Executor - Valuing possessions

baby_boomer

Any advice on how to proceed with valuing possessions?

The estate will pay a small amount of IHT so each extra £ = a 40p tax bill but at the same time I obviously need to do the right thing to comply with the Revenue requirements and not create problems for everyone at a difficult time.

The 2 bedroom flat will not be sold in the near future, so the furniture can't be valued at a point of sale eg by house clearance.

How detailed an inventory do I need to make?

Each item of furniture?
Crockery?
Cutlery?
Pots & pans?
Photograph frames?
Linen?
Carpets & curtains? (or do these form part of the flat since they could be worthless when it is finally sold?)
Watch
TV / hoover and each electrical item?

I know I need to include

Cash
Watch

Any key things I've missed?

This is the last request for a while. Many thanks for everyone's help so far.

wealdroam

I got a local valuer in to value the contents of my father's two bedroom flat.
Cost £90 and will save lots of discussion.

He looked at everything.
Decided all the furniture had no value.
A three week old 40" Sony tv he valued at £110.
Saw nothing of value in the kitchen.

Carpets/curtains have no value secondhand.

Best to get someone in I think and follow his guidance.

baby_boomer

Excellent advice. I'm all for cutting down on discussion as time is at a premium.

Did you charge the valuation costs to the estate?

wealdroam

baby_boomer wrote: »

Did you charge the valuation costs to the estate?

Yes, that's the right thing to do.

Errata

Each item of furniture?
Crockery?
Cutlery?
Pots & pans?
Photograph frames?
Linen?
Carpets & curtains? (or do these form part of the flat since they could be worthless when it is finally sold?)
TV / hoover and each electrical item?

A description which says - Furniture, soft furnishings, domestic electrical equipment, household goods should cover it and unless it's all Queen Anne the whole lot is probably worth £100. Although you may find a house clearance firm will charge £100 to take it all away.

Biggles

There is no value (unless she had a stash of antiques). I had to pay £500 to have my Mum's house contents taken away.

The odd item with any value will be more than exceeded by the costs. I would allow at least £250 for clearance costs and deduct it from the estate and certainly not get into itemising her possessions. Obviously, any family member who wishes would be able to come and choose anything of sentimental value.

RabbitMad

wealdroam wrote: »

I got a local valuer in to value the contents of my father's two bedroom flat.
Cost £90 and will save lots of discussion.

He looked at everything.
Decided all the furniture had no value.
A three week old 40" Sony tv he valued at £110.
Saw nothing of value in the kitchen.

Carpets/curtains have no value secondhand.

Best to get someone in I think and follow his guidance.

Where abouts are you (roughly) and how did you find this person?

wealdroam

RabbitMad wrote: »

Where abouts are you (roughly) and how did you find this person?

I'm in Hampshire.

A solicitor friend gave me his number.

He's a member of National Association of Valuers and Auctioneers.
I see their website has a "find an auctioneer/valuer" feature which may help you.

edda

Might be worth mentioning that any individual possessions named in the will should ideally be valued.

Unless perishable or special insurance conditions exist, they should not be distributed until probate has been granted. Could prevent possible problems later.

RabbitMad

wealdroam wrote: »

I'm in Hampshire.

A solicitor friend gave me his number.

He's a member of National Association of Valuers and Auctioneers.
I see their website has a "find an auctioneer/valuer" feature which may help you.

Thanks, I've found one local to the property and have now booked them in. Their quote is cheaper than the Petrol I'd charge getting over there and back (a relative will let them in the property.)

clemmatis

I bought Which's guide on probate and followed their advice, I didn't hire a valuer, just estimated everything except for a watch I got a valuation for. But there was nothing of great financial value anyway.