Accountant Forums


Reply
Thread Tools

Probate Values- Household Goods

 
 
ClippertyClop
Guest
Posts: n/a
Thanked:
 
      04-28-2004, 07:19 PM
I've been appointed an Executor in a relative's Will. The whole estate value
amounts to well over the threshold for Inheritance Tax. I don't particularly
wish to get involved with solicitors or valuers if possible, other than
property/land valuation, where I'll rely on an expert.

In IHT 200 is where amongst so many things, you have to put a value on
"Household and Personal goods". The point is, within this section, is one
expected to include
such household sundries as clothing, carpets, cupboards, fittings, beds,
cooking utensils, crockery etc in a valuation of household goods? If I could
sell them easily, then I have my valuation for such items. However, many of
these items one could only give away, or sell for a paltry sum, so it's
hardly worth including them as valued items.

What would/should an Executor do in practice where such sundry items remain
unsold. Anyone with experience care to comment?

CC



 
Reply With Quote
 
 
 
 
stuart noble
Guest
Posts: n/a
Thanked:
 
      04-28-2004, 07:45 PM

ClippertyClop wrote in message ...
>I've been appointed an Executor in a relative's Will. The whole estate

value
>amounts to well over the threshold for Inheritance Tax. I don't

particularly
>wish to get involved with solicitors or valuers if possible, other than
>property/land valuation, where I'll rely on an expert.
>
>In IHT 200 is where amongst so many things, you have to put a value on
>"Household and Personal goods". The point is, within this section, is one
>expected to include
>such household sundries as clothing, carpets, cupboards, fittings, beds,
>cooking utensils, crockery etc in a valuation of household goods? If I

could
>sell them easily, then I have my valuation for such items. However, many of
>these items one could only give away, or sell for a paltry sum, so it's
>hardly worth including them as valued items.
>
>What would/should an Executor do in practice where such sundry items remain
>unsold. Anyone with experience care to comment?

I got an antiques/house clearance bloke in and asked him to put everything
in his quote, including the car, and zero value stuff like 3 piece suite
with illegal foam etc. At least it saves you itemising the stuff yourself.
Otherwise I think you can just group them under their prescribed headings.
The value they're after is what you would get if you sold it responsibly
today which, in most cases, amounts to bugger all (or less).
I don't imagine The Revenue waste too much time on anything that doesn't
have a paper trail. Anything decent probably won't have belonged to the
deceased anyway, will it?


 
Reply With Quote
 
 
 
 
Terry Harper
Guest
Posts: n/a
Thanked:
 
      04-28-2004, 08:54 PM
"ClippertyClop" <(E-Mail Removed)> wrote in message
news:c6p04u$ei185$(E-Mail Removed)-berlin.de...
> I've been appointed an Executor in a relative's Will. The whole estate

value
> amounts to well over the threshold for Inheritance Tax. I don't

particularly
> wish to get involved with solicitors or valuers if possible, other than
> property/land valuation, where I'll rely on an expert.
>
> In IHT 200 is where amongst so many things, you have to put a value on
> "Household and Personal goods". The point is, within this section, is one
> expected to include
> such household sundries as clothing, carpets, cupboards, fittings, beds,
> cooking utensils, crockery etc in a valuation of household goods? If I

could
> sell them easily, then I have my valuation for such items. However, many

of
> these items one could only give away, or sell for a paltry sum, so it's
> hardly worth including them as valued items.
>
> What would/should an Executor do in practice where such sundry items

remain
> unsold. Anyone with experience care to comment?


Are you having to clear a house? If so, what the house clearance people give
you for what they take away. Valuable stuff can always be given to a
charity, in which case it is exempt from IHT.
--
Terry Harper
http://www.terry.harper.btinternet.co.uk/

 
Reply With Quote
 
ClippertyClop
Guest
Posts: n/a
Thanked:
 
      04-28-2004, 10:40 PM

"Terry Harper" <(E-Mail Removed)> wrote in message
news:c6p5lc$pp5$(E-Mail Removed)...
> "ClippertyClop" <(E-Mail Removed)> wrote in message
> news:c6p04u$ei185$(E-Mail Removed)-berlin.de...
> > I've been appointed an Executor in a relative's Will. The whole estate

> value
> > amounts to well over the threshold for Inheritance Tax. I don't

> particularly
> > wish to get involved with solicitors or valuers if possible, other than
> > property/land valuation, where I'll rely on an expert.
> >
> > In IHT 200 is where amongst so many things, you have to put a value on
> > "Household and Personal goods". The point is, within this section, is

one
> > expected to include
> > such household sundries as clothing, carpets, cupboards, fittings, beds,
> > cooking utensils, crockery etc in a valuation of household goods? If I

> could
> > sell them easily, then I have my valuation for such items. However, many

> of
> > these items one could only give away, or sell for a paltry sum, so it's
> > hardly worth including them as valued items.
> >
> > What would/should an Executor do in practice where such sundry items

> remain
> > unsold. Anyone with experience care to comment?

>
> Are you having to clear a house? If so, what the house clearance people

give
> you for what they take away. Valuable stuff can always be given to a
> charity, in which case it is exempt from IHT.


Valuable stuff is only exempt if the deceased gave those items to charity,
ie before she died. It's too late now.

CC


 
Reply With Quote
 
DP
Guest
Posts: n/a
Thanked:
 
      04-29-2004, 12:29 PM
Yes, you should include everything. When the total runs into hundreds of
thousands, IR are not going to get involved with the small things, as long
as you're sensible. If in doubt you should get a third party to value the
items. For effects like you mention, you could get a "house contents"
auctioneer (or someone who deals with this sort of stuff) to estimate the
value, or you could just put in 500. If in doubt, contact IR and ask for
help.

If there are any items that beneficiaries particularly like, pass these on
to them, agreeing and recording values. As for selling, you would probably
get the best price for major items (TV, video, etc) by putting an advert in
your local paper. Other items can be sold via an auctioneer with clothing
going perhaps to a favourite charity shop. In practice many people want to
avoid the distress of dragging out the selling process and get just one
person to take everything away.

If some items remain unsold, a charity shop should help out. For anything
left, your local council will help to dispose of "bulky items" (like a
broken fridge).

It is a good idea to clear most items out of the house before putting it
onto the market, although it is worth leaving carpets, curtains, a bed and
table or two if it adds to the appearance of the property.

> In IHT 200 is where amongst so many things, you have to put a value on
> "Household and Personal goods". The point is, within this section, is one
> expected to include
> such household sundries as clothing, carpets, cupboards, fittings, beds,
> cooking utensils, crockery etc in a valuation of household goods? If I

could
> sell them easily, then I have my valuation for such items. However, many

of
> these items one could only give away, or sell for a paltry sum, so it's
> hardly worth including them as valued items.
>
> What would/should an Executor do in practice where such sundry items

remain
> unsold. Anyone with experience care to comment?

___
www.butwhat.com


 
Reply With Quote
 
john boyle
Guest
Posts: n/a
Thanked:
 
      04-29-2004, 11:10 PM
In message <c6pbtf$et3jh$(E-Mail Removed)-berlin.de>, ClippertyClop
<(E-Mail Removed)> writes
>Valuable stuff is only exempt if the deceased gave those items to charity,
>ie before she died. It's too late now.


Not if a Deed of Variation can be arranged.
--
John Boyle
 
Reply With Quote
 
stuart noble
Guest
Posts: n/a
Thanked:
 
      04-30-2004, 08:27 AM

john boyle wrote in message ...
>In message <c6pbtf$et3jh$(E-Mail Removed)-berlin.de>, ClippertyClop
><(E-Mail Removed)> writes
>>Valuable stuff is only exempt if the deceased gave those items to charity,
>>ie before she died. It's too late now.

>
>Not if a Deed of Variation can be arranged.

Just been quoted 425+VAT to do that by a local solicitor, and that's
"providing it's simple". Parasites!


 
Reply With Quote
 
john boyle
Guest
Posts: n/a
Thanked:
 
      04-30-2004, 07:35 PM
In message <c6t2r6$fcrqu$(E-Mail Removed)-berlin.de>, stuart noble
<stuart'(E-Mail Removed)> writes
>
>john boyle wrote in message ...
>>In message <c6pbtf$et3jh$(E-Mail Removed)-berlin.de>, ClippertyClop
>><(E-Mail Removed)> writes
>>>Valuable stuff is only exempt if the deceased gave those items to charity,
>>>ie before she died. It's too late now.

>>
>>Not if a Deed of Variation can be arranged.

>Just been quoted 425+VAT to do that by a local solicitor, and that's
>"providing it's simple". Parasites!


Oh, its a simple job then is it?
--
John Boyle
 
Reply With Quote
 
derek
Guest
Posts: n/a
Thanked:
 
      05-02-2004, 08:40 AM
On Wed, 28 Apr 2004 20:54:04 +0000 (UTC), "Terry Harper"
<(E-Mail Removed)> wrote:

>> Anyone with experience care to comment?

>
>Are you having to clear a house? If so, what the house clearance people give
>you for what they take away. Valuable stuff can always be given to a
>charity, in which case it is exempt from IHT.



IME Those house clearance people are largely fiction. There are pages
of them in the yellow pages, but when you phone them up they don't
come, or they come and say they'll take one or two items out of a
houseful, in our case a drop leaf hall table with turned wooden legs.
They refuse even modern bedroom furniture on;y 3-4 years old, so
1950's utility stuff stands no chance. Soft furniture may have the
wrong kind of foam, and gas appliances are another No-No.

So the OP should remember there'll be a cost associated with disposing
of all the tat.

DG
 
Reply With Quote
 
tim
Guest
Posts: n/a
Thanked:
 
      05-02-2004, 10:28 AM

"derek" <(E-Mail Removed)> wrote in message
news:(E-Mail Removed)...
> On Wed, 28 Apr 2004 20:54:04 +0000 (UTC), "Terry Harper"
> <(E-Mail Removed)> wrote:
>
> >> Anyone with experience care to comment?

> >
> >Are you having to clear a house? If so, what the house clearance people

give
> >you for what they take away. Valuable stuff can always be given to a
> >charity, in which case it is exempt from IHT.

>
>
> IME Those house clearance people are largely fiction.


If you've decided that the items are of zero value then your
local authoriuty should be able to put you in touch with a
charity that will take most stuff away for re-use.

We got rid of all my dad's rubbish furniture this way.

tim


There are pages
> of them in the yellow pages, but when you phone them up they don't
> come, or they come and say they'll take one or two items out of a
> houseful, in our case a drop leaf hall table with turned wooden legs.
> They refuse even modern bedroom furniture on;y 3-4 years old, so
> 1950's utility stuff stands no chance. Soft furniture may have the
> wrong kind of foam, and gas appliances are another No-No.
>
> So the OP should remember there'll be a cost associated with disposing
> of all the tat.
>
> DG



 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
probate question(real estate) days@earthlink.net Accounting 0 04-21-2007 01:21 AM
Avoiding probate on mom's house? bp Tax 14 09-12-2005 10:30 PM
British Will & Probate -- Uncooperative Solicitor vandluce@yahoo.com Tax 2 06-02-2005 03:22 PM
Probate Costs of an Estate TenPercent Tax 0 01-13-2005 11:54 PM
Ignore probate if all assets pulled out of estate? Ralphie Tax 7 06-25-2004 05:47 PM


All times are GMT. The time now is 11:15 PM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.