Valuations For Confirmation

Biscuit03

Hi,

We’re in the process of gathering information in order to complete the Confirmation form. We have a house and several pieces of jewellery and we wanted to check if we need to get written valuations for these?
Any advice would be much appreciated.

buddy9

House valuations are often estimated by the executor, particularly in the case of excepted estates. If the total estate is below IHT threshold and the house is to be sold it is commonly advised to adopt a generous but justifiable value to avoid/reduce concerns about capital gains tax.

(You need to be certain about the ownership status of the house rather than relying on what you may have been told or think. It is not uncommon for persons to misunderstand or be wrong about house ownership).

It is commonplace for executors to supply their own estimate of the value of household goods and personal effects.

Biscuit03

Thank you so much Buddy. The value of the estate will definitely fall below the threshold for IHT, so we can afford to be generous with the house valuation. I just wasn’t sure if we needed to get formal valuations, so your response is very helpful. Thank you.