Passing away of a loved one can be a very unhappy experience for us. When the deceased doesn’t leave a will, the monetary value of his property and assets can get complicated. The grieving process often becomes interrupted by various legal issues. That is why probate jewellery valuation, antique valuations along with estate valuation is a necessity.
As the rate of currency increases along with the rate of jewellery, a probate antique valuation is helpful to determine the exact market price of these pieces.
What is the purpose of probate evaluation?
A probate valuation is required to calculate the value of the estate left by the demised person. This helps in the value of inheritance and is quite different from online antique valuation done for insurance purposes.
Some of the usefulness of probate valuation includes:
Jewellery claims in divorce settlements:
This purpose is actually quite unknown to many but valuations of jewellery in divorce settlements help with the division of properties. It gets the beneficiaries acquainted with their inheritance so that they can plan out liabilities.
Sometimes, pieces like bespoke antique engagement rings fall under family inheritance. So, to settle these arguments, an expert jeweller needs to appraise the pieces.
Probate valuation of jewellery and properties shows whether it will have an inheritance tax and if so, how much will it be.
For selling antiques:
It might happen that the beneficiaries find it difficult to pay the liabilities of the particular amount for some antique pieces. In that case, the best thing to do is to sell them.
Not many have a clear idea of the values antique pieces have, which leads to getting far less of a price than deserved.
A thorough online antique valuation will help to secure a good deal while selling the items.
How is probate valuation calculated?
Probate jewellery or antique valuation is calculated based on the market value of an item on the day of the death.
Precious metals and gems fluctuate in their prices a lot. So, even if the whole probate valuation takes a year to complete, the value will be based on the market then and not the current one.
Market value refers to the price which you will expect to receive for selling the item at an auction, a store or to a dealer.
Some of the factors that regulate this value are:
- Value of the metal
- Age of the piece
- Current condition
- State of wear
- Quality of the work
- Previous ownerships
- Prevailing taste
- Jewellery maker
Vintage jewellery or items fall under the “movable assets” that need expert examination and time. Often spouses are unaware of these assets.
Once an executioner is an appointment, an inspection takes place to locate everything and collect data as much as possible. A proficient antique examiner or expert jeweller (for vintage jewellery) is appointed to calculate the market value of the items.
Documents, receipts, certificates, photographs, sometimes even letters can be important to find out information about the pieces.
A probate valuation isn’t an easy job. Without professional competence, the process can get slower and inefficient.
Once the probate valuation report is ready with photographs, certificates and other documents, the solicitor then starts with the ‘handing over’ process to the beneficiaries. It is important to remember that these things take time and patience. Sometimes with joint custody and other compilations, the process can even take a year or more. So choose your company wisely. With reputed companies like Prestige Valuations complete efficiency and personable attitude of the team will help to organise the estate of your loved one properly.