After someone passes away, their estate will enter a probate process. During this process, their affairs will be wound up and the estate distributed. One of the early tasks in the probate process is to have a house content valuation for probate completed and no building work should be taking place. A house content valuation for probate is vital because this is generally the largest asset that people have.
How The Valuation Is Carried Out
The valuation of house content will be done based on the date of the person’s death. This means that the value of the content is taken at the date of death and not earlier or later. The value will generally be their reasonable selling price where the items to be sold at the date of death. This valuation structure is used for the content of the property as well as the house itself.
How To Get A Probate Valuation
While it is important to know the basis of the valuation, it is also important to know how to get the valuation. A professional valuation is not required for all items in the property. Many of these items will not have significant value and the valuation can be done by the executor of the estate.
However, if the estate has any specialist items such as valuable artwork or collections, a professional will need to be hired to carry out the valuation. The professional should be an expert in the items being valued. This means that an art expert should be called for artwork, but they will not be able to help with an antique desk or collection of medals. Alternative most local companies in London like Clearance Solutions are capable to value most of the jewellery and precious metals for you.
If you are going to value the contents yourself, you will first need to create a list of all the times that might hold value. The common items on these lists include vehicles, furniture and jewellery. The internet can be used to determine the approximate value. You should look for similar items which have sold online and what they were sold for.
If you do not want to carry out the valuation yourself for any reason, there are companies you can hire to do this for you. These companies will value everything in the house for a fee.
When an estate enters probate, a house content valuation will need to be carried out. This can be done by the executor of the estate if there are no specialist items. If there are, a professional will need to be contacted to value these items.