Probate & Executors

We offer a FREE VALUATION service for Executors and will prepare WRITTEN VALUATIONS for Probate on jewellery, gold, works of art and collectors items to provide the information required to complete the IHT407 form issued by HMRC regarding the valuation of jewellery, household and personal goods

When someone dies, Her Majesties Revenue and Customs (HMRC) need to know how much that individual was worth at the time of their death in order to calculate if any inheritance tax is payable. Proving the value of someone’s estate is referred to as a ‘Probate’ valuation. Currently, everyone is allowed to leave an estate valued at up to £325,000 plus the new ‘main residence’ band of £150,000 giving a total allowance of £475,000 per person. For estates valued under this their beneficiaries won’t pay inheritance tax, but tax will be liable at the rate of 40% on any amount over £475,000.

The individual given ‘Grant of representation’ or who has been appointed as ‘Executor’ of the deceased person’s estate will be required to obtain professional valuations for all items considered to be worth £1,500 or more.

We undertake valuations nationwide including the London and surrounding areas and across the South West of England encompassing Exeter, Torbay, Plymouth, Truro, Taunton, Barnstaple, Bournmouth and Bristol.

Jethro Marles can provide probate valuations on a deceased persons estate, including the contents of their property and particularly on Jewellery, Gold, works of art, collectors items and chattels.

Solicitors, Executors and individuals given ‘Grant of representation’ can benefit from a free 30 minute consultation and initial assessment to decide whether a formal valuation will be required.

The client can make their own notes while this assessment is being provided and this may be all that is required to enable them to fill out the ‘Probate application form PA1’ and the ‘Inheritance Tax form’ which needs to be filled out even if no inheritance tax payable.

Ensuring items are correctly assessed for Probate purposes is vital, not doing so might result in higher levels of Inheritance Tax becoming payable, or perhaps taking the value of an estate over the taxable threshold.

  • executor-of-estate[1]
  • Items detailed in the ‘Will’ as specific wishes or bequests will be identified
  • Valuation Documents
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Contact us to discuss your valuation requirement, or to arrange a valuation

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Specific Bequests – Specific Wishes.

When a ‘Will’ details ’Specific Bequests’ or ‘Specific Wishes’, probate valuations prepared by Jethro Marles will identify all such items, describing them in detail alongside the transcript from the ‘Will’ regardless of value.

All items assessed will be listed in the valuation document with those valued at £1,500 or more identified and valued separately, this being a requirement of HMRC and the information required by Executors when completing HMRC form IHT407 under ‘the valuation of Jewellery, Household and Personal goods’.

In the case of a collection, such as a collection of gold coins, or set of jewellery etc, the individual items forming the collection or set will be listed and a valuation for the set or entire collection provided. Any single item forming part of such a set or collection and valued at £1,500 or more will have an individual value assigned.

An assessment for ‘In Transit’ insurance can also be provided, enabling adequate insurance cover to be applied to items destined for transportation or post.

In conclusion
All items assessed will be referred to in the valuation document with those valued at £1,500 or more identified and valued separately, this being a requirement of HMRC and the information required by Executors when completing HMRC form IHT407 under ‘the valuation of Jewellery, Household and Personal goods’. Low value and household items will be referred to in general terms with a global valuation provided.


An assessment for ‘In Transit’ insurance can also be provided without charge, enabling adequate insurance cover to be applied to items destined for transportation or post.

Our fee.
Our fee is based on the Probate value of the items concerned at the rate of 4% + vat on the first £5,000 of value, reducing to 3% +vat thereafter. These terms being subject to a minimum fee of £200 + vat.

 

We undertake valuations nationwide including the London and surrounding areas and across the South West of England encompassing Exeter, Torbay, Plymouth, Truro, Taunton, Barnstaple, Bournmouth and Bristol.

To discuss your valuation requirement, or to arrange a valuation, please Contact us now.

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