Probate Jewellery Valuations

Probate Valuation

When someone dies the estate of the deceased has to be accurately described and proved, within reasonable limits. With the rise in currency rates, particularly relevant to the jewellery industry and the increase in raw costs of the jewellery items, a Probate valuation is more often than not, required.

If you are settling an estate, this is the valuation you need both to ensure there is a fair distribution among the heirs, and also to prove the estate value for inheritance tax purposes.

A relative has died, now you need to divide the jewellery, but how? So it is often called the Probate Valuation.

Unlike an insurance valuation which indicates the full retail replacement value, this assessment is based on the value of the jewellery if sold. In other words, how much the items would be likely to fetch at auction, is conventionally the route to take. We take into account the quality of the materials used, prevailing fashions and tastes, also the condition and state of wear of the items to be considered.

The Probate value is usually very much lower than an Insurance value, which evidently has a direct impact on the Inheritance Tax Assessment, for which this report is used. If distributed, it is important to have any jewellery valued for Insurance purposes once the inheritance has been completed. Sometimes we are asked to carry out both Probate & Insurance at the same time, two reports, thereby saving in costs for the future.

What we need

The report is completed in the name of the person giving the instruction, usually an executor, solicitor or relative, then within the report giving the full name of the deceased’s estate, being examined. The value conclusion for a Probate Report, is always taken as to the value on the Date of Death, as stipulated by HMRC. We can either complete the inspection on site, a place of the client’s choosing, or we can collect and return a few days later. Often there are a number of pieces to value, which can take some time to complete the examination and the research. We will always advise a timescale at the first point of contact, usually by phone or email.

If you have found any of the receipts, reports, certificates, or any other documentation, please do bring them, as it helps us to present as full a picture as possible.

If disposal is required once the Estate has been settled, we are in a position to give you the best advice of how to dispose of any jewellery or watches, etc.

Based in Macclesfield, Cheshire, and being centrally located, with great transport links, our current clientele are positioned nationally around the UK, but mostly in the Manchester, Cheshire, Lancashire, Derbyshire, Yorkshire and Staffordshire counties. I also frequently travel to London, Wales and the North East.