The professional advisor to the estate (usually a solicitor) will recommend obtaining a valuation for probate. This will be in the form of a written report of chattels over an agreed minimum value, together with a lump sum total for the remaining contents. In most cases the probate valuation will itemise anything above a value of £100, and a lump sum for the remainder, rather than a full inventory of the contents. These figures will be sufficient for completing probate forms for submission to HMRC.
Often with larger estates it is advisable to obtain a full inventory of contents, which can eliminate third party claims that items are missing. The executors should protect themselves from spurious claims by obtaining a proper inventory.
Probate valuations are charged at an hourly rate of £100+VAT with a minimum charge of £100. The majority of these valuations are completed in less than an hour.
