Obtaining an accurate valuation for inheritance tax purposes is a legal obligation for an executor, so it’s important you approach such a task in the correct manner.
Probate Valuations vs Insurance Valuations
It’s important to remember there’s a big difference between getting a valuation for insurance purposes, verses a probate valuation. Insurance valuations are based on an item’s replacement cost - the amount you’d have to pay if you went out and bought a like-for-life replacement. A probate valuation on the other hand, is the value you’d likely receive if you sold it. Submitting insurance valuations for probate purposes puts you at real risk of becoming liable for unnecessary Inheritance Tax liabilities.
Getting a Coin Collection, Bullion or Jewellery valued for Probate
Probate is required to ascertain the value of assets at the time of death. As some considerable time can elapse between the date of death and this process being undertaken, it’s important valuation is accurate when taking into account the fluctuating precious metal market prices.
The Britannia Coin Company can assist in accurately valuing coins, bullion and jewellery. We’re a BNTA (British Numismatic Trade Association) member, so you can be assured of a fair and accurate quote. Our business is also part of the Gold Traders (UK) Ltd group of companies, thus we have extensive knowledge in valuing jewellery, watches and everything else made of precious metals.
Depending on the size of the collection to be valued, our turnaround is generally very quick. Before proceeding, we’d recommend you call us to discuss the best way forward. We’ll then determine whether the valuation can be completed via email, you visiting us, or us visiting you.
Upon completion of the valuation, we will supply you with a formal written probate valuation, which will be acceptable to the Probate authorities.
Probate Valuation Fees
We charge a flat rate of £50 to complete a standard written valuation. If you subsequently choose to sell the items to us, the fee will be refunded. If you would also like the assets valued for insurance purposes too, we’re happy to include this on request.