Splitting of assets on inheritance

[Lovingmylife]

House and contents left to two relatives. Some furniture and antiques - possibly worth hundreds each on the furniture..

Relative 1 is interested in keeping some of the furniture themselves.

Relative 2 may want a few ornaments/pictures. Not interested in furniture.

Do they just take what they want each and then value the rest to sell,.not concerned how much the items are worth that they want

Or

Do they value it and then pay the other relative for their half i.e would relative 1 pay £100 to relative 2 for a table worth £200…

Or some other option?

Decide what you both want and see if it seems about the same, if you're only talking a few hundred quid then it's more about having the pieces you like but if things are more valuable then it would seem reasonable to get them valued and make things fair

Antique furniture often isn't worth much really. In your example, why would you bother, unless both are pretty poor? If it's worth more, maybe it's more worthwhile.
We've never sold anything, just divided it up between us then given the rest away, but you could look into selling it, it's up to you. Technically it's all part of the estate so it should be given some kind of valuation even if that's just a rough guess eg without a professional valuation.
People fall out at this stage so I would focus on feelings right now. How does everyone feel about it?

Just take it in turns to choose what you want. Turns about. Then sell the rest and split the proceeds. It probably won't be as much as you think.
I wouldn't bother trying to 'even up' over a few hundred quid if you're happy with your choices.

It would really depend on closeness of the relatives - I'd be happy for a sibling to be advantaged with a valuable antique if they're not selling it and it's for their home. Not so happy for others....

If the items are potentially valuable, then I'd say get a valuation so you all know where you stand. Then you can decide.

Luckily it's not my decision. I think it should just be take the pieces you want as the financial gain is minimal.

Old furniture is never worth very much really. Agree just to take what each one wants .Probably swings/roundabouts TBH!

If they think the stuff is only worth a few £100s, then do as suggested, take turns. If more, it may be worth paying a valuer to independently do they job - think of the future quarrels if something turns out to be worth £1000s?

My brother and I did this with my mums house. There was a painting she left to me Specifically but I “made up” the value by giving my brother the iPads, laptop and a few other items.

Other than that we took other things, donated some or let other family have them.

You don't need to count the value to pennies, just have what you both like and sell what is left unless one of you is getting a Stradivarius and the other a penny whistle. We have each had what we wanted from my dads house and didn't tally up the value, it's the sentimental value that counts - I have got his beer tankard which he used when I was a child and my older brother has his camera as he's a photographer, that's how it should be.

I’d really be surprised if any second hand furniture was worth £100s, unless it’s something pretty special that could go to auction.

I’d say take the pieces you want and as long as people are having it in their houses rather than going down to the auctioneers then there’s no need to make sure the value is equal.

There is a process that runs like an auction. Beneficiaries can “bid” for specific items just like an auction. If they “win” the item they get to keep it and a record is made of their winning bid. When the eventual value of the estate is shared amongst the beneficiaries the “winners” share is reduced by the value of their bid and shared amongst the other beneficiaries.

That can still work with multiple bidders and items, and you get to see who the item is really most important to as they will be the one prepared to bid the most for it (and so take the biggest hit to the ultimate value of their share of the estate).

Are you the executor and is the estate likely to be taxed? When my parents died everything in the house had to be valued for probate, and that sum was obviously added to all their other assets and ultimately subject to inheritance tax ( this included jewellery and paintings). I have some of my parents furniture but it was removed after the estate was settled and on the sale of the house. There was no adjustment asked for by my brothers as they weren't interested in the few bits I had and they ultimately didn't have much value. (A lot of furniture went to charity, and some to the tip as it was unsellable!) Anything of value was sent to auction. As long as there are no tax implications they can organise the distribution between them, but the executor should be organising it and keeping a record of who has what.

I think ti also comes down to the relationship between you.

if you were my sister then we would just take what we each wanted and sell the rest and split it. If you were DH's brother you would have an independent valuer come in to value everything, would calculate it down to the penny and then still complian you were hard done by.

I honestly think just in case there is something more valuable there than either realise get someone in to do a valuation. Only because then there is no come back in the future.

Thanks all. We are going to get someone in to do valuations as no expertise there and don't want to get it wrong. I just think if someone wants to keep an item and isn't selling it, does it really matter whether it is worth 5p or £200? But apparently it does.

We just both choose what we wanted and then gave other stuff away to neighbours, aunts, charity and finally the rest a house clearance company came and took it away. There wasn’t anything of significant value. We took dining chairs, a garden bench, a new bed and brother took microwave and Pearl necklace and Wedding and Engagement ring for his daughters.