Probate

Jewellery Valuations Probate

EJR provides valuations for the purpose of probate. We understand that this can be a very distressing time and will handle your valuation with sensitivity and confidentiality

Jewellery and watch valuations are carried out by Emma Reeves who has extensive experience in this area

Probate valuations of other items in the estate are carried out by associates who adhere to the same professional code of conduct.  These items may include Works of Art, Antiques, silver, coins and  collections

Probate valuations are an important part of the process of administering the estate of a deceased person. When probate is granted it gives the Executor the legal right to distribute the estate according to the deceased wishes.

Questions on probate valuations for Jewellery watches and full estate valuations

 

What are the charges for probate valuation? 

Charges for probate valuation as based on an hourly rate, with a minimum charge of ….

Why do I need a professional probate valuation?

Probate valuations enable HM Revenue and Customs to establish if an amount of inheritance tax is payable. Frequently the values submitted to HMRC without  a professional valuation  are too high, meaning there is an a higher tax bill on the estate

What are probate values based on?  

Each valuation is based on the open market value at the time of the deceased’s date of death.  The valuation must be undertaken in compliance with section 160 of the Inheritance Act 1984 which states:

“Except as otherwise provided by this Act, the value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is to be placed on the market at one and the same time.”

What is open market value?

 This is the value one might expect to achieve if the contents of an estate were to be sold for example the hammer price at a public auction

How quickly would I receive my probate valuation report ?

Reports are usually sent out within a week of assessment, copies can be emailed or  sent to solicitors and other executors on request.

What is the difference between probate and insurance valuations?

There are important differences between probate and insurances valuations, both in the levels of value and the amount of detail required in the written valuation.  It could be a costly mistake if one was used for the purposes of the other.

How do executors of wills deal with bequests?

Sometimes a list of bequests in a will is less than straightforward, a professional valuation by EJR will help identify items and enable jewellery or other items to be divided based on value if that was the deceased wishes