Probate question...
#1
Probate question...
Might be an odd question but... Got a ring from the mother, got a decent value to it, had it valued when I got back to put on our insurance and sent a copy to my brother who's one of the executors of her will. He's now suggesting I get a probate valuation done as the ring is coming out of my 30% of the estate and whilst I'm not overly fussed about possibly getting slightly less than my brother and sister once it's all done and dusted, my sister is. I've looked on t'internet and can't find anything about probate valuations in Aus, only in the UK so before I go back to the valuation people, do they do probate valuations here?
Also does anyone know if a jewellers/valuation bod in the UK would be able to do a probate valuation from a copy of the Insurance Valuation I've just had done as obviously all the relevant details/pictures are there for them to judge. Do they need to see the actual piece?
Also does anyone know if a jewellers/valuation bod in the UK would be able to do a probate valuation from a copy of the Insurance Valuation I've just had done as obviously all the relevant details/pictures are there for them to judge. Do they need to see the actual piece?
#2
BE Forum Addict
Joined: May 2012
Location: Cayman Islands
Posts: 4,998
Re: Probate question...
MP - if your mother's Will gave you the ring specifically, before any mention of the division of the estate into thirds, its value might not legally be deductible from your third. Better check the Will before bothering with a valuation.
#3
Re: Probate question...
Might be an odd question but... Got a ring from the mother, got a decent value to it, had it valued when I got back to put on our insurance and sent a copy to my brother who's one of the executors of her will. He's now suggesting I get a probate valuation done as the ring is coming out of my 30% of the estate and whilst I'm not overly fussed about possibly getting slightly less than my brother and sister once it's all done and dusted, my sister is. I've looked on t'internet and can't find anything about probate valuations in Aus, only in the UK so before I go back to the valuation people, do they do probate valuations here?
Also does anyone know if a jewellers/valuation bod in the UK would be able to do a probate valuation from a copy of the Insurance Valuation I've just had done as obviously all the relevant details/pictures are there for them to judge. Do they need to see the actual piece?
Also does anyone know if a jewellers/valuation bod in the UK would be able to do a probate valuation from a copy of the Insurance Valuation I've just had done as obviously all the relevant details/pictures are there for them to judge. Do they need to see the actual piece?
#4
Re: Probate question...
I kind of agree with the others, if this was a gift I can see no reason why it should impact the division of the rest of estate, unless you. Wanted it too in the interests of maintaining good family relations.
However if it was of value then gifts made in the last seven years of lifetime should be considered for inheritance tax purposes, maybe that is where your brother is coming from? I would have thought any valuation would do..
However if it was of value then gifts made in the last seven years of lifetime should be considered for inheritance tax purposes, maybe that is where your brother is coming from? I would have thought any valuation would do..
#5
Re: Probate question...
No it wasn't mentioned specifically which is why we're having to piss about with valuations. She told various members of the family that I was having it (after a one off conversation about 35 years ago when dad gave it to her and I, as a joke, said 'that's nice, when you die, can I have that'. End of subject as far as I was aware! I'd even forgotten about it until a niece mentioned it and then another one agreed.
I've seen the Will, the three of us are the Executors, although I've, temporarily, signed to say the other two can continue to act on my behalf as I'm here. A Probate valuation is much lower than an Insurance one so my sister is worrying that I'll get less overall than she and my brother.
I've seen the Will, the three of us are the Executors, although I've, temporarily, signed to say the other two can continue to act on my behalf as I'm here. A Probate valuation is much lower than an Insurance one so my sister is worrying that I'll get less overall than she and my brother.
#6
Re: Probate question...
No it wasn't mentioned specifically which is why we're having to piss about with valuations. She told various members of the family that I was having it (after a one off conversation about 35 years ago when dad gave it to her and I, as a joke, said 'that's nice, when you die, can I have that'. End of subject as far as I was aware! I'd even forgotten about it until a niece mentioned it and then another one agreed.
I've seen the Will, the three of us are the Executors, although I've, temporarily, signed to say the other two can continue to act on my behalf as I'm here. A Probate valuation is much lower than an Insurance one so my sister is worrying that I'll get less overall than she and my brother.
I've seen the Will, the three of us are the Executors, although I've, temporarily, signed to say the other two can continue to act on my behalf as I'm here. A Probate valuation is much lower than an Insurance one so my sister is worrying that I'll get less overall than she and my brother.
The same person who valued the ring for insurance purposes could revalue it for probate. As you suggest, a probate valuation is different from an insurance valuation. The former is based on what you could sell the item for, as opposed to what it would cost to replace.
If it is coming out of the estate, the lower valuation is normally in your interest.
Last edited by JAJ; May 13th 2013 at 2:47 am.
#7
Re: Probate question...
When did you get the ring? If you got the it as a gift before your mother died then it should not be part of her estate.
The same person who valued the ring for insurance purposes could revalue it for probate. As you suggest, a probate valuation is different from an insurance valuation. The former is based on what you could sell the item for, as opposed to what it would cost to replace.
If it is coming out of the estate, the lower valuation is normally in your interest.
The same person who valued the ring for insurance purposes could revalue it for probate. As you suggest, a probate valuation is different from an insurance valuation. The former is based on what you could sell the item for, as opposed to what it would cost to replace.
If it is coming out of the estate, the lower valuation is normally in your interest.
#8
Re: Probate question...
you could ask for its sale value as of today it`ll be a sight less that insurance value