Probate Valuations in Wiltshire and the South West
Probate Valuations in Wiltshire and the South West
Dealing with a loved one's belongings after their passing is a difficult task, made more complicated by the probate process.
At RWB Auctions, we understand that a fast, affordable and comprehensive probate valuation provided by experts can ensure peace of mind and a straightforward division of assets. We can offer advice and formal valuations, suitable for HMRC, on a wide range of antiques and collectables, with assessments completed in your home or from our Wiltshire offices.
When Are Probate Valuations Required?
Probate is the legal process of settling the estate of someone who has died. To obtain a grant of probate, the executor or administrator of the estate will need to estimate the value of the property, cash, and assets held by the decedent accurately.
Assets must be properly valued if you think the estate's value is over the inheritance tax threshold. Failure to do so can slow the probate process, cause unnecessary scrutiny by HMRC, or even result in financial penalties against the executor.
Some assets are best valued by a qualified expert, such as a Chartered Surveyor or a specialist with in-depth knowledge of the asset and its value, such as an auctioneer. This specialist should be able to determine their 'open market value' in accordance with Section 160 of the Inheritance Tax Act.
Does Probate Apply To Antiques?
Antiques and collectables should be considered along with other assets when valuing an estate for probate purposes. Jewellery, artworks and collections of coins or other valuable items worth over £1,500 should be identified, catalogued, itemised and declared.
Some antiques may have more sentimental value than monetary value. However, it is important that an accurate valuation is completed to satisfy legal requirements and ensure the estate is divided as intended.
The person who has died may have included specific pieces of furniture, rings or paintings in their will with the intention that they pass to a particular person. Even in this circumstance, it is important that such heirlooms are included in probate valuations to ensure that the correct inheritance tax is paid.
Expert Probate Valuation Services
Our specialists provide valuations on a wide range of antiques and collectables. Areas of particular expertise include:
- Jewellery
- Silverware
- Coins and banknotes
- Medals and militaria
- Clocks and watches
- Fine art, prints and sculpture
- Toys, comics and trading cards
When a decedent has a diverse collection of assets, money can be lost in paying different experts for valuations. Our broad knowledge of the market for a wide range of valuable items streamlines the probate process. That's why solicitors across the South West recommend our services.
We realise that putting a price tag on beloved items may be a difficult process. Our team provide a professional and respectful service with a named staff member to answer any questions and guide you through the process from beginning to end.
RWB Auctions Probate Valuation Fees
We charge £150 for the first hour spent valuing your antiques for probate purposes. After that, we charge £100 per hour. A flat rate may be negotiated for large or complex collections.
This fee covers identification using specialist databases, our library, and in-depth market research. If the assets to be valued are varied, then the knowledge of multiple valuers or consultants may be called on.
Once we have completed our valuation, you will be supplied with a formal letter suitable for HMRC.
Accurate probate valuations, completed by experts, allow estates to be divided up as the deceased intended and can reduce your inheritance tax burden in the long run.
Probate Valuation Home Visits
For some large collections, completing a probate valuation in situ may be necessary.
We do not charge extra for home visits and are pleased to arrange these at your convenience. Our team members will complete a preliminary assessment at your home or place of business and confirm their valuation following desk-based research.
We can complete valuations on smaller collections from our salerooms in Royal Wootton Bassett. It may also be able to value your items based on photographs or a detailed inventory.
We recommend contacting our team to agree on the best approach for your probate valuation.
Insurance Valuations vs Probate Valuations
Probate valuations should not be confused with insurance valuations.
Probate valuations are based on the price items would achieve if they were sold at auction or to a specialist dealer. This differs from an insurance valuation, which is calculated on the retail price of items if they had to be repurchased.
A previous insurance valuation may give you a sense of the value of a collection, but submitting an insurance valuation for probate may slow down the process or make you liable for unnecessary inheritance tax.
RWB Auctions does offer specialist insurance valuations to help you protect your precious items in the event of loss or damage. Please make sure to request an insurance valuation rather than a probate valuation if this is the service you require.
Sell Your Inherited Collection At Auction
When you consign antiques and collectables for sale in our auctions, you can be confident in receiving a fair market price.
Our valuers are accepting consignments of furniture, artwork, jewellery, coins and collectables to regular general and specialist sales and can advise on the best route to market. Our low buyer's premium encourages high hammer prices, as evidenced by our transparent sales figures, available in full on our past auctions page.
--720.jpg "That's what one change checker made when he sold his 'Lines Over The Face' Aquatics 50p with RWB Auctions. This coin was one the star lots in our 8-9 May 2024 sale of coins and medals which included everything from ancient gold to rare modern collectables")