Which personal possessions are worth more than bereaved families may appreciate? When someone dies they tend to focus on the emotional side of their loss. Practical matters, such as arranging the funeral and dealing with probate, often follow quickly.
During probate administration and winding up an estate though, families may focus more on the deceased’s personal possessions, solicitors refer to as chattels. While many items have only sentimental value, others can be worth far more than anyone expects.
Original Illustration by Avery Associates
Families May Undervalue Personal Possessions Worth More
It is surprisingly common for valuable possessions to be overlooked, without families wondering which personal possessions are worth more. An old watch tucked away in a drawer, a dusty painting hanging in the hallway, or a box of coins in a cupboard may have significant financial value.
Taking time to identify and assess these items can protect the estate, and ensure that beneficiaries receive their proper inheritance.
What’s The Difference Between Personal Possessions And Chattels
Personal possessions and chattels are actually the same thing, which is movable items owned by the deceased. Chattels are the mediaeval term for items like furniture, jewellery, artwork, books, ornaments, collections, musical instruments, and household contents.
The big difference here is that, unlike land or buildings, chattels and personal items can be moved from one place to another, and that makes the difference. Some of these are everyday belongings, while others may be rare or even highly sought after items.
Some Examples of Highly Sought After Personal Possessions
Jewellery And Precious Gemstones
Jewellery is often the first category that comes to mind. Gold, platinum, diamonds and other precious gemstones can retain or increase their value as the years pass. Knowing which personal possessions are worth more helps avoid the risk of under-insurance.
Signature jewellery from well-known designers may also command premium prices. Even pieces that appear unfashionable should not be dismissed without proper assessment.
Older and Rarer Watches
Watches are another category that regularly surprises families. Luxury brands are widely collected, and even older models in worn condition may attract strong interest from buyers. Original boxes, certificates and service records can increase their value still further.
Furniture from Particular Manufacturers
Furniture is another area where appearances can be deceptive. A worn dining table or an old chest of drawers may simply look outdated. However, genuine antique furniture from recognised craftspeople, or particular historical periods, can be valuable. These personal possessions are often worth more than first assessed.
Paintings And Other Creative Work
Creative artwork deserves careful attention too. A painting that has hung on a wall for decades may be inherited rather than purchased. Family members may know little about its history. Avery Associates are experts in this field.
While many paintings only have modest value, works by recognised artists can be worth substantial sums. Prints, sculptures and limited editions also deserve careful consideration.
Genuine Silverware And Plated Items
Silverware is another example. Many families inherit cutlery, serving dishes or decorative pieces without knowing whether they are genuine silver, or silver-plated. Hallmarks can provide important clues, but professional identification is often worthwhile before any decision is made.
Books Are Frequently Overlooked
Books are frequently overlooked during probate. Most modern books have little resale value, but first editions, signed copies, and rare publications can be highly desirable to collectors. The same applies to old maps, manuscripts and historical documents as well.
Collections May Be Worth More Than the Sum Of Individual Parts
Knowing which personal possessions are worth more, takes on a new dimension requiring our decades of personal extensive experience.
Collections often merit our expert investigation too. Coins, stamps, military medals, model trains, vintage toys, sporting memorabilia, cameras and scientific instruments may all have enthusiastic collector markets.
Sometimes an individual item may be worth little, but a complete collection assembled over many years can be surprisingly valuable.
Do Not Overlook Everyday Household Items
Do not overlook everyday household items either. Quality porcelain, crystal glassware, ‘persian’ rugs, antique clocks and fine musical instruments may all hold significant value. Even older kitchen equipment or vintage electric items may appeal to specialist collectors.
An Accurate Inventory And Accurate Values Are Essential
Executors should prepare careful inventories before distributing or selling personal possessions. Photographs and written descriptions provide useful records of what is included in the estate.
This simple step can help avoid misunderstandings later, and demonstrate that the estate has been administered correctly.
Obtaining an independent professional valuation is often the safest course of action, where there is any uncertainty about value. A qualified valuer can distinguish between ordinary household goods, and items that deserve specialist attention.
A detailed inventory should help an executor fulfill their legal responsibilities, while ensuring that beneficiaries are also treated fairly.
More Useful Information From Avery Associates
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