The Auction Centre provides approved professional valuation services which can be used for both probate and insurance purposes.
According to HMRC, valuing the estate of someone who has died is one of the first things to do if you're acting as the executor or personal representative for that estate, and you normally can't get access to the assets of the estate until you've received a grant of probate. You will need to know the value of the estate in order to complete the probate application forms in order for HMRC to ascertain whether any inheritance tax is due.
Under section 160 of the Inheritance Tax Act 1984 (IHTA 1984), the value of property at any time is the price ‘the property might reasonably be expected to fetch if sold in the open market at that time’, and normally you will be required to produce a professionally prepared written valuation for all / any items with a value of £500 or more.
If you live in Cheshire, Lancashire, Greater Manchester, Merseyside or North Wales and are seeking help and guidance for any probate valuation matter then we can assist you. We are fully conversant with all probate services and matters relating to estate administration and our valuations for probate are fully compliant with the Inheritance Tax Act 1984 and ready to submit to the Inland Revenue.
We can provide you with written probate valuation reports for household furniture, effects and personal possessions, antiques, fine art, jewellery and specialist collections.
Insurance valuations are an essential means of providing evidence of title and value in the event of loss or damage. A professionally produced written valuation ensures that you can identify the necessary level of cover required, and that you protect your entitlement to a fitting replacement in the event of any loss and subsequent claim.
Many insurance policies do not automatically cover all items of high value or items outside the home, and it is therefore most important that you are able to produce evidence of valuation that is both accurate and impartial.
Our consultants can provide you with a written insurance valuation report which includes a detailed description with image(s), and a current retail replacement value or nearest equivalent.