How to Value the Assets of an Estate for Probate

Jamie Murray

2023-01-28

Quality fast and reliable service with a cracking bunch of lads definitely recommended

Bill Mitchell

2021-09-14

Contracted this company to clear the flat of my deceased mother. Two young guys cleared EVERYTHING out of the rented property, including furniture, carpets, ornaments, white goods and food/household products, politely, efficiently, and respectfully. Excellent service.

Charles winter

2021-05-21

The guys from Northern House Clearance have just cleared a house for me in Scotland. The house was packed not only with a lifetimes worth of memories, but all the clutter that goes with it. Within 2 days it was emptied down to the floorboards. A great job from a good team of lads. Highly recommended.

Graeme hatton

2021-02-24

An excellent 5 star service. Firstly the compassion shown due to the circumstances which resulted in having to use their services, not just on the phone but by the team who arrived, on time, to perform the job. Above all a friendly attitude goes a long way in stressful times. Professional from the start to the end of the day and due to the amount of clutter a second day was needed. I could not believe how much was cleared in just one day, it was as if the clutter had it's own clutter to clear. Hope that I never need to use them again, but if I have to clear another property they will be the only people that I call. Highly recommend them. G.Hatton. Cheshire.

Lorna Hamilton

2021-02-05

Fantastic service. Highly recommend. The team was so helpful.

Richard Foster

2020-11-26

The guys from Northern house clearing cleared my deceased brothers house which was in a state. They were very discrete and great guys very understanding at such a sad time. Great job guys thank you.

Xiu Yun Chen

2020-11-25

This is a good company would highly recommend these guys. Very efficent and helpful.

Laura

2020-11-05

Highly recommended. From my initial enquiry I found them to be efficient and professional and was given an immediate quote. On the day the guys arrived promptly and were friendly, helpful and thorough. I would not hesitate to use this company again and I would recommend to others. I felt in good hands and I, m very happy with the service I received.

Ruth Lawrence

2020-08-22

The team arrived bang on time and began work immediately. They continued for five solid days and completed the entire clearance of my late uncles house, which was a case of extreme hoarding over many decades. They even removed carpets, curtains and swept up so the house was ready for sale. They were exeptionally hard working, polite and charged a reasonable price for this incredibly difficult job. Terrific service, absolutely recommended.

For those NOT requiring a full house contents valuations,
we suggest you use The Antique Appraisal Company.

All valuations are conducted in accordance with HMRC guidelines and fully guaranteed against rejection.

The key responsibility of the executors is to identify and value the assets of the deceased at the date of the death, due to various reasons. First of all, the probate application calls for the value of the estate for inheritance tax purposes as well as in order to include on the probate itself. Values are essential to calculate the capital gains tax and finally, to make sure the accurate distribution of the estate and payment of debts. This demands precise evaluation of all the assets, liabilities and lifetime gifts of the deceased.

The value which requires for assets; is the open market value, and it is literally the price the asset might plausibly attract if it was sold on the open market at the time of the owner’s death. This portrays the pragmatic selling price of the asset and not an insured or replacement value. Some assets, for instance property and land will require professional evaluation and consultation of HM Revenue & Customs in order to assign a reasonable value. And the size of the estate plays a major role on the decision of how detailed the assessment should be. It is not necessary to get a professional valuation for personal or regular household items that have a value of less than £500, and when in doubt use an estimated value. When valuing an estate it is essential to include all the assets that the deceased had the ownership of or had an interest in such as property and land, insurance policies, stocks and shares, money held in financial institutes, foreign assets, businesses, household items, personal belongings like jewellery, art collections etc. Assets can also be owned jointly in two different ways; “Joint Tenants” and “Tenants in Common” where in the first scenario assets will be passed automatically on death to the joint owner and in the latter the portion owned by the deceased becomes part of the estate.

Gifts made by the departed before their death should be considered to see if they need to be included in the valuation. While assessing lifetime gifts, always consider the value at the date of the gift except for a situation where it was a gift with reservation of benefit, where the date of death value will be taken into account. Gifts can be either small gifts or gifts that were given to a spouse or a partner living in the country. Wedding gifts, maintenance payments to relatives, gifts that can be identified as within the annual exemption limits, gifts made to exempt organizations even after death as well as any gifts made more than seven years before the death fall into this category. Adding up all the assets and gifts, then taking away any debt concludes the process of valuing the assets of an estate.

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