Valuations for probate

[Notverygrownup]

Currently starting probate for Mum. She will be well below the threshold for inheritance tax. Her only valuable possessions are her wedding and engagement rings. The declaration form "recommends professional valuations" but does anyone know how essential this is. If I overestimate how much they are worth, to be safe, based on internet prices for second hand rings, is this possibly enough? Or do I need to get a day off work to get a professional valuation? (I understand that the valuation must be of the resale price, not an insurance valuation.)

Thank you

Goodness we didn't get my mother's jewelry valued. Unless they are worth loads I think you can give a decent guestimate. But check with the probate lawyer.

I work in probate. We usually obtain valuations from a jeweller for rings etc. It’s not so important when it is under the IHT threshold and the jewellery is not expected to be of high value but if there are several beneficiaries it is worth going down the proper channels to save future issues. Families can be complicated when it comes to inheritances!

It might be worth going into a jewellers but it isn’t strictly necessary, just recommended.

Thank you :)

Wedding rings, unless very special, won’t be worth much at all. You can easily get an idea of what the rings are worth by looking at second hand jewellery web sites. Not high street jewellers. Unless they have decent diamonds and are good quality, they might not be worth a huge amount either. However if decent size diamonds, emeralds etc are involved, then they are worth quite a bit. I would just divvy them up! I’m giving my rocks away before I die! Saves all this hsssle.

IHT specialist here - if the estate is clearly under the threshold regardless of the value of the rings I'd just find three internet resale values for each of them and use the middle one - print out the three valuations so you can show what you've done if you're ever asked but certainly don't pay for a jeweler to value them

Agreed. Valuations are very expensive. I’ve had to get some valuations for insurance and it’s very costly.

Absolutely, given no inheritance tax is due, you really only have to show you have been fair to all beneficiaries.