We can provide professional valuation services which can be used for both probate and insurance purposes. We offer written probate valuation reports for household furniture, effects, personal possessions, antiques, fine art, jewellery and specialist collections, as well as written insurance valuations, including a detailed description and a current retail replacement value or nearest equivalent for your assets.
In the last two years we have conducted house clearances in London, Wiltshire, South Wales, Highlands, Manchester, the Lake District & other counties.
Why do I need to value an estate for probate?
HMRC advises that if you are the executor of the estate of someone who has died, valuing the estate is one of the first things you should do as the executor or personal representative for that estate. You will need to know the value of the estate in order to complete the probate application forms, and for HMRC to establish whether any Inheritance Tax is due.
Under section 160 of the Inheritance Tax Act 1984 (IHTA 1984), the value of property is the price ‘the property might reasonably be expected to fetch if sold in the open market’. Usually, you will be required to produce a professionally prepared written valuation for items with a value of £500+.
Why do I need an insurance valuation report?
Insurance valuations provide evidence of title and value in the event of loss or damage. A professionally produced written valuation for your assets ensures that you can identify the necessary level of cover required, and that you protect your entitlement to a fitting replacement in the event of any loss and subsequent claim. Many insurance policies do not automatically cover all items of high value, so it’s imperative that you’re able to produce evidence of a valuation that is both accurate and impartial if necessary.
How to arrange a valuation for probate or insurance valuation report with Potteries Auctions
Please contact us to discuss your requirements, where one of our friendly members of staff will be more than happy to help. We can also carry out house clearances alongside any probate and insurance valuations for a complete service. Learn more about our professional house clearance services here.