Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Relbs
    • By Relbs 5th Sep 17, 4:54 PM
    • 24Posts
    • 3Thanks
    Relbs
    Valuing mum's "chattel"
    • #1
    • 5th Sep 17, 4:54 PM
    Valuing mum's "chattel" 5th Sep 17 at 4:54 PM
    I have been looking into what I need to do to obtain probate (as executor of my mum's will). I can get her house valued, but I'm wondering about all the things inside it- plates, pans, clothes, TV, tons of craft stuff, etc. How on earth to I get a valuation for these? The plan is to give most away to charity, unless it's something we need (like the vacuum cleaner!).

    Also, the bank will close my mum's account and transfer the money where ever I want without seeing probate. Given the money is coming to me/my children (under 18), can I do this, as long as I include it in the list of assets?

    Thanks
Page 1
    • Robin9
    • By Robin9 5th Sep 17, 4:59 PM
    • 1,840 Posts
    • 1,196 Thanks
    Robin9
    • #2
    • 5th Sep 17, 4:59 PM
    • #2
    • 5th Sep 17, 4:59 PM
    Lots of sentimental value but generally in terms of money a figure of £1000 is used.
    Never pay on an estimated bill
    • Yorkshireman99
    • By Yorkshireman99 5th Sep 17, 5:56 PM
    • 3,288 Posts
    • 2,640 Thanks
    Yorkshireman99
    • #3
    • 5th Sep 17, 5:56 PM
    • #3
    • 5th Sep 17, 5:56 PM
    I have been looking into what I need to do to obtain probate (as executor of my mum's will). I can get her house valued, but I'm wondering about all the things inside it- plates, pans, clothes, TV, tons of craft stuff, etc. How on earth to I get a valuation for these? The plan is to give most away to charity, unless it's something we need (like the vacuum cleaner!).

    Also, the bank will close my mum's account and transfer the money where ever I want without seeing probate. Given the money is coming to me/my children (under 18), can I do this, as long as I include it in the list of assets?

    Thanks
    Originally posted by Relbs
    Unless the estate is close to the IHT limit then an estimate is OK. As far as the house value is concerned what do you intended to do with it? The pitfall is if the value used is to low then CGT can be a future issue.
    • gettingtheresometime
    • By gettingtheresometime 5th Sep 17, 6:37 PM
    • 3,020 Posts
    • 6,984 Thanks
    gettingtheresometime
    • #4
    • 5th Sep 17, 6:37 PM
    • #4
    • 5th Sep 17, 6:37 PM
    I have been looking into what I need to do to obtain probate (as executor of my mum's will). I can get her house valued, but I'm wondering about all the things inside it- plates, pans, clothes, TV, tons of craft stuff, etc. How on earth to I get a valuation for these? The plan is to give most away to charity, unless it's something we need (like the vacuum cleaner!).

    Also, the bank will close my mum's account and transfer the money where ever I want without seeing probate. Given the money is coming to me/my children (under 18), can I do this, as long as I include it in the list of assets?

    Thanks
    Originally posted by Relbs
    If it any help my son has just bought a house & agreed a price of £1500 for the entire contents
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • jackyann
    • By jackyann 5th Sep 17, 7:14 PM
    • 3,219 Posts
    • 6,544 Thanks
    jackyann
    • #5
    • 5th Sep 17, 7:14 PM
    • #5
    • 5th Sep 17, 7:14 PM
    We used the 'nominal' £1k for most stuff.
    We got jewellery valued separately, and a couple of 'nice pieces'.

    Remember that if you value 'for insurance purposes' you are talking about getting an equivalent replacement (which makes, for instance, a silver rose bowl worth say £2k) but for probate, it is what you would get if you tried to sell it (essentially scrap value)

    Don't fall into the trap (which a relative of ours insisted upon!) of trying to Google stuff. People will ask all sorts of odd prices for tat, and it's no indication of what they will actually sell for /are worth.

    Essentially, HMRC are only interested if you are trying to pretend that a Van Gogh was really one of your kids' doodles. They know that most household stuff is worth very little on the open market.
    • Relbs
    • By Relbs 7th Sep 17, 5:00 PM
    • 24 Posts
    • 3 Thanks
    Relbs
    • #6
    • 7th Sep 17, 5:00 PM
    • #6
    • 7th Sep 17, 5:00 PM
    Thanks everyone, that's really helpful. Her flat is tiny so £1000 should more than cover it. The selling value plus money won't take us near tax limit so all OK. Big relief I don't have to looking on ebay for how much her clothes might sell for.
    • Sea Shell
    • By Sea Shell 8th Sep 17, 12:58 PM
    • 413 Posts
    • 397 Thanks
    Sea Shell
    • #7
    • 8th Sep 17, 12:58 PM
    • #7
    • 8th Sep 17, 12:58 PM
    Can you offset the cost of house clearance against the estate?
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Owain Moneysaver
    • By Owain Moneysaver 8th Sep 17, 3:02 PM
    • 7,544 Posts
    • 8,010 Thanks
    Owain Moneysaver
    • #8
    • 8th Sep 17, 3:02 PM
    • #8
    • 8th Sep 17, 3:02 PM
    House clearance fees would be an executor's expense, if the Will allows executors to claim expenses, and paid from the estate before any bequests are paid out.

    In this case as the executor is one of the beneficiaries, it's all below IHT threshold and the amounts are fairly small, it's not worth arguing over, but it's good practice to keep an account of what comes in/goes out where.
    A kind word lasts a minute, a skelped erse is sair for a day.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,132Posts Today

4,612Users online

Martin's Twitter