Are Probate Valuations free?
Compiling a comprehensive, detailed and accurate Probate Valuation is a time consuming task that requires experience, and knowledge of many different types of objects including jewellery, antiques, collectibles, vintage items including clothes, furniture, garden equipment, tools, motor vehicles and motor bikes, electronic equipment, watches, LP records and pretty much everything there is in the average house.
So it stands to reason that there will be costs involved when you need a Probate Valuation from a professional probate valuer such as Provals.
The good news is that by working with Provals you are assured that the valuation we provide will be comprehensive, detailing every item, and accurate both in detail and value for Probate Valuation purposes thus minimising any estate duties or inheritance tax liability that beneficaries will be required to pay (The Estate does not pay Inheritance Tax, it has to be paid by the person that received the gift)
If you are offered a cheap, or even a free Probate Valuation be very cautious - it is highly likely that the person or firm making you the offer has an ulterior motive - they probably want the opportunity to clear the property (for which they will charge you!) so they can sell anything of value, so making a double profit.
His Majesty's Revenue and Customs (HMRC) expect a reasonable amount of detail in the Probate Valuations that are submitted to them, and will be suspicious of one-page valuations along the lines of 'The goods at such-and-such address are worth £xxxx'. This may lead them to undertake a detailed and far reaching investigation into the entire Estate to establish accurate valuations, and whether there is any potential dishonesty or non-disclosures involved. As a minimum this will be time consuming, delaying the disposal and disbursement of the Estate, and depending upon what they discover, the possibility of criminal proceedings for those involved.
In summary, it is far better to instruct Provals to undertake a detailed, comprehensive and accurate Probate Valuation for you that we know HMRC are comfortable with - particularly as we have undertaken probate valuations directly for members of their probate team!