Valuing Chattels for Probate

When dealing with an estate for probate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased.

In probate terminology, chattels are the ‘everyday’ assets such as furniture and ordinary possessions, as opposed to houses, investments and the like. Just as an estate agent or surveyor can assess the value of the property, we assess the value of Chattels and household items for probate purposes.

Many households may have an insured value for ‘contents’ which may not reflect their current value in the market. This can be especially true for period and antique furniture.

We recognise the emotional challenges that come with estate settlement. Our small, compassionate team is here to support you, your family, executors, lawyers and agents through every step of the probate process.

We will provide a comprehensive valuation of the chattels, as required by the HMRC under section 160 of the Inheritance Tax Act 1984, complete with detailed descriptions and accompanying images of the principal items.

Our full professional service includes:

  • A discussion with one of our experts to tailor your needs to the valuation required
  • Terms of Engagement detailing requirements, fee structure
  • A detailed inventory and valuation, sent to the executor and solicitor dealing with the administration of the estate

Should you decide to sell with us, we can offer a seamless service including:

Valuing Personal Possessions for Probate

In general terms, when valuing assets for probate purposes, the appropriate valuation is the ‘open market value’.

Specialised assets, such as works of art, antiques and special collections and so on, should be valued by a professional valuer such as ourselves, if likely to be of significant value.

At Reed and Son, our dedicated team can assist you in the valuation and probate process.

Contact us today for more information on valuing personal possessions for probate or give us a call at 01799 527517

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