Jewellery Valuation for Probate

Natsw_2

I have some jewellery I need to get valued for my M-I-L's probate. It's not very much, and nothing fancy - just her wedding/eternity rings and a few pairs of small gold earrings, a necklace and a bracelet. Local jewellers are quoting £150 for the first item and then £150 per hour thereafter. I'm concerned I'm going to end up spending more than the jewellery is worth. There's no complication with the will as my husband is an only child and everything is going to him. Any tips on how I can get a reasonable valuation? I am in London.

Keep_pedalling

There is no real need to get professional valuations or to submit values for each piece of jewellery if you are having to submit IHT forms. A single nominal value will do something like £500 or £1000 is pretty standard amount to put.

BooJewels

I'd concur - I just put a token amount in for the whole household chattels.  In my case, it is probably going to end up in total about 500 more than I'll actually sell everything for.

Chances are, that if it's small gold items, they're only really worth their gold weigh in value and if you can weigh the items and know the carat of the gold, you can probably work it out, as many places publish the rate they pay on-line.  If there's diamonds in the eternity ring then that's more complicated, but they're often quite small ones in eternity rings anyway.  I've also just put some stuff with an auction house and they give an estimate when they take the stuff from you - this one holds a valuation day each week when you can go in - for free.  So that might be an option too.

Grumpelstiltskin

As others have said don't bother as it isn't going to make any difference.

If you really want a figure have you thought about trying a pawnbroker, tell them you are interested in selling and ask what they would give you, then say thank you but I will keep them,

hjd

Were any of them specified on her insurance policy/schedule? That might be useful as a basis.
However, my mother's jewellery was valued for probate (by a valuer) at a lot less than the insurance values.

Natsw_2

Thanks so much everyone. I was under the impression that I needed a proper valuation. I'm really grateful for the information.

BooJewels

You perhaps would do if you had valuable antiques or art etc. and lots of beneficiaries to pacify from a high value estate - but for most simple estates, a sensible number to cover all belongings seems to suffice. The only thing you'll need a proper valuation on will be any property [i.e. house] that needs to be sold.

Just try and envisage what you might be able to actually sell things for - not what they'd cost to replace - it's rather like the difference, as mentioned earlier, between pawn shop valuations and insurance valuations.

SevenOfNine

My mum left her jewellery to me in her will. I didn't get it valued for probate I just did as BooJewels has said, a figure to cover all belongings.  Guided by what was on her annual contents insurance policy for valuables (which was not a lot & nothing specifically named) - just in case HMRC had some bored super sleuth checking! 

I nearly had a heart attack when I subsequently got the sentimental items valued for my own insurance purposes, plus stuff I've kept as an investment, plus the stuff I sold. Good job she was never burgled!

Silvertabby

SevenOfNine said:

My mum left her jewellery to me in her will. I didn't get it valued for probate I just did as BooJewels has said, a figure to cover all belongings.  Guided by what was on her annual contents insurance policy for valuables (which was not a lot & nothing specifically named) - just in case HMRC had some bored super sleuth checking! 

I nearly had a heart attack when I subsequently got the sentimental items valued for my own insurance purposes, plus stuff I've kept as an investment, plus the stuff I sold. Good job she was never burgled!

There's a huge difference between insurance valuations (based on the cost of new replacements with their huge mark ups) and probate valuations (usually just the value of the scrap gold, unless there are any large gemstones).

When Mr S bought me a triple diamond ring for our anniversary I chose a 'pre-loved' one at less than half the price of a similar new ring.  Not an issue for me - after all, if second hand jewellery is good enough for the Queen....