(I.T.G. probate valuations of house contents will be pleased to guide you through the entire house contents valuation process from start to finish. We will provide you with a professional typed probate valuation report (Estate Valuation Report), produced on headed note paper, which confirms to HMRC the value of the goods and chattels of the estate for probate or confirmation purposes, in accordance with the Inheritance Tax Act (1984).
ITG operates a full probate service as part of our business model. We offer this service throughout the UK, making our expert and experienced team available to individual executors, legal professionals or trustees of an estate. We pride ourselves on our integrity and the accuracy of our probate valuations.
Probate pertains to the legality of managing the possessions of a deceased individual or family. Assets – whether liquid or otherwise – and personal belongs all become part of the estate of the deceased. It is critical that the full value of this estate is calculated and acknowledged as soon as possible.
There are multiple financial implications involved in the valuation of an estate. The first, and perhaps most prominent, is the impact it will have on inheritance tax. The financial appraisal will an estate will also be taken into account when settling indebted accounts of the deceased.
Naturally, the probate procedure will potentially need to unfold in the aftermath of a bereavement – a difficult and emotional time. Our friendly and trustworthy team are acutely aware of this and will handle all valuations with the utmost respect, discretion and sensitivity. Our role will be to offer guidance and support, making the experience as unobtrusive as possible.
Be aware that all elements of an estate must be filtered through the probate process, where they will be reviewed and declared for tax purposes or used to settle outstanding debts. Art, antiques and other personal effects are of most interest to the authorities. This why a complete and thorough valuation is so critical. In fact, any executor or professional acting on behalf of a deceased individual or family are legally required to complete probate.
Our expert team can assist with assigning a value to items and possessions, which minimises the risk of falling afoul of HMRC. Inappropriate declaration or valuation of assets can lead to a full audit, which all parties will be keen to avoid. We work within the confines of Section 160 of the Inheritance Tax Act of 1984, ensuring that no part of the process becomes problematic.
Our service involves dealing directly with the executor of an estate, completing our work in a timely and discrete fashion. Any and all items uncovered will be listed and valued, with the findings supplied directly to HMRC. The impact this valuation has on any inheritance tax is then calculated by the government. With years of experience on our side, you can be assured that we will provide accurate probate valuations, giving you one less thing to worry about during a challenging time.
(I.T.G. probate valuations of house contents will be pleased to guide you through the entire house contents valuation process from start to finish. We will provide you with a professional typed probate valuation report (Estate Valuation Report), produced on headed note paper, which confirms to HMRC the value of the goods and chattels of the estate for probate or confirmation purposes, in accordance with the Inheritance Tax Act (1984).
