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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
How to set about applying for Probate
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<blockquote data-quote="primmiemoo" data-source="post: 6075344" data-attributes="member: 83588"><p>From fairly recent experience: valuations of personal effects don't have to be by professional probate valuers. You as Executors can make your own best estimate values on a room-by-room basis by researching prices at auction and making sure to keep your workings. Value according to second hand values. The Internet does have genuine auction sites which give guide prices, and there should be guide prices of local auctions catalogues. </p><p>Similar can be done with property valuations, although everyone's circumstances are different and that might not be applicable for you.</p><p></p><p>Have Executors made an inventory of personal effects, e.g. furniture, artwork, jewellery, china, vehicle(s), etc? As you're bound to know already, individual items or collections above a given value need to be declared and given a seperate value on the forms.. With jewellery, for example, a piece can be compared with shop window retail prices of similar second hand from a sample of outlets, and adjusted to what would be considered a fair selling price to a jeweller for the wholesale valuation.</p><p></p><p>It isn't an easy job, I know, but it saves some fees, can hold pleasant surprises (not necessarily monetary), and also helps with coming to terms with things. </p><p></p><p>Go steady, and best wishes.</p></blockquote><p></p>
[QUOTE="primmiemoo, post: 6075344, member: 83588"] From fairly recent experience: valuations of personal effects don't have to be by professional probate valuers. You as Executors can make your own best estimate values on a room-by-room basis by researching prices at auction and making sure to keep your workings. Value according to second hand values. The Internet does have genuine auction sites which give guide prices, and there should be guide prices of local auctions catalogues. Similar can be done with property valuations, although everyone's circumstances are different and that might not be applicable for you. Have Executors made an inventory of personal effects, e.g. furniture, artwork, jewellery, china, vehicle(s), etc? As you're bound to know already, individual items or collections above a given value need to be declared and given a seperate value on the forms.. With jewellery, for example, a piece can be compared with shop window retail prices of similar second hand from a sample of outlets, and adjusted to what would be considered a fair selling price to a jeweller for the wholesale valuation. It isn't an easy job, I know, but it saves some fees, can hold pleasant surprises (not necessarily monetary), and also helps with coming to terms with things. Go steady, and best wishes. [/QUOTE]
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How to set about applying for Probate
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