Probate Valuation – Services For Executors

Executors and solicitors acting on behalf of a deceased estate are often required to commission an independent ‘probate valuation’ of art, antiques and other personal effects in order to assess Inheritance Tax (IHT) liability with HM Revenue & Customs (HMRC).

Coram James Ltd regularly carries out probate valuations of chattels, in accordance with Section 160 of the Inheritance Tax Act 1984, and deals directly with executors to help arrange a probate valuation of the deceased’s estate. Our estate valuations for Inheritance Tax assessment list art, antiques, jewellery and general house contents with all work being compiled by a RICS qualified art and antique valuer.

We have a specialist team of valuers handling probate valuations of chattels for the assessment of inheritance tax liability. All IHT valuations (Estate Valuation Reports) are HMRC compliant and our probate valuations are prepared quickly and discreetly by a specialist probate valuer.

All the members of our team are experienced probate and estate valuers and are happy to offer professional advice on all aspects of estate administration and will answer any questions regarding the valuation of estates. We also advise executors and trustees on valuations of chattels for Capital Gains Tax, the Acceptance in Lieu scheme, Conditional Exemption and advise on sale at auction, private treaty sales and rental agreements.

Our fees are very competitive and can be agreed before any work is carried out.

Coram James is regulated by The Royal Institution of Chartered Surveyors (RICS) which ensures high professional standards and strict codes of conduct. All work is Red Book compliant.

DRAFT PROBATE VALUATION REPORT

A draft report will be prepared within a week of our valuer’s visit and will provide a clear indication of the market value of each relevant item within the estate.

The draft probate valuation document will include thumbnail images with clear and accurate descriptions enabling quick identification of items.

This also has the benefit of assisting the executors and beneficiaries with various queries concerning family division and other matters such as will amendments (codicils).

THE FINAL PROBATE VALUATION REPORT

The final probate valuation document will list the relevant chattels at market levels and will include a final statement summary and inheritance tax valuation certificate. The document will be professionally bound ready for presentation to HMRC. Other copies can be provided as required. Photographs of high value items will be included.

Our probate valuation team will be on hand to provide constant support and assistance throughout the process to ensure every aspect is handled smoothly.

All valuations and records are stored securely and in complete confidence.

OTHER SERVICES

After probate is granted the executors may decide to sell items from the estate.

We have an extensive network of contacts with the leading London and provincial firms of auctioneers and can place art and antiques and other items in the most appropriate market place for best net return. Our antique valuers and art valuers can advise on the most appropriate place to sell.

Some high value items may be subject to Capital Gains Tax; our probate valuation team can provide advice on such matters.

House clearance can also be arranged with one of our associate firms, with discounts arranged on your behalf. We also carry out antique valuations and art valuations for insurance.


Valuation For Family Division

We provide valuations of art, antiques, jewellery and other possessions for the purposes of family division which can be used for the equitable apportionment of chattels between family members.

Our valuation experts offer a discreet and professional service and can supply a range of figures or an agreed value as appropriate.

It is usual to receive joint instruction from solicitors and valuations can be provided to meet all requirements.

Fees can be agreed before any work is carried out.

Joseph Knibb - An Ebony Table Clock
An ebony table clock by Joseph Knibb, London, circa 1685.

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London +44 (0) 20 7837 8115