Probate - inventory list

Okey00001

Parents left a house filled with low value items, mostly from car boot sales, fairs, fetes. They had little money but had a interest in simple art and other than the their own pictures painted, all came from fairs, fetes, friends as gifts. We are a large family including great grandchildren and have decided to keep all items in the family as they are not worth selling but have sentimental value. Clothing and most furniture will go to charities or binned. All their furniture old, second hand and nobody interested - so going to charity. Otherwise, family want to keep and distribute as we too love to recyle or keep for sentimental value and family memories/heirlooms.

How do I start an inventory list or even begin to value it? Advice greatly appreciated.

Mojisola

The solicitor who dealt with Dad's estate just put that the total value was approx £500 - that was for the contents of a 4 bed house. Nothing was individually listed. 

TBagpuss

I think in most cases a general description such as 'normal used furnishings and home contents - total value £500" is OK. 

Okey00001

Thank you for your replies.  The form declares "keep full details (an inventory) of the estate". I am confused!

74jax

Okey00001 said:

Thank you for your replies.  The form declares "keep full details (an inventory) of the estate". I am confused!

We took photos of each room.  But listed it at around 1.5k I think. 

naedanger

Full details really means full details of items of value e.g. houses, bank accounts, investments, cash, possessions where valuable (e.g. cars, valuable jewellery) etc

If the beneficiaries are agreed on how the possessions should be divided and they are of little value then there is no point going into detail. Do as others have said and put an aggregate figure on the personal possessions.

The real interest to HMRC is the value of the assets. They recognise many personal possessions have little value so you can just give a total value for them combined. If any possessions are valuable, e.g. listed separately on the home insurance policy, then you should list them separately.

Are you working towards obtaining probate? And are you sure it is required? Do you think the estate will be liable to pay inheritance tax?

SevenOfNine

I put £3000 on the form for my mum's estate. She'd left me her jewellery in her will, but they still didn't ask for a detailed inventory.

Estate about £70k below IHT threshold without using the RNRB, which might be why they weren't too interested.