Dealing with a loved one’s jewellery during probate can be a delicate and often confusing task. Whether you’re handling simple costume pieces or valuable heirlooms, understanding how to properly value these items is crucial for both legal compliance and family harmony.

As an executor managing probate yourself, you’ll need to navigate HMRC requirements while ensuring the estate is valued correctly. Many people understandably find themselves uncertain about what needs valuing, how to go about it, and what costs might be involved.

This guide answers the most common questions about jewellery valuation during probate, helping you understand your responsibilities and the practical steps to take. From identifying which items need professional assessment to understanding the difference between probate and insurance values, we’ve covered the essentials to help you manage this aspect of estate administration confidently and correctly.

Do I need to get jewellery valued for probate?

Yes, if the estate contains jewellery, you must account for it. HMRC requires that all assets be properly valued for probate purposes. For jewellery specifically, any piece worth over £1,500 must be listed separately on the inheritance tax forms. While simple personal items of minimal value can be reasonably estimated, valuable pieces need professional valuation to ensure compliance. Even if no inheritance tax is due, accurate valuations remain important for the probate process and to avoid potential disputes among beneficiaries later.

Do I have to value every piece of jewellery, even costume jewellery?

No, not individually. Inexpensive costume jewellery can be grouped together and given a nominal value as “personal chattels.” If the total household items are under about £1,500, HMRC generally accepts a reasonable estimate rather than requiring professional valuation for each piece. The key is identifying which items might have significant value – these will need separate assessment. When in doubt about whether something is merely costume or potentially valuable, it’s always best to have it checked by a professional.

You can have your jewellery remotely inspected by the experts at Swift Values from just £25.  They will give you an idea of value in the form of a formal report which you can submit with your application, and will advise on any next steps.  This not only saves you spending money on an in person valuation if it is not required, but also shows you acted with ‘reasonable care’ to HMRC.

How do I value jewelry for probate?

Start by gathering all items and any supporting documentation (receipts, prior appraisals). Look for hallmarks or signatures to help identify metals or makers. However, don’t rely solely on DIY methods – what looks like costume jewellery might be valuable vintage pieces, and what appears to be a genuine gemstone could be glass.

For accurate probate valuation, it’s strongly recommended to use a qualified professional valuer. They can properly assess market value, identify precious metals and gemstones, and provide the documentation HMRC expects. This expense is considered a legitimate administration cost that can be paid from the estate.

For a comprehensive overview of our complete probate valuation services beyond jewellery, visit our main probate jewellery valuation page for solicitors and private executors alike.

What is the difference between probate value and insurance value for jewellery?

Probate value represents the open market value – what the item would likely sell for at auction or to a dealer at the date of death. Insurance value, on the other hand, is the replacement cost – what you’d pay to buy a similar item new.

The difference can be substantial. For example, a diamond ring might have an insurance value of £5,000 but a probate value of only £2,000. Using insurance values for probate would significantly overstate the estate’s value and potentially lead to overpaid tax. For probate, you must use the open market value as required by Section 160 of the Inheritance Tax Act 1984.

Who can carry out a probate jewellery valuation?

You should use a qualified jewellery valuer or gemologist, ideally one who belongs to a professional body such as the Institute of Registered Valuers or the Jewellery Valuers Association. Look for credentials like FIRV (Fellow of the Institute of Registered Valuers), RJVA, or gemological qualifications such as FGA or DGA.

Many experienced high-street jewellers offer probate valuation services, as do specialist valuers and auction houses. The key is ensuring they are experienced in determining open market values specifically for probate purposes. HMRC expects valuations to be conducted by qualified professionals who can provide proper documentation.

How much does a probate jewelry valuation cost?

Costs can vary considerably. Traditional UK jewellers typically charge £50-£250 per item for valuations – an expense that can quickly add up for multiple pieces.

Swift Values offers a more economical approach with online valuations from just £25+VAT per item. This remote inspection provides a formal report suitable for probate submission while advising if further assessment is needed. For more comprehensive needs, our in-person service starts at £249+VAT per hour.

This tiered approach not only saves money by avoiding unnecessary formal valuations but also demonstrates to HMRC that you’ve taken “reasonable care” in valuing the estate – an important consideration for executors managing probate.

How long does a jewellery valuation for probate take?

It’s typically quite quick. For online valuations, you might receive results within 1-2 working days after submitting photographs and details. In-person valuations usually take about an hour for an average collection, with the written report following within a week.

The entire process, from booking to receiving documentation, rarely exceeds two weeks for standard collections. However, complicated or rare pieces might require additional research time. It’s best to arrange valuations early in the probate process to avoid delays, especially if you’re approaching deadlines for tax filings or probate application.

Can I sell jewellery before probate is granted?

As executor, you technically have authority to sell jewellery and other chattels before receiving the grant of probate. Unlike property or some financial assets, personal items often don’t require formal proof of ownership when selling.

However, proceed with caution. First, check the will to ensure the items aren’t specifically bequeathed to someone. Second, ensure you’ve documented their value for probate purposes before selling. Most solicitors advise that if you do sell before the grant is issued, keep meticulous records of the sale and ensure proceeds are properly accounted for in the estate.

Remember that while executors derive authority from the will itself, administrators (where there’s no will) only gain authority once Letters of Administration are issued.

What if I can’t find all the jewellery or discover new pieces later?

This happens more often than you might think. If you discover additional jewellery after submitting inheritance tax forms or after probate has been granted, you must inform HMRC by filing a Corrective Account (Form C4) with the new valuation.

The key is transparency—HMRC understands that executors can’t always locate every asset immediately. There’s no penalty for honest corrections, but there could be consequences for deliberate concealment. Keep thorough notes during the estate administration, and if you later find items in forgotten places like safety deposit boxes or tucked away in furniture, promptly update your records and notify the relevant authorities.

Will HMRC accept my jewellery valuations?

If your valuations are conducted by qualified professionals and based on open market values, HMRC will generally accept them without issue. They typically only challenge values that seem questionably low or inconsistent with known information.

HMRC has its own internal valuers and access to specialists who may review high-value items. Having proper documentation from a recognized valuer demonstrates due diligence on your part. This creates a paper trail showing you’ve taken reasonable steps to ensure accuracy.

For added security, keep all valuation reports, photographs and correspondence with valuers. HMRC can query estate valuations for up to 20 years after death, though this rarely happens when appropriate professional valuations have been obtained.

How should I document jewellery for probate?

Keep comprehensive records throughout the valuation process. Retain copies of all professional valuation reports, photographs of each item, and any related correspondence. Make notes on who has possession of items during probate administration.

This documentation serves multiple purposes: it provides evidence for HMRC inquiries (which can occur years after death), helps prevent family disputes over items, and creates a clear audit trail of your actions as executor.

For valuable pieces, consider creating a simple inventory spreadsheet noting description, valuation, location, and eventual disposition of each item. These records should be stored with other important estate documents, as they may be needed long after probate is complete.

Conclusion

Valuing jewellery for probate needn’t be overwhelming. The key is understanding when professional help is needed and ensuring you’re meeting HMRC requirements, particularly for items of significant value.

Remember that probate valuations differ from insurance valuations, and that properly documenting the process is as important as the values themselves. While online valuations offer a cost-effective starting point for many estates, formal in-person assessments remain essential for higher-value collections or when HMRC scrutiny is likely.

By following the guidance outlined above, you’ll be well-equipped to handle this aspect of estate administration with confidence, ensuring both legal compliance and fairness to all beneficiaries. If you’re unsure at any stage, services like Swift Values can provide the expert assistance needed to navigate the process smoothly.

If you need assistance with other aspects of probate valuation? Our comprehensive valuation services offer solutions for all types of estate assets.

Not all jewellery valuations meet HMRC’s strict standards for probate, and choosing the right professional is essential. Informal assessments from friends or gold buyers may seem convenient but can leave an estate vulnerable to challenges.

At Swift Values, our expert jewellery valuers hold top industry qualifications, including FGA, DGA, and the Professional Jewellers Diploma. With over two decades of experience in assessing contemporary and antique jewellery, we provide HMRC-compliant reports that protect executors from potential liabilities.

If you want to save time and ensure a fully compliant probate valuation, our specialists are ready to assist. The following sections outline what to look for in a professional jewellery valuer, what a proper valuation report should include, and the key questions to ask before instructing a valuer.

Why a Qualified Valuer Matters

When handling an estate, HMRC explicitly expects valuations to be carried out by qualified professionals. Their guidance strongly advises executors to “instruct a qualified independent valuer” for assets of material value. This isn’t merely a suggestion – it’s about demonstrating that you’ve taken “reasonable care” with the valuation process.

The consequences of an inadequate valuation can be significant. An incorrect valuation could lead to the underpayment of inheritance tax, potentially resulting in penalties and interest charges for the executor. Conversely, an inflated valuation might cause the estate to pay more tax than necessary, disadvantaging beneficiaries.

While it might be tempting to rely on a family friend with jewellery knowledge or the estimate from a local jeweller or pawnbroker, these informal valuations carry risk. A qualified professional brings methodology, market knowledge, and objectivity that casual assessments simply cannot provide. Their expertise ensures compliance with Section 160 of the Inheritance Tax Act 1984, which requires valuations to reflect the “open market value” of assets.

Key Credentials to Look For

When selecting a jewellery valuer for probate purposes, these professional qualifications and memberships serve as important indicators of expertise and credibility:

Industry Memberships

• Institute of Registered Valuers (IRV) – Run by the National Association of Jewellers, IRV membership requires formal training, examinations, and proven experience. Members use the post-nominal letters MIRV.
• Jewellery Valuers Association (JVA) – An independent body whose members must hold recognised gemmology and valuation qualifications. Registered valuers may use RJVA after their name.
• Society of Fine Art Auctioneers (SOFAA) – For high-value collections, valuers affiliated with auction houses who are SOFAA members often have suitable expertise for probate valuations.

Professional Qualifications

• FGA (Fellow of the Gemmological Association) – Indicates comprehensive gemmological knowledge and training.
• DGA (Diamond Diploma of the Gemmological Association) – Signifies expertise in diamond assessment.

For executors managing complex estates, Swift Values provides expert probate valuation options to suit every situation.

Experience with Probate Valuations

The valuer should explicitly offer “probate valuations” as a service, not just insurance valuations. These methodologies differ significantly – insurance valuations tend to reflect replacement value (typically higher), while probate requires open market value.

A competent probate valuer will:

• Be familiar with Section 160 of the Inheritance Tax Act 1984.
• Understand HMRC’s reporting requirements.
• Have experience producing valuations specifically for estate administration.

Uncertain whether an in-person or online valuation is most appropriate for your jewellery items? Our main jewellery probate valuations page explains the key differences and helps you make an informed choice.

Insurance and Impartiality

• Professional Indemnity Insurance – This protects the estate if a valuation error occurs.
• Independence – The valuer should be impartial with no conflict of interest. Avoid valuers who also offer to purchase the items they’re valuing, as this creates an incentive to provide lower valuations.

A reputable valuer focuses solely on providing an accurate assessment rather than benefiting from subsequent transactions involving the jewellery.

For the executor, who bears personal liability for the correct administration of the estate, a proper valuation offers crucial protection. It provides documented evidence that due diligence was exercised in establishing the value of the estate’s assets – something that becomes invaluable if HMRC ever queries the figures submitted.

Best Practices for a Probate Valuation Report

A properly prepared probate valuation report provides critical documentation for inheritance tax purposes. Here’s what you should expect from a comprehensive, HMRC-compliant jewellery valuation report:

Essential Report Components

• Detailed Item Descriptions – Each significant item over £1,500 should be individually listed with comprehensive details.
• Clear Valuation Basis – The report should explicitly state that values represent “open market value” as required by HMRC for inheritance tax purposes.
• Individual Item Values – Items valued above £1,500 should be listed separately, while lesser-value pieces may be grouped (though still with a collective value assigned).
• Photographic Documentation – Quality photographs of significant items should be included, aiding identification and providing a visual record.
• Professional Presentation – The report should be presented on company letterhead with the valuer’s signature, credentials, and professional membership numbers clearly displayed.
• Date of Valuation – This should be as close as possible to the date of death, ideally stated as “valued as at [date of death].”
• Summary Certificate – Many professional valuers include a certificate or summary page stating the total value of all jewellery items and explicitly referencing that the valuation complies with inheritance tax requirements.

Questions to Ask a Prospective Valuer

Before engaging a jewellery valuer for probate purposes, executors or solicitors should conduct a brief interview to ensure they meet the necessary standards. These key questions will help you assess their suitability:

• “Do you have specific experience with probate valuations for inheritance tax purposes?” – This confirms they understand the distinct requirements for probate as opposed to insurance or retail valuations.
• “What professional qualifications or memberships do you hold?” – Look for the credentials mentioned earlier that demonstrate formal training and adherence to professional standards.
• “Will your report explicitly state open market values and reference that it’s for probate/inheritance tax purposes?” – This ensures the valuation will meet HMRC requirements.
• “How do you charge for your services?” – Some valuers charge by the hour, others per item, or as a percentage of the total value. Knowing this upfront prevents surprises.
• “Do you carry Professional Indemnity Insurance?” – This protection is crucial should any valuation issues arise later.

HMRC Compliance and Legal Considerations

Selecting a qualified jewellery valuer who follows HMRC guidelines provides important protection for executors. This compliance aspect should not be overlooked, as it has significant legal implications.

• HMRC is more likely to accept valuations from recognised experts without challenge. 
• Should HMRC ever question the valuation, having engaged a qualified professional shows that “reasonable care” was taken in administering the estate. 

Conclusion

Choosing the right jewellery valuer is a vital step in the probate process that can make the difference between smooth estate administration and potential complications. A qualified professional brings not just expertise in assessing value, but also an understanding of the specific requirements for inheritance tax purposes.

By selecting a valuer with appropriate credentials, relevant experience, and professional standing, you demonstrate that reasonable care has been taken in fulfilling your responsibilities to both HMRC and the estate’s beneficiaries. The modest investment in a proper valuation provides significant returns: accuracy in tax reporting, protection against penalties, clear documentation for beneficiaries, and ultimately, peace of mind that this aspect of estate administration has been handled properly.

When a loved one passes away, dealing with their estate can be an overwhelming process. Among the many responsibilities that fall to executors, one crucial task is the accurate valuation of assets for probate purposes – including jewellery. Whether it’s a wedding ring, family heirloom, or investment piece, these items must be properly valued to comply with UK inheritance tax regulations and ensure the estate is settled correctly.

Many executors are unaware that jewellery valuation for probate differs significantly from insurance valuations. Using incorrect values can lead to serious consequences, including HMRC investigations, penalties, and family disputes. However, professional assistance is more accessible than many realise – from just £25, executors can have items assessed by a qualified jewellery valuer who can provide clear guidance on next steps, demonstrating that ‘reasonable care’ has been taken while potentially saving money if a more in-depth, in-person valuation proves unnecessary.

This article explores why professional jewellery valuations are essential during the probate process, what risks executors face when valuing items incorrectly, and how expert appraisals protect everyone involved.

The Importance of Accurate Probate Valuations

Executors in the UK have a legal obligation to report the correct value of a deceased person’s assets for inheritance tax (IHT) purposes. Under Section 160 of the Inheritance Tax Act 1984, the value of any property for IHT is defined as “the price which the property might reasonably be expected to fetch if sold in the open market at that time.”

This legal definition is crucial – it means jewellery must be valued at its realistic sale price, typically what it would fetch at auction or if sold to a dealer. This is not the same as an insurance replacement value, which is often higher, nor is it based on sentimental value. Using the correct basis of value is essential, and HMRC now expects true open-market values rather than arbitrary discounts that were sometimes applied historically to “probate valuations.”

What many executors don’t realise is that HMRC explicitly identifies valuations as the “biggest single area of risk” in inheritance tax accounts. For this reason, they strongly advise instructing a qualified independent valuer for assets of material value. With professional valuation services starting from just £25, this essential step is both affordable and accessible.

Professional jewellery valuers ensure compliance with this legal standard by applying their expertise in current market conditions and sale prices. They understand the difference between retail replacement costs (used for insurance) and the actual amounts jewellery would sell for in the open market – a distinction that is critical for probate purposes. Their assessments provide executors with documented evidence that they have taken reasonable care in fulfilling their legal duty to report accurate values to HMRC.

Risks of Getting it Wrong

The consequences of incorrect jewellery valuations in probate can be severe and far-reaching. Many executors don’t realise that HMRC has the authority to revisit an estate’s valuation years after probate has been granted – in fact, HMRC can request evidence and records for up to 20 years after inheritance tax is paid.

If an executor were to estimate a jewellery value and get it wrong, HMRC could later challenge it, leading to significant financial implications. The official public record, The Gazette, cautions that HMRC may “raise a penalty if they consider that the executors have been negligent” in valuing assets. Failing to take reasonable care is not a minor oversight – it can result in substantial financial penalties.

There is concrete evidence of HMRC’s vigilance in this area. Recent data shows that in one period, HMRC investigated over 10,000 probate cases, resulting in an average additional inheritance tax bill of £27,227 per case. More alarmingly, HMRC can impose a fine of up to 100% of any extra tax due for careless or deliberate undervaluation. To put this in perspective, undervaluing jewellery by £25,000 could mean £10,000 more tax owed plus an additional £10,000 penalty – a £20,000 cost to the estate and its beneficiaries.

Even if jewellery values seem modest, the cumulative effect of undervaluation across an estate can trigger investigations. On the other hand, using insurance values (which are typically higher than market values) could result in the estate overpaying inheritance tax unnecessarily, reducing what beneficiaries ultimately receive.

For just £25, executors can have items initially assessed by a professional valuer, who can determine whether a more comprehensive valuation is required. This preliminary step alone demonstrates that reasonable care has been taken and can potentially save the estate from costly penalties while ensuring the correct amount of tax is paid.

Unsure which valuation approach is right for your case? Explore our full range of probate valuation services to find the perfect fit.

Swift Values offers a range of HMRC-compliant probate valuation services beyond jewellery – explore our full selection of jewellery valuation options to ensure your estate administration remains efficient and compliant.

How Professional Valuations Protect Executors and Beneficiaries

By obtaining a professional jewellery valuation, executors establish a powerful safeguard against HMRC challenges and potential personal liability. A qualified valuer provides a detailed written report that itemises each valuable piece, with photographs, descriptions, and the open-market value determined for each item. This documentation serves as robust evidence to HMRC of the care taken in assessing the estate’s assets.

Our jewellery valuers bring exceptional credentials to this process. Each valuation is carried out by a qualified jewellery specialist who is a Fellow of the Gemmological Association (FGA) and holds the Diamond Diploma of America (DGA) qualifications, alongside the Professional Jewellers Diploma. With more than two decades of experience in assessing both contemporary and antique jewellery, our valuers provide expertise that executors simply cannot match on their own.

This professional authentication protects executors by demonstrating they relied on recognised experts, which constitutes a strong defence against any accusation of negligence. Many professional valuers also carry indemnity insurance and adhere to industry standards, further safeguarding against errors.

For beneficiaries, professional valuations ensure transparency and fairness in the distribution of assets. When family members receive jewellery items as part of their inheritance, a professional valuation helps eliminate disputes about whether some beneficiaries received more valuable items than others. This clarity can prevent painful family conflicts during an already difficult time.

Inheritance Tax Calculations and HMRC Compliance

Accurate jewellery valuations are fundamental to correct inheritance tax calculations. The current inheritance tax threshold (nil-rate band) stands at £325,000 per person, with additional allowances in certain circumstances. For estates exceeding this threshold, inheritance tax is typically charged at 40% on the portion above the threshold. In this context, even small variations in valuation can have significant tax implications.

Professional valuations ensure that the estate pays precisely what is due – no more and no less. Using insurance values (which reflect replacement costs rather than market values) can lead to substantial overpayment of inheritance tax. Conversely, undervaluing jewellery can result in underpayment, triggering HMRC investigations and penalties.

HMRC’s own guidance explicitly recommends using qualified independent valuers for significant assets. By following HMRC’s guidance and obtaining professional valuations, executors demonstrate a commitment to compliance that can smooth the probate process.

Conclusion

Professional jewellery valuations are not merely an optional extra in the probate process – they are an essential safeguard that protects executors, beneficiaries, and the integrity of the estate. By ensuring jewellery is valued correctly, executors can avoid the delays, penalties, and conflicts that can arise from incorrect valuations, ultimately honouring the deceased’s estate through proper administration and care.

For expert jewellery valuations that meet HMRC requirements and protect all parties involved in the probate process, contact our team of qualified specialists today.

As an executor handling probate, determining the value of someone’s personal possessions can feel overwhelming. Whether you’re faced with jewellery collections, antique furniture, or everyday household items, knowing what requires formal valuation and what doesn’t is crucial for a smooth probate process.

This guide answers the most common questions we receive about probate valuations. Based on current UK inheritance tax legislation and HMRC requirements, these answers aim to clarify your responsibilities and help you navigate this often complex aspect of estate administration with confidence.

Do I need to get every item valued for probate?

No, you don’t need a professional appraisal for every spoon and sweater. HMRC doesn’t expect this level of detail for modest household goods.

For everyday items of relatively low value, a reasonable estimate is usually sufficient. If the total household contents are modest (under about £1,500 in total), you can use a sensible lump-sum estimate.

However, any individual item of significant value (generally above £500-£1,000) should be looked at more carefully. Items worth over £1,500 should be listed separately on the inheritance tax form with a specific professional valuation.

The key principle is reasonable accuracy: you need to account for everything’s value, but formal valuations are only needed for items that could significantly impact the estate’s total value. If you’re uncertain whether something requires professional assessment, it’s always better to seek advice rather than guess.

Who is qualified to do a probate valuation of personal items?

Different professionals are appropriate depending on the assets in question:

• For property or land, use a RICS chartered surveyor who can provide formal “Red Book” valuations specifically for probate purposes.
• For jewellery, watches, or precious metals, seek a professional valuer with relevant qualifications. At Swift Values, our jewellery specialists hold credentials such as Fellow of the Gemmological Association (FGA) and the Diamond diploma (DGA), alongside the Professional Jewellers Diploma, with decades of experience in assessing both contemporary and antique pieces.
• Auction houses often provide valuation services for paintings, antiques, or collectibles, though their primary interest is usually in selling items.

The crucial factor is that whoever provides the valuation gives an “open market value” and ideally a written report stating it’s for inheritance tax purposes. Professional valuers should specifically reference Section 160 of the Inheritance Tax Act 1984 to demonstrate HMRC compliance.

Swift Values can help executors determine what needs formal valuation from just £25+VAT for individual items. This initial assessment can save considerable time and expense by identifying which items require more comprehensive valuation and which don’t – a key part of our risk management service for executors.

Choose valuers with specific experience in probate valuations who understand HMRC requirements, including not reducing values for quick-sale scenarios. The valuer should be independent — not someone interested in purchasing the items themselves.

What if I can’t find or access some assets (e.g. jewellery in a safety deposit box)?

As an executor, you’re responsible for making reasonable efforts to locate and value all assets. If certain items are mentioned in a will or insurance documents but aren’t immediately accessible, you need to take appropriate steps.

For items in a safety deposit box, the bank will typically allow access once you provide the death certificate and proof of your executor status. They’ll usually cooperate in releasing these items for valuation purposes.

If items are genuinely missing—perhaps lost, stolen, or given away before death—document your search efforts. Check with family members who might have information, look through the deceased’s records, and make notes of your investigations.

HMRC expects due diligence but won’t penalise you for assets that genuinely cannot be found, as long as you’ve been transparent about the situation. If you later discover an item was gifted before death, this might still need to be included in the estate value (depending on timing and circumstances).

The key is to be thorough and maintain clear records of your efforts. If you’re uncertain about an item’s whereabouts, note this on the relevant forms rather than making assumptions or omissions.

Can I use a recent insurance valuation for probate?

No, you shouldn’t use an insurance valuation directly for probate purposes. Insurance valuations and probate valuations serve different purposes and typically result in different figures.

Insurance valuations reflect replacement costs — what it would cost to buy the item new. Probate requires the “open market value” — what the item would realistically sell for in its current condition.

For example, a ring might be insured for £10,000 (its retail replacement value), but its probate value might only be £5,000 (what you’d realistically get selling it second-hand).

Using an insurance valuation for probate could lead to paying excessive inheritance tax. Conversely, deliberately undervaluing items could result in penalties from HMRC.

If you have a recent insurance valuation, you can provide this to your probate valuer as a reference point. It contains useful details about the item but the valuer will still need to determine the appropriate market value for probate.

How long does a probate valuation take, and when should I do it?

Probate valuations should be arranged early in the estate administration process, as you’ll need accurate values before you can complete inheritance tax forms and apply for the Grant of Probate.

For most estates, professional valuations can be completed within 2-4 weeks, though this depends on the complexity of the estate and the availability of valuers. Simple household contents can often be assessed quickly, while specialist collections might take longer.

At Swift Values, we aim to provide prompt service, with most in-person valuations completed within an hour and reports delivered within days. Our online valuation services can provide initial assessments even more rapidly, helping executors determine which items require more detailed attention.

You don’t need to wait for the Grant of Probate to arrange valuations—as the named executor, you already have authority to gather this information. In fact, it’s advisable to start the valuation process as soon as possible after death, as HMRC requires inheritance tax payment by the end of the sixth month after death in many cases.

If you’re concerned about timeline pressure, remember that provisional valuations can be submitted and revised later if necessary, though it’s always preferable to get accurate figures from the start to avoid complications.

For taxable estates particularly, engaging professional valuers early can prevent delays in the overall probate process and help ensure compliance with HMRC deadlines.

Conclusion

Handling probate valuations might seem daunting, but with the right information and professional support, you can navigate this process with confidence. The key principles to remember are thoroughness, accuracy, and transparency.

Professional valuations not only ensure HMRC compliance but also provide peace of mind that you’re fulfilling your duties as an executor properly. Whether dealing with everyday household items or valuable collections, understanding what requires formal valuation and what doesn’t helps streamline the probate process.

At Swift Values, we’re committed to making estate administration simpler for executors through our range of valuation services. From initial £25 assessments of individual items to comprehensive in-person valuations for entire estates, our HMRC-compliant approach helps manage risk while ensuring fair treatment for beneficiaries.

Looking for guidance on valuing other estate assets? Our main valuation page provides all the information you need to proceed efficiently.

Remember that while this guide provides general information, each estate is unique, and specific circumstances may require tailored professional advice.

Valuing personal possessions for probate is one of the most challenging aspects of managing a loved one’s estate. As an executor, you are legally responsible for accurately reporting the value of everything from furniture and jewellery to collectibles and household items.

Getting these valuations wrong doesn’t just risk problems with HMRC – who specifically target undervalued estates for investigation – but can also spark family disputes and potentially leave you personally liable for any shortfalls. With HMRC reporting that undervalued or omitted assets are among the most common reasons for inheritance tax penalties, understanding the pitfalls is essential.

This guide explores the five most common mistakes executors make when valuing personal items for probate and how you can avoid them to ensure a smooth, compliant process that protects both the estate and yourself.

Mistake 1: Undervaluing or Overlooking Assets

One of the most common errors executors make is assuming that personal belongings have little value and either omitting them entirely or listing them with token amounts. It’s remarkably easy to write “Household contents – £500” without properly checking individual items, only to discover later that a seemingly ordinary painting, piece of jewellery or collection holds significant value.

HMRC is well aware of this tendency. They specifically report that one of the most common reasons for inheritance tax penalties is that “assets are undervalued or even omitted entirely” from estate returns. What might seem like a harmless oversight can be interpreted as a lack of due diligence or, in the worst cases, deliberate concealment.

Consider these real-world examples:

• An old watch gathering dust in a drawer turning out to be a vintage timepiece worth thousands.
• A collection of “ordinary” books containing rare first editions.
• Costume jewellery that includes genuine vintage pieces.
• Furniture dismissed as “old-fashioned” that’s actually valuable mid-century design.

To avoid this mistake, conduct a thorough room-by-room inventory, documenting everything regardless of perceived value. Take photographs of all items, even those that appear to be “junk.” If you’re genuinely uncertain about an item’s worth, consult a professional valuer – the small cost of an appraisal is insignificant compared to potential HMRC penalties or family disputes over undervalued items.

Remember, it’s perfectly acceptable if the contents are genuinely minimal in value – but you need to be able to demonstrate you’ve exercised proper care in reaching that conclusion.

Mistake 2: Confusing Insurance Value with Probate Value

A surprisingly common error is using the wrong valuation method altogether. Many executors mistakenly use insurance valuations, purchase prices, or sentimental estimations rather than the correct open market value required for probate.

Insurance valuations are typically much higher than an item’s actual resale value – they represent replacement cost for new equivalents. For example, jewellery insured for £5,000 might only fetch £2,000-£3,000 if sold. Using insurance values can artificially inflate the estate’s worth, potentially resulting in unnecessary inheritance tax.

Conversely, some executors use very low “scrap” values (such as the gold melt price for jewellery), which can significantly undervalue items that have collectible, design, or artistic merit beyond their raw materials.

The correct approach for probate is to use open market value – what the item would realistically sell for in its current condition. This is neither the replacement cost nor a fire-sale price, but a fair market price if sold without undue haste.

It’s worth noting that the historical notion of a special “probate value” (often calculated as 10% less than market value) is outdated. HMRC now expects the full market price without arbitrary discounts. Using the wrong valuation approach can either lead to overpaying tax or risking penalties for undervaluation.

To avoid this mistake, ensure your valuations specifically determine the current market sale value. If you only have insurance documentation, don’t simply copy those figures – consult a probate valuation specialist who understands the distinct requirements for inheritance tax purposes.

Mistake 3: Not Getting Professional Valuations for High-Value Items

It’s tempting to save on fees by attempting DIY valuations using eBay listings, online research, or educated guesses. However, for significant items, failing to get professional valuations can be a costly error.

HMRC expects executors to seek expert valuations for anything that isn’t straightforward or potentially valuable. If an estate is later found to be undervalued, claiming you “didn’t know the value” won’t protect you – HMRC considers whether you took reasonable care in your duties as executor.

Not obtaining professional valuations for valuable property or unique items may be interpreted as failing to take reasonable care. This is particularly important for:

• Jewellery and watches
• Art and antiques
• Collectibles and memorabilia
• Specialist equipment or collections
• High-end furniture or design pieces

Professional valuers provide several crucial advantages:

• They offer written documentation that serves as evidence if HMRC questions your figures.
• They can spot valuable items you might overlook – for instance, recognising that a vintage watch’s value depends on tiny details only an expert would notice.
• They understand current market conditions and specialist sales channels that might affect values.

This mistake applies to property as well – casual estate agent valuations are often insufficient for HMRC purposes, which typically requires formal RICS “Red Book” valuations for real estate.

The bottom line: investing in professional valuations for potentially valuable items provides protection against HMRC challenges and demonstrates you’ve fulfilled your duty of care as an executor.

Swift Values offers tailored probate valuation solutions that help executors navigate estate administration with confidence.

Mistake 4: Poor Documentation & Record-Keeping

A surprisingly common error is failing to maintain a clear paper trail throughout the valuation process. Consider the scenario where an executor gets items professionally valued but then loses the paperwork, or verbally agrees on values with a dealer but has nothing in writing. If HMRC inquires months later, there’s no evidence to support the declared values.

Similarly, disposing of items before properly documenting them can create significant problems. For example, arranging a house clearance before photographing contents might seem efficient, but if HMRC later questions the “miscellaneous contents” valuation, the executor will struggle to recall or justify the reported figures.

To avoid this mistake:

• Keep copies of all professional valuations.
• Take clear photographs of rooms and valuable items before anything is moved or sold.
• Create a detailed inventory list, even for modest-value items.
• Retain receipts from any sales of estate items.
• Document conversations with valuation professionals.

Even for items of seemingly minimal value, solicitors recommend taking photographs before disposal in case supporting details are requested later. This thorough approach provides confidence if questioned and demonstrates your diligence as an executor.

Mistake 5: Ignoring Gifts and Other Includable Assets

A crucial but often overlooked aspect of probate valuation is that it’s not limited to what’s physically present in the estate at the time of death. Certain lifetime gifts and transfers must also be included.

HMRC’s “7-year rule” means significant gifts made within seven years before death should be included in inheritance tax calculations.

Other commonly missed includable assets are:

• Loans that were forgiven by the deceased.
• Digital assets with monetary value.
• Collections sold late in life with proceeds given away.
• Joint assets passing by survivorship.

To avoid this mistake, look beyond what’s immediately visible. Review bank statements, speak with family members, and check digital accounts.

Conclusion

By avoiding these five common mistakes, you’ll significantly reduce the risk of problems with HMRC, family disputes, and personal liability.

If you’re feeling overwhelmed, seeking professional advice from a probate valuation specialist, solicitor, or accountant can provide peace of mind. The modest cost of professional assistance is insignificant compared to the potential consequences of serious valuation errors.

Managing a loved one’s estate is already emotionally challenging – don’t let valuation mistakes add unnecessary stress to the process. With careful attention to detail and appropriate professional support, you can fulfil your duties as executor confidently and correctly.

When someone dies, their estate must be valued for probate and inheritance tax purposes. This includes all personal possessions – known legally as chattels – from furniture and jewellery to art and collectables. For inheritance tax purposes, HMRC requires accurate valuations based on current market value, as defined by Section 160 of the Inheritance Tax Act 1984.

Any individual items worth £1,500 or more must be listed separately on the inheritance tax forms. This threshold is particularly important as HMRC may scrutinise higher-value items more closely, making accurate valuations crucial for executors managing the probate process.

What Needs to be Valued?

Market value means the price an item might reasonably fetch if sold on the open market. This includes antiques, works of art, collections, jewellery, and other valuable personal possessions. Importantly, HMRC specifically states that insurance valuations are not acceptable, as these often reflect replacement values rather than market prices.

Items requiring detailed attention include:

• Individual pieces of jewellery worth £1,500 or more
• Antique furniture and decorative arts
• Paintings, sculptures and artwork
• Collections (stamps, coins, medals, wines)
• Valuable books and manuscripts
• Watches and timepieces
• Silver and precious metals

For probate purposes, you’ll need supporting documentation for your valuations. This should include photographs, any existing certificates or provenance documents, and professional valuations where appropriate. HMRC may accept auction sales after death as evidence of value, though market movements between death and sale dates may need to be considered.

Initial Steps in Identifying and Documenting Antiques

Before diving into detailed valuations, you’ll need to identify what you have. Modern technology has made this initial step much easier. Google Lens, available through your smartphone camera, can be a useful starting point – simply take a photo of an item, and the app will search for similar pieces online. While not definitive, it can help identify styles, makers and periods.

When photographing items, follow these essential steps:

• Capture the whole item from multiple angles
• Photograph any marks, signatures or labels
• Take clear shots of any damage or repairs
• Include close-ups of distinctive features
• Place a ruler in shot for scale
• Ensure lighting shows true colours
• Take photos of sets both together and individually

Look for maker’s marks on furniture – these are often found on drawers, backs, or bases. With ceramics and glass, check bases and rims for factory marks. For artwork, look for signatures and gallery labels on the reverse.

Keep detailed notes about each item, including:

• Measurements and condition
• Any family history or provenance
• Previous valuations or receipts
• Any documentation from galleries or dealers
• Details about previous restorations

This groundwork will prove invaluable whether you proceed with self-valuation or seek professional assistance.

As you can probably already tell, when handling probate for any estate, getting accurate valuations is crucial – learn more about our HMRC-compliant valuation options for peace of mind.

Using Online Resources for Antique Valuation

Several online platforms can help establish values at the date of death, which is crucial as Section 160 requires the value to reflect market conditions on that specific date.

eBay’s completed sales feature can show transaction prices, but ensure you only look at sales from around the date of death. Use the advanced search to filter by date range. Remember that eBay prices often reflect retail values rather than auction estimates.

The-saleroom.com’s auction results are particularly valuable as you can search by specific time periods. Focus on sales that occurred closest to the date of death, as these provide the most relevant evidence of market value at that time.

Barnebys and Invaluable both allow you to view historical auction results. This is especially useful for establishing values from a specific point in time, helping executors comply with HMRC’s requirement for date-of-death valuations.

For fine art, Artprice’s database can show market conditions at specific points in time – crucial given recent market volatility.

When using these platforms, remember:

• Focus on sales from around the date of death
• Look for multiple examples where possible
• Account for condition differences
• Consider regional variations
• Note that post-death sales may need adjusting if the market has shifted significantly

Risks of Self-Valuation

Valuing antiques for probate carries significant risks. Since 2022, many collecting categories have seen substantial market changes – for instance, certain areas of the art market have declined considerably, while others have strengthened. Without professional expertise, it’s challenging to interpret these shifts accurately.

Executors carry personal liability for the accuracy of probate valuations. HMRC can challenge values up to 20 years after probate, potentially leading to additional tax payments and penalties. Additionally, standard home insurance often doesn’t cover valuable antiques during the probate period, creating additional risk.

When to Seek Professional Help

Professional valuers maintain current market knowledge and understand HMRC’s specific requirements. For estates likely to attract inheritance tax, professional valuations provide crucial protection against future challenges.

Swift Values makes professional valuations accessible at every level. 

Our £25+VAT individual item assessment service is perfect for quickly checking if items need more detailed valuation – ideal for solicitors and executors wanting initial guidance. 

For full household contents, our online service starts from £99+VAT, offering quick, expert assessments based on your photographs. 

For more complex estates, our comprehensive in-person service (from £249+VAT per hour) provides thorough documentation and peace of mind.

Why take unnecessary risks with probate valuations? Our experienced team has valued thousands of items and understands exactly what HMRC requires. Every valuation is backed by professional indemnity insurance, transferring the risk away from executors and ensuring compliance with Section 160 requirements.

Getting started is simple – whether you need a quick check on a single item or a full estate valuation. Upload photos for an online valuation through our secure portal at portal.swiftvalues.co.uk/login, email us at enquiries@swiftvalues.co.uk, or call 0330 088 4099 for a friendly discussion about your needs. Let us handle the complexity while you focus on managing the estate.

When managing a loved one’s estate, you’ll quickly discover that the same items can have dramatically different values depending on the context. This is particularly true when comparing probate valuations with insurance valuations – a distinction that can significantly impact both inheritance tax obligations and insurance coverage.

As an executor handling probate, understanding the difference between these two types of valuations is crucial. The figure you submit to HMRC for inheritance tax purposes should be based on probate value (open market value), not insurance value (replacement cost). Confusing these can lead to overpaying inheritance tax or potentially facing scrutiny from HMRC.

This guide explains the key differences between probate and insurance valuations, helping you navigate the probate process with confidence while ensuring you fulfil your responsibilities correctly.

What Is a Probate Valuation?

A probate valuation represents the open market value of an item at the date of death. This is defined in Section 160 of the Inheritance Tax Act 1984 as “the price the item might reasonably be expected to fetch if sold in the open market at that time.”

In practical terms, this means determining what someone would realistically pay for the item in its current condition if it were sold – perhaps at auction, to a dealer, or to a private buyer. This value typically reflects:

• The item’s second-hand or resale value
• Current market demand and condition
• No sentimental value or retail markup
• What the estate could actually receive in cash if the item were sold

Probate valuations are essential for inheritance tax calculations, where accuracy matters. HMRC requires executors to provide reasonable estimates of all estate assets, and they may investigate if values appear questionable.

For many items, particularly those of significant value like jewellery, antiques, or artwork, a professional probate valuation provides peace of mind. Our initial £25 online valuation service can quickly determine whether items require more detailed assessment, helping executors manage both risk and cost effectively while demonstrating reasonable care to HMRC.

Remember that probate values differ from what you might see on an insurance document or what you paid for an item originally. This difference exists for good reason – and understanding it can potentially save the estate money.

What Is an Insurance Valuation?

An insurance valuation represents the replacement cost of an item if it were lost, stolen or damaged. Unlike a probate valuation, it focuses on what you would need to pay to acquire an equivalent item today, rather than what you could sell it for.

Insurance valuations typically include:

• The retail price of purchasing a similar new item
• VAT and any applicable sales taxes
• For unique or antique items, the cost to commission or source a comparable piece
• A premium to account for potential market fluctuations before replacement

These valuations are designed to ensure that if you make an insurance claim, you receive sufficient compensation to replace the item without additional out-of-pocket expenses. They’re forward-looking and protective in nature, unlike the present market reality focus of probate valuations.

Insurance valuations are typically documented in detail, with comprehensive descriptions, photographs, and sometimes even certificates of authenticity. Insurers recommend updating these valuations regularly – often every 3-5 years for items like jewellery – as market values can change significantly over time due to factors like precious metal price fluctuations or shifting collector interests.

For someone dealing with probate, it’s important to understand that any insurance valuations found among the deceased’s papers, while informative, cannot simply be copied onto inheritance tax forms. They represent a different type of value altogether.

Managing an estate requires careful attention to detail – discover how our professional valuation services can simplify the process.

Key Differences Between Valuations

Understanding the distinctions between probate and insurance valuations helps executors make informed decisions and avoid costly mistakes. Here are the fundamental differences:

Purpose
Probate valuations determine inheritance tax liability, providing HMRC with accurate open market values at the date of death. Insurance valuations, by contrast, ensure adequate coverage to replace items if they’re lost, damaged or stolen.

Value Level
Probate values are typically lower than insurance values for the same item – sometimes significantly so. For example, a vintage watch might have a probate value of £1,000 (what you could sell it for) but an insurance value of £3,500 (what you’d pay to replace it).

Methodology
Probate valuations assess current market conditions, the item’s age and condition, and what a willing buyer would actually pay. Insurance valuations look at retail replacement costs, including VAT, sourcing costs, and sometimes a premium for finding equivalent rare or unique items.

Documentation Standards
Probate valuations must comply with HMRC guidelines.  At Swift Values, both our online valuations and in person valuations are 100% HMRC compliant. Insurance valuations follow industry-specific standards, like those from the Institute of Registered Valuers for jewellery, focusing on detailed descriptions to validate future claims.

Professional Requirements
For significant items, both valuation types should be conducted by qualified professionals, but their expertise may differ. Probate valuers focus on current market analysis, while insurance valuers specialise in replacement costs and detailed documentation for claims processes.

The difference between open market value and insurance value becomes particularly important when dealing with valuable collections, antiques, or family heirlooms where the gap between selling price and replacement cost can be substantial.

Why Probate Values Are Typically Lower

Probate valuations almost always come in lower than insurance valuations, but understanding why helps executors explain this difference to beneficiaries who might question the figures.

The fundamental reason is simple: probate values reflect what you could sell an item for today, while insurance values reflect what you would pay to replace it. This difference creates a gap that can be substantial:

Retail Markup
When you buy new items, particularly jewellery or watches, there’s often a significant retail markup. A ring that costs £5,000 in a shop might only fetch £2,500-£3,000 if sold second-hand, even in perfect condition. This retail markup is included in insurance valuations but not in probate valuations.

VAT and Taxes
Insurance valuations typically include VAT (currently 20% in the UK) and other applicable taxes, as these would be part of replacement costs. Probate valuations generally exclude these taxes, focusing on the net amount the estate would receive.

Condition and Age
Used items, even those in excellent condition, typically sell for less than new equivalents. Probate valuations account for wear and tear, age, and depreciation, while insurance valuations often offer “new for old” replacement.

Commission and Selling Costs
If an item were sold at auction, the seller would pay commission fees. While probate valuations reflect the gross sale price before these deductions, the reality of selling costs still influences market values.

Real-world examples illustrate these differences clearly:

• A painting might be valued at £2,000 for probate but £4,000 for insurance
• Antique furniture might have a probate value 40-80% lower than its insurance value
• Jewellery often shows the largest disparity, sometimes with insurance values double the probate figures

This consistent pattern explains why executors shouldn’t simply use insurance documents for probate purposes, even when they’re readily available. Doing so could result in unnecessarily high inheritance tax bills.

Risks of Using the Wrong Valuation

Using the incorrect valuation type during probate can have serious financial consequences for the estate and potentially for you as an executor. Here are the key risks:

Overpaying Inheritance Tax
If you use insurance valuations (which are typically higher) for probate purposes, the estate could pay significantly more inheritance tax than necessary. With inheritance tax at 40% above the threshold, this mistake could cost thousands of pounds. For example, if jewellery is valued at £10,000 for insurance but has a true probate value of £5,000, using the insurance figure could result in an unnecessary £2,000 tax payment.

HMRC Scrutiny and Penalties
Conversely, deliberately understating values can attract HMRC’s attention. If values appear suspiciously low, HMRC might deploy their District Valuer or other experts to investigate. This can lead to not only the correct tax being applied, but potential penalties and interest on the underpaid amount.

Insurance Coverage Gaps
If the situation is reversed and probate valuations are used for insurance purposes, items may be significantly underinsured. Should loss or theft occur, the insurance payout would be insufficient to replace the items, leaving the beneficiary to cover the shortfall.

Professional Liability Concerns
For solicitors and professional executors, using the wrong valuation type could constitute negligence, potentially leading to claims if beneficiaries suffer financial loss as a result.

Our online valuation service can help identify potential issues early in the probate process. By uploading photos and any existing insurance valuations, our experts can provide an accurate probate valuation remotely for just £25 per item. This approach helps demonstrate reasonable care to HMRC while potentially saving the estate significant tax through proper valuation.

Remember that HMRC expects honest, accurate open-market valuations – neither artificially inflated nor deliberately reduced. Professional valuations provide evidence that you’ve taken reasonable steps to determine the correct values.

When to Use Each Type of Valuation

Knowing when to use each type of valuation ensures you’re protected financially and complying with legal requirements.

Timing for Probate Valuations:

• When someone dies and you’re administering their estate
• Before submitting inheritance tax forms (IHT400/IHT205)
• When preparing for probate application
• If HMRC questions values in an estate

Timing for Insurance Valuations:

• When insuring valuable items during your lifetime
• After inheriting valuable items you wish to keep
• Periodically (every 3-5 years) to update coverage as values change
• After significant market shifts that might affect replacement costs

Value Thresholds: For modest estates with few valuables, formal probate valuations might not be necessary for every item. However, for items worth over £1,500 individually or collections that collectively exceed that amount, professional valuations become increasingly important.

Our £25 online valuation service offers an excellent starting point for executors. By submitting photographs and descriptions, you can quickly determine whether items require more detailed assessment. For many standard household contents, this initial assessment provides sufficient documentation for probate purposes, saving time and expense. For items showing significant value, we’ll recommend whether an in-person valuation would be beneficial, ensuring you’re not paying for services you don’t need while still meeting your obligations to HMRC.

This approach offers executors a practical balance between managing costs and demonstrating reasonable care in valuing the estate – particularly important when dealing with jewellery, collectibles, or antiques where values can be difficult to determine without professional expertise.

Conclusion

Understanding the difference between probate and insurance valuations is crucial for executors managing an estate through the probate process. Using the correct valuation type not only ensures compliance with HMRC requirements but can potentially save the estate significant sums in inheritance tax.

Remember that probate valuations reflect what items would sell for on the open market at the date of death, while insurance valuations represent replacement costs. This fundamental difference means probate values are typically lower – sometimes substantially so – than insurance figures for the same items.

For executors, starting with our £25 online valuation service offers a cost-effective way to determine accurate probate values and identify which items might require more detailed assessment. By uploading photos and any existing insurance documents, you can receive expert guidance quickly, helping you navigate probate with confidence while demonstrating reasonable care to HMRC.

Whether you’re dealing with jewellery, artwork, antiques or general household contents, obtaining proper probate valuations represents an important step in fulfilling your responsibilities as an executor while protecting the financial interests of all beneficiaries.

When someone passes away, dealing with their estate involves numerous legal processes – one of the most important being the accurate valuation of their possessions for probate. Jewellery often represents not just monetary value, but deep sentimental significance as well. However, from a legal perspective, it’s the financial value that matters to HM Revenue & Customs.

For executors handling probate themselves, understanding the correct approach to jewellery valuation is crucial. Under UK law, all assets must be valued at their open market value at the date of death – and failing to do so accurately can lead to complications, delays and potentially significant penalties from HMRC.

This guide walks you through the essential steps for valuing jewellery during probate, helping you fulfil your legal responsibilities as an executor while ensuring the estate pays no more (and no less) inheritance tax than necessary. Whether you’re dealing with family heirlooms, antique pieces or modern jewellery collections, these straightforward steps will help you navigate this often complex process with confidence.

To learn all about the jewellery valuation services we offer, starting at just £25, read our guide to jewellery probate valuations here.

Understanding Probate Valuation Requirements

When valuing jewellery for probate, you need to understand the specific legal framework that governs this process in the UK. All assets must be valued at their “open market value” as of the date of death – this is explicitly defined in Section 160 of the Inheritance Tax Act 1984.

But what does “open market value” actually mean? It’s the price the jewellery would reasonably fetch if sold on the open market at that time – not what it was purchased for, not what it’s insured for, and not what it might cost to replace. For jewellery, this typically means what it would sell for at auction or to a dealer, which is often considerably lower than retail prices or insurance valuations.

HMRC has specific requirements about how jewellery should be reported. Any individual piece worth over £1,500 must be listed separately on the inheritance tax return (IHT400 form). If the total value of all household and personal goods is relatively low (under approximately £1,500), a reasonable estimate can be used without formal appraisal. However, for more valuable estates requiring the full IHT400, you’ll need to complete Schedule IHT407 for household and personal items, including detailed jewellery listings.

It’s important to note that HMRC expects executors to take “reasonable care” in valuations. For significant assets, this means obtaining professional valuations. If HMRC later determines that items were undervalued, they can impose penalties of up to 100% of the additional tax owed – making accuracy not just good practice, but financially prudent as well.

Alongside jewellery assessments, we offer complete probate valuation solutions for all estate items, from household contents to collectables.  So no matter what you are dealing with, we can help.

Step 1: Collect and Document All Jewellery

The first crucial step in valuing jewellery for probate is to gather every piece that belonged to the deceased. This might seem straightforward, but jewellery can be stored in various locations, and missing items could lead to complications later.

Begin by checking obvious places like jewellery boxes, dressing tables and bedside drawers. Then expand your search to less obvious locations – safes, safety deposit boxes at banks, or items that might be with family members for safekeeping. Review any home insurance documents, which often list valuable pieces separately, and check if there’s a will that specifically mentions certain jewellery items.

As you collect each piece, create a preliminary inventory. Take clear photographs of each item from multiple angles, noting any distinctive features, hallmarks, maker’s marks or inscriptions. This photographic record serves two important purposes: it provides documentation for your records and can be useful if there are any discrepancies later.

It’s vital to keep all jewellery in its original condition. Don’t clean, polish or alter the items in any way before valuation, as patina, wear patterns and original condition can provide valuable information to professional valuers about age, authenticity and value. If any items appear to be missing compared to what you expected or what’s listed in documentation, make note of this as well – you may need to demonstrate to HMRC that you made reasonable efforts to locate everything.

If you’re managing probate for a large collection of jewellery, our complete jewellery probate valuation service guide provides all the information you need in one place.

Step 2: Assess Your Valuation Needs

Not all jewellery collections require the same approach to valuation. This step involves determining whether you need professional valuation services or if reasonable estimates might suffice.

For smaller estates with jewellery of modest value, HMRC accepts reasonable estimates. If the total value of all household and personal goods is likely under £1,500, and no individual piece appears particularly valuable, you might not need a formal valuation. However, making this assessment accurately requires some knowledge of jewellery values—something many executors lack.

Our £25 online valuations provide an excellent way to determine your actual valuation needs. This affordable service not only gives you a professional opinion from qualified gemmologists but can potentially save you hundreds of pounds on unnecessary in-person valuations if they’re not required. You’ll receive clear guidance on next steps if more comprehensive valuation is needed, while demonstrating to HMRC that you’ve taken reasonable care in your executor duties. All that is needed is a few images and you can start your valuation here.

For taxable estates (those above the inheritance tax threshold), professional valuations become essential. HMRC scrutinises these estates more closely, and using professional valuers demonstrates you’ve taken “reasonable care” in fulfilling your executor duties. Remember, if any individual piece is worth over £1,500, it must be itemised separately on inheritance tax forms.

Consider these risk factors when deciding:

• Is the estate likely to be taxable?
• Are there any pieces that appear valuable (precious metals, gemstones, designer pieces)?
• Do any items have potential historical or artistic significance?
• Would you be confident explaining your valuation method to HMRC if questioned?

Even for seemingly modest collections, it’s worth remembering that what appears to be costume jewellery can sometimes be valuable. There are numerous cases where executors have mistaken precious metals and gemstones for inexpensive materials. When in doubt, it’s always safer to seek professional assessment, as the cost of valuation is usually modest compared to the potential tax implications of significant undervaluation.

Step 3: Professional Valuation Options

When it comes to getting jewellery professionally valued for probate, executors have several options to consider based on the estate’s circumstances and requirements.

Professional jewellery valuers should have relevant qualifications and significant experience in assessing jewellery. The most relevant credentials for jewellery valuation include qualifications from the Gemmological Association (FGA), Diamond diplomas (DGA), and Professional Jewellers Diplomas. These specialised qualifications ensure the valuer has expert knowledge of gemstones, precious metals and jewellery construction – essential for accurate probate valuations that will be accepted by HMRC.

At Swift Values, all jewellery valuations are carried out by qualified specialists with extensive experience in both contemporary and antique jewellery assessment. A typical valuer holds the Fellow of the Gemmological Association (FGA) qualification, Diamond diploma (DGA), and Professional Jewellers Diploma, backed by decades of practical experience in the field.

The valuation approach you choose may depend on several factors, including the estimated value of the collection, time constraints, geographical location, and whether the estate is likely to face HMRC scrutiny. Some estates benefit from comprehensive in-person assessments, while others might be suited to more streamlined remote valuation services.

Whatever option you choose, ensure the valuer understands that the valuation is specifically for probate purposes and needs to reflect open market value in accordance with HMRC requirements. The right professional can guide you through this process while helping you fulfil your executor duties appropriately.

You can learn about our in person and online valuations (from just £25) here.

Step 4: The Valuation Process Explained

Understanding what happens during a professional jewellery valuation can help executors prepare properly and know what to expect from the process.

For in-person valuations, the jewellery specialist will examine each piece carefully, often using specialised equipment like loupes, microscopes, and gemstone testing tools. They’ll assess the materials (identifying precious metals and gemstones), craftsmanship, age, condition, and any designer or maker’s marks. This thorough examination allows them to determine the open market value – what the item would likely sell for if offered on the market at the time of death.

Online valuations provide an excellent starting point if you’re unsure about the value of items in the estate. At just £25 per item, these assessments offer a cost-effective way to demonstrate “reasonable care” to HMRC while helping you determine if a more comprehensive in-person valuation is actually necessary. This approach not only satisfies your legal obligations but potentially saves you money by avoiding unnecessary expenses on in-person valuations for items that don’t warrant them.

Following any assessment, you’ll receive a formal valuation report that typically includes:

• Detailed descriptions of each significant piece
• Clear photographs documenting the items
• The open market value for each item as of the date of death
• An explanation of how values were determined
• Confirmation that the valuation complies with HMRC requirements

Most professional valuations are completed within a week, though timeframes vary depending on the size and complexity of the collection. The documentation provided will serve as evidence for probate applications and should be retained in case HMRC requests further information about how the values were determined.

This formal documentation demonstrates that you’ve taken “reasonable care” as an executor and provides a solid foundation for completing the necessary inheritance tax forms accurately.

Step 5: Using Valuations in Probate Applications

Once you have your professional jewellery valuations in hand, the next step is incorporating this information correctly into the probate application process.

For estates below the inheritance tax threshold, you’ll need to include the total value of personal possessions (including jewellery) on the probate application form. While you won’t need to submit the detailed valuation reports with your application, keep them safely filed in case of future queries.

For estates that exceed the inheritance tax threshold, more detailed reporting is required. You’ll need to complete the full inheritance tax form (IHT400) along with the supplementary form IHT407 for household and personal goods. On the IHT407, any jewellery items valued over £1,500 must be individually listed with their specific values. Items worth less can be grouped together.

When submitting these forms, remember:

• Use the exact values provided in your professional valuation report
• Include the valuer’s details when prompted on the forms
• Attach copies of the valuation reports if submitting a paper application
• Keep original valuation documents in your records

HMRC may review valuations, particularly for higher-value estates. In some cases, they might request additional information or even commission their own valuation. Having professional documentation from a qualified jewellery specialist significantly reduces the likelihood of challenges.

It’s worth noting that HMRC can cross-reference information from various sources, including bank statements that might show substantial jewellery purchases. This is another reason why professional, accurate valuations are essential – they demonstrate transparency and good faith in your role as executor.

The values established through this process will also be important when distributing the estate or if items need to be sold to cover inheritance tax liabilities, ensuring fairness to all beneficiaries.

Conclusion

Obtaining accurate jewellery valuations for probate may seem like just one more task on a long list of executor duties, but it’s an area where attention to detail truly matters. By following the steps outlined in this guide, you can navigate this process with confidence while fulfilling your legal obligations.

Proper valuation ensures the estate pays the correct amount of inheritance tax – not too much and not too little. It provides clarity for beneficiaries about the true value of what they’re receiving and offers protection for executors by demonstrating they’ve taken reasonable care in administering the estate.

Our online valuations at just £25 per item represent an excellent way to demonstrate “reasonable care” to HMRC while potentially saving you hundreds of pounds in unnecessary in-person valuation fees. This initial assessment helps determine whether items truly warrant the more comprehensive approach, ensuring you’re only paying for the level of service the estate actually needs.

As you work through the probate process, keep in mind that our experienced, qualified jewellery specialists are available to provide guidance at every stage. Whether you need online assessments to determine if items warrant further valuation or comprehensive in-person services for valuable collections, we’re here to help you handle the estate with the care and diligence it deserves.

Ready to get started? Book your jewellery valuation today here or contact our team at enquiries@swiftvalues.co.uk or 0330 088 4099 for more information.

When managing an estate, executors and solicitors face numerous challenges. While many assets like pensions, investments and properties have readily accessible valuations, the task of valuing personal belongings – known legally as chattels – can be particularly daunting.

The Insurance Value Trap

Many turn to insurance valuations as a starting point, but this can lead to substantial overvaluation. Insurance values reflect replacement costs – the amount needed to purchase brand new items at current retail prices. This approach, while appropriate for insurance purposes, isn’t what is required for probate.

Understanding HMRC Requirements

HMRC’s guidance is clear but often misunderstood. It requires the executor to list “the price which the property might reasonably be expected to fetch if sold in the open market at that time.” This open market value is typically far lower than you might expect.

Real World Disparities

A necklace like the below, currently retailing for £430, would struggle to fetch £80 on the open market.  This lower figure is the one that HMRC would expect you to declare for probate purposes.

To refurnish a room in a similar style to the photo below would cost around £2,500 if purchasing everything new. 

However, if you were to sell the contents of this room at auction, which is the figure HMRC are interested in for probate purposes, then you could expect to achieve around £300.

Tax Implications

If an estate is subject to inheritance tax then over declaring the value of chattels will automatically result in an over payment of inheritance tax.

Professional valuations serve two crucial purposes.  They prevent the overpayment of tax due to inflated valuations whilst also ensuring that valuable items aren’t overlooked. This protects estates from both unnecessary taxation and potential claims from beneficiaries.

Here at Swift Values we can assist executors and solicitors in several different ways, from cost effective photo-based assessments to detailed in-person property visits. 

Our experts can value everything from antiques and jewellery to vehicles and everyday household items.

All valuations include an HMRC-compliant report ready to attach to your IHT submission.

To ensure compliance with inheritance tax requirements, consider our range of professional probate valuation services for all estate items.

Click here, email enquiries@swiftvalues.co.uk or call 0330 088 4099.