We offer a FREE VALUATION service for Executors and will prepare WRITTEN VALUATIONS for Probate on jewellery, gold, works of art and collectors items.

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, if the deceased’s entire estate including the value of property, money, stocks and shares, chattels etc is considered to be worth less than £325,000, no tax will be paid, but tax will be liable at the rate of 40% on any amount over £325,000.

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 £500 or more.

Jethro Marles can provide probate valuations 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.

Contact us to discuss your valuation requirement, or to arrange a valuation

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’.

All items assessed will be listed in the valuation document with those valued at £500 or more identified and valued separately, this being a requirement of HMRC. 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 £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.

Fees

Verbal assessments are carried out without charge.

Our fees for written valuations are be based on the insurance value of the items concerned, charged at 1.5% on the first £10,000 of value and 1% thereafter. Our fee to value large collections or individual items assessed at £20,000 or more is negotiable. All fees are subject to our stated minimum fee (currently £100) plus VAT at the prevailing rate.

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

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