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Contents Valuation for Probate | Everything You Need to Know

Writer's picture: Too Good To ThrowToo Good To Throw

Updated: Jan 31

Settling a loved one’s affairs after they pass can be a stressful and difficult time. However, it’s a necessary step that cannot be overlooked. Accurate valuations are essential for legal, tax, and inheritance purposes and with contested probate cases on the rise, getting it right has never been more important. We’ll cover everything you need about probate contents valuation and how professional probate house clearance services can simplify the process.


What is a Probate Valuation?

When a person passes away, an estate valuation for probate is required. This is a legal procedure that confirms the validity of their will and grants authority to manage their assets. An essential part of this procedure includes probate valuation, which determines the value of everything the deceased owned at the time of their passing, including property, personal belongings, and financial assets. The valuation directly impacts the tax owed, the distribution of assets, and the overall probate timeline.


An accurate contents valuation for probate is crucial to avoid potential disputes among beneficiaries and for legal purposes to ensure compliance with tax obligations. However, contested probate cases are rising, with cases going from 116 in 2022 to 122 in 2023. This increase is caused by higher property values, rising life expectancy (leading to larger estates), and more complex family dynamics. Seeking professional probate valuers can help you get through the process with less stress and avoid any potential disputes. 


Probate valuation

How Much Does a Probate Valuation Cost?

The cost of a probate valuation depends on the type of probate valuers you choose and the contents and value of the house for probate. Some estate agents offer probate valuations at no cost (particularly for larger properties), while others may charge a small fee. For a probate solicitor, fees typically range between 2-5% of the estate’s value, plus VAT, which can add up depending on the estate’s worth.


How to Prepare for a Probate Valuation

Preparing in advance can make the probate valuation process smoother and more efficient. You should start by identifying which estate assets need to be valued, such as property, personal belongings, and financial accounts. While some assets like stocks and savings are easy to assess, others like property, antiques and jewellery may require more legwork. 


You should gather key documents, including:

  • Death certificate

  • Will (if available)

  • Property deeds and mortgage details

  • Insurance policies

  • Bank statements and investment records


You should also note any outstanding debts and significant gifts made within seven years before your loved one’s passing as this information may also be required. Finally, decide which type of probate valuer you may need, whether it’s an estate agent, professional valuer, or solicitor. 


How to Get an Estate Valuation for Probate

It’s important to properly obtain estate valuation for probate to avoid any legal disputes later on. On average, 1 in 10 properties on the UK market is a probate sale indicating a significant need for probate valuations. For a fair and accurate probate valuation, everything owned by the deceased needs to be considered. Assets like bank accounts, stocks and shares are relatively straightforward to value. However, property and household contents can be a little more complex. The value of house contents for probate requires a realistic open-market valuation based on their worth at the time of a loved one’s passing. We’ll go into more detail about this further down. 


Contents valuation

Valuing House and Property for Probate

There are typically two options when deciding who will value a property for probate. The first is using an estate agent for the property valuation. It’s common for estate agents to offer this service for free or for a small fee. Since the value of the house for probate can vary significantly between different agents, it is recommended to get at least three valuations for the best accuracy. This option is usually sufficient for standard residential properties, particularly when inheritance tax (IHT) is unlikely to apply.


The second option is to hire a professional surveyor, which, although more expensive, is necessary if IHT is due. This approach is also recommended for properties that are more complex, such as farmland or business premises. A professional surveyor will provide a valuation based on the open market value at the date of death, following the guidelines established by the Royal Institute of Chartered Surveyors (RICS).


Contents valuation for probate

The first step in valuing house contents for probate is to decide which items need to be valued. This typically includes expensive items like vehicles, jewellery, artwork, and collectables. You should use legal documents, such as the will (if this exists), insurance documents, and any other relevant paperwork to help identify these items.


Unlike property, a contents valuation for probate does not require a professional, and you may choose to handle this yourself if you wish to avoid additional costs. Online resources can help you research the open-market value of items. However, it’s easy to make mistakes, and submitting incorrect information could cause legal problems later on.


For peace of mind and to avoid any potential disputes, we recommend seeking professional help to get an accurate value of the house contents for probate, especially if there are many high-value items. Any items valued over £1,500 should be professionally valued and listed individually on the IHT 400 form. Lower-value items that you prefer not to estimate can be grouped and valued in bulk by a professional valuer. Not only does a professional valuation ensure accuracy but it also takes away this stressful task during an already difficult time.


How Can We Help with Your Probate Valuation Needs?

Too Good To Throw provides expert probate house clearance services, offering a range of solutions to ease this burden during a time of grief. Alongside our house content removal services, we also offer a contents valuation for probate. This includes a detailed individual valuation of high-value items (valued over £1,500) and general categorised reports for items below this value. 

Once valued, you have the flexibility to take items to auction or choose a quicker, more convenient option by selling them directly to us, helping you avoid lengthy auction wait times and high fees. We handle all items with care and sensitivity, striving to recycle, reuse, or donate up to 70% of belongings, providing you with peace of mind that your loved one’s possessions are treated with respect. With our support, you can ensure that all valuations meet legal requirements and reflect fair market values, making the probate process as smooth and hassle-free as possible. 

Learn more about our probate property clearance services or contact us for more information.



FAQs


How long can valuing an estate take?

The valuation time varies depending on the size of the estate, the probate valuers you choose and any other complexities that may lengthen the valuation time. You can expect a probate valuation to take anywhere between a few weeks or months so we recommend getting started as early as possible. 


Can you remove house contents before probate?

You should avoid removing any items from a property before it undergoes a probate contents valuation. Removing items of value beforehand could lead to legal issues and disputes. If you require a complete house removal alongside receiving the value of the house contents for probate, consider using a probate house clearance service. Too Good To Throw offers a contents valuation for probate alongside other services, such as complete item removal, utility readings and general cleaning. Find out more about our probate clearance services.


How to find a probate near me

To find a professional that can provide a contents valuation for probate near you, simply search this term alongside your area name or if your location settings are turned on, you can search “probate near me”. The services available will be dependent on the area you live in, and it’s a good idea to shop around to find the best option that works for you. Too Good To Throw operates in South East England and Kent and provides probate house clearance services. You can contact us directly or request a quote on our website.

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