A deceased estate encompasses everything that an individual owns, and owes, at the time of their death. Determining the value of an estate is a legal requirement to ensure any debts are settled and all tax liabilities are paid. It usually takes at least sixteen weeks for a Probate to be granted by the HMRC, which can be subject to delays if any additional information is required; as such, the question of clearing any properties before this has been finalised often arises.

During the Probate process the executor will often need to access funds from the estate to pay for services such as solicitor fees, valuations or even funeral costs. The most apparent way to raise these funds is by selling estate chattels, which is possible, provided they have been properly valued for Probate.

We suggest consulting the Will and family members beforehand to ensure items that have been bequeathed are not accidently discarded; this transparency will prevent misunderstandings down the line. We will always advise those dealing with a deceased estate to appoint a solicitor to handle the Probate process.

In the UK the Inheritance Tax (IHT) threshold is £325,000; if there is no doubt or concern that an estate falls under this value, then it is usually acceptable to remove, sell or dispose of chattels (personal belongings) before the Probate has been granted. We would, however, highly recommend keeping a detailed record of any item that has been withdrawn, and for items which are sold - the valuation, price achieved and the date of sale. For chattels that are worth more than £500, you should obtain a professional valuation to avoid any potential difficulties with HMRC.

For estates that may fall close to or exceed the threshold and potentially be liable for IHT, additional steps need to be taken before anything is disposed of or distributed if Probate has not yet been completed. Seeking professional advice and obtaining a valuation from an accredited professional will be crucial. These detailed valuations will be used for the calculation of IHT and HMRC will scrutinize them carefully; if found to be inaccurate it could result in costly delays and possible penalties for the executor of an estate, so it is not worth taking shortcuts at this stage.

In both instances the assistance of a Probate specialist will not only facilitate a smoother process but offer extra peace of mind for all involved that any items of sentimental value or monetary value have been accurately assessed and appraised.

Here at Wotton we have a team of dedicated and experienced specialists who are on hand to assist you during the administration of a deceased estate.