The passing of a loved one can be an emotional and overwhelming time for those left behind. This is further compounded when the executor (appointed in the will) or the administrator (if no valid will exists) of an estate is required to sort through personal belongings, identify valuable items and obtain valuations for the probate which will be submitted to HMRC.
Probate is the legal procedure for administering a deceased person's estate and is necessary to determine if any inheritance tax will be liable to HMRC. Those responsible for administering an estate can be held personally accountable for declaring inaccurate information to the revenue office. As such, due to the nature and vast spectrum of specialities within the antiques world, obtaining a professional valuation for probate is essential.
Most of us have cupboards, drawers or boxes of stuff in the loft that we just can’t bring ourselves to sort through, so it’s no surprise that the task of sorting through an entire home would be daunting. Seeking the assistance of a reputable antiques dealer or auction house would be invaluable.
These specialists will be able to attend the property in question and conduct a thorough inspection of the contents of each room, identifying all items of potential market value. They will also provide a detailed document which will contain images, descriptions and values together with a certificate, which can be presented to HMRC.
It is worth noting that auction houses will have a number of specialists throughout a variety of specialisms, whereas an individual dealer may have limited expertise. As such, if you decide to seek advice from a single appraiser, we suggest calling upon at least three experts to ensure that any valuable antique pieces are not overlooked.
Once this valuation has been conducted, those responsible for managing the estate can make an informed decision regarding the disposition of assets. As belongings can be sold or disposed of before the probate is finalised, having a professional valuation will safeguard against any potential disputes with HMRC.
Once the probate has been granted, the executors will oversee the dispersal of named assets to beneficiaries according to the will or expressed wishes. Low value items can be donated or disposed of, while valuable antiques can be sold. Proceeds from sales can be used to settle outstanding debt within the estate or distributed amongst the beneficiaries.
For those beneficiaries who are lucky enough to inherit an antique, the probate valuation will provide a good idea of what they are inheriting. This knowledge can be used to ensure that the item is treasured, cared for and respected in the manner it deserves.
In closing, dealing with antiques and probate requires expert knowledge, seeking the guidance of professionals such as expert valuers, estate planners and solicitors who specialise in these matters will ensure you successfully navigate this process with compassion and respect for your loved one's memory.