What happens if I miscalculate values for probate?

[Deleted User]

I'm trying to avoid paying a solicitor for moving my fathers sole accounts to my mothers name, as it looks fairly simple, and there's no inheritance tax to pay.

I have final statements from all banks, but I'm worried about how accurate I need to be on other things that are hard to value:

House - I've taken the lower end zoopla value, since it needs everything doing to it.

Contents - apart from a couple of nice leather arm chairs and a fairly new computer, I've no idea how to value 30-year-old furniture, white goods, books, LPs, DVDs,.... 

Since it's all below threshold and all going to my mother, could I just put my finger in the air and say house contents are worth £3000? I know for insurance new-for-old it would be more like £30k, but honestly when the time comes that my mother has to move out, I'll be paying a clearance firm to empty the house - not trying to get the best price I can on ebay for everything from the bathroom mirror to a set of encyclopaedias.

poppystar

On contents just put a figure of around £500 assuming there are no antiques or high end jewellery lurking in the house. As you say you will probably have to pay for removal anyway.

With respect to the bank accounts, have you contacted their bereavement departments to see if they will release funds without probate? I assume it’s the probate form that you are concerned about the values for? The amounts they will release without probate are often quite high.

RAS

Depending on the bank, they will release up to £50k without probate.

NS&I are the difficult ones; sometimes demanding it for less than £10k.

Keep_pedalling

You an only need to worry about absolute accuracy if IHT is involved and an IHT return is required. No one comes round to check your valuations and most people’s second hand stuff has little value so a modest single value for the lot is all you need.