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.
