1 : The preliminary visit
As an executor, you may have a limited knowledge of the estate’s chattels and the possible options for their allocation or disposal:
- Nature and value of the house/flat contents will be assessed.
- Specific bequests: under the will or a letter of wishes will be identified.
- Room-by-room photographic record: valuable items may be removed to a more secure location.
2 : Initial inventory and valuation
Our team of specialist valuers will prepare a detailed report to identify, catalogue and value individual items above a pre-agreed threshold and to provide global values for the residual furnishings and effects in each room in the house (and bank safe deposits, etc.).
This initial inventory and valuation is provided in draft form for discussion:
- Provisional assessment of the overall value – prior to the application for the grant of probate.
- Basis for consideration of tax-related questions concerning estate chattels.
- Residual chattels – not specifically bequeathed may be retained or sold bearing tax factors in mind.
3 : Preparation of formal valuation for IHT purposes
Once the executors have decided on a course of action, Stancliffe & Glover can prepare a formal or engrossed copy of the valuation for HM Revenue & Customs. This valuation (including household and personal effects) need only include items being retained by the executors for distribution. An accompanying letter provides a provisional global valuation of items to be sold. At this stage, Stancliffe & Glover can advise on claims for conditional exemption from tax and/or offers in lieu of tax.
4 : Advice on the best methods of disposal
- Sale recommendations – on the most advantageous method(s) of disposal.
- Competitive terms of sale by auction.
- Distribution of chattels – liaising with beneficiaries.
Our services include independent expert advice on all aspects of the valuation, sale, purchase, conservation and insurance of valuable items:
Shipping and storage:
- Security storage, packing and shipping.
- Import/export regulations and VAT.
Conservation and restoration:
- Paintings, furniture, ceramics, textiles, etc.
- Giclée photographic reproductions of paintings.