avery Associates is an umbrella term for a team of bespoke chattel valuers, each of whom is an acknowledged expert in their area of specialization.
Assessing Chattels for Probate
UK law defines chattels as items of movable property we can touch and feel. This definition excludes immovable land and buildings, and virtual assets such as investments and pensions. However, chattels do not need to have any real value to fit into this definition.
Some assets – such as jewellery and artworks – may appear to have little value because their owners do not understand their background. This is why it often pays an executor to ask a valuer to view them, especially when it is their task to share value proportionally. We also need to be careful not to inadvertently understate value for estate duty purposes.
Chattels Can Mean Almost Any Thing (Image © Avery Associates)
Problems Executors May Encounter
Many of us are executors only once in our lifetime, and promise themselves never to do it again. Of course, we could have recused ourselves, but we convince ourselves a promise is a promise we keep. We hope that what follows will help you avoid the pitfalls associated with chattels under probate, if you find yourself in that position.
- Fixed property includes land, and any building erected permanently there on. The concept also includes fixtures in buildings, but it stops there. If you can touch it, feel it, and move it without damaging the surroundings, then it is a chattel and you must administer it separately.
- A thorough search must also be made to locate, if possible, all the chattels before the removers come in to clear a home. Movables appearing in the will, or letter of intentions can be critical. Avery Associates has a house clearance team working under guidance of professional valuers.
- The above imponderables can spin out into active disagreements between heirs, and even disputes. These quarrels can linger where members of a family do not get on well with each other. The only clear way to avoid this is to make our intentions clear in writing, before we pass on from this life.
How to Avoid a Probate Dispute Over Chattels
A legal appeal by an aggrieved family member, or a close friend, can delay winding up a will by months, even years. Avoid disputes over your chattels during the probate period by leaving detailed, written instructions regarding any items where you suspect there might be disputes.
Avery Associates Helps Resolve Chattel Disputes
Disputes may arise over the value of chattels, as heirs try to maximize the monetary value of their inheritance. Avery Associates is a team of highly-respected valuers with deep experience of London auctions. Here are our contact details should you wish to explore this opportunity further.
Avery Associates, 291 Mitcham Road, Tooting, London SW179JQ
Freephone: 0800 567 7769, Head Office: 0208 640 00 44
Email: info@averyassociates.co.uk
