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VALUATION OF CHATTELS

VALUATION OF CHATTELS

Postby jamct69 » Mon Mar 06, 2017 11:56 pm

In the case of a 78 years old deceased person living in social/sheltered housing & having no property ownership, but with cash /savings assets of £100,000 and chattels of about £7,000 is the family/friend as executor of the will obliged to employ a RICS accredited valuation of the CHATTELS for the process of Probate / IHT?

The chattels are standard household appliances, furniture, electronic goods, curtains & clothing etc and do not include any valuable jewellery, antiques, pictures or specified items for insurance purposes.

Alternatively, could the executor value & list all items (some by ref to Ebay etc) and/or indicated by purchase receipts if available?.

If all clothing and miscellaneous kitchen ware, nik naks etc, is gifted to a charity shop, does their value have to be assessed?

Guidance will be most appreciated.
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Re: VALUATION OF CHATTELS

Postby dls » Tue Mar 07, 2017 6:00 am

Of course they might, but generally, no.
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Re: VALUATION OF CHATTELS

Postby jamct69 » Tue Mar 07, 2017 9:26 pm

dls wrote:Of course they might, but generally, no.
Thanks for your reply.

When you refer to 'they', do you mean HM Revenue & Customs [The Tax Man]?
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Re: VALUATION OF CHATTELS

Postby atticus » Tue Mar 07, 2017 10:28 pm

The original post was asking about the approach the executors/administrators might take.
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Re: VALUATION OF CHATTELS

Postby jamct69 » Wed Mar 08, 2017 12:44 am

As the OP I'm sorry, but replies from both ' dls' and 'atticus' are not clear to me.
Please clarify.
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Re: VALUATION OF CHATTELS

Postby dls » Wed Mar 08, 2017 6:43 am

Very commonly, executors do not get valuations.

Very rarely the HMCE do.

It does all depend on whether there is anythig which might have particular value.
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Re: VALUATION OF CHATTELS

Postby jamct69 » Wed Mar 08, 2017 9:11 am

dls wrote:Very commonly, executors do not get valuations.

Very rarely the HMCE do.

It does all depend on whether there is anythig which might have particular value.


Thanks dls, that's clarified my OP. :D

Regards, John
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