A Quick Guide to Probate Valuations for Inherited Jewellery

It is highly difficult to deal with the loss of loved ones. The emotional upheaval that one goes through will not be understood by everyone. No one can fill the void that is left in the life of a person when his loved ones leave for the heavenly abode. With so many things going on at the same time, one thing that creates an obstacle in your grieving process is the important paperwork, a necessity which cannot be ignored. Probate jewellery valuation is one such process that is needed to be done when certain situations like this demand.

You can also take the help of a good company that helps you with these things. Prestige Valuations is one such company that helps you in valuation of jewellery in divorce settlement, probate valuation of jewellery, if a family member of the person dies, online antique valuation, omega watch valuation and so on.

What is Probate Valuation?

A probate valuation is the valuation in which the valuable properties and estates of the deceased person is calculated and evaluated. This is done in order to know the exact value of the properties. Further, the inheritance is equally distributed among the family members of the deceas-ed person. The distribution is done according to the will and wish of the deceased person. The probate valuation is also done for Inheritance Tax Assessment as well.

How to Arrange Probate Jewellery Valuation

The value of any asset or property is calculated according to the market value during the time of death of the person. Market value is actually the price that you can hope to receive, if you are selling the asset, either to the dealer or in the form of the auction. It consists of material value, design, quality, condition and saleability.

There are various ways to arrange the probate jewellery valuation. You can do it yourself as well, as an administrator or executor. You have to do the correct evaluation of the jewellery that the deceased person owned. Correctly evaluating the value of the jewellery is one of the most important steps. If the estate or the property extends certain boundaries, you have to pay the Inheritance Tax for the assets and the properties.

If you submit an inaccurate return or an incomplete return, you have to pay penalties. So make sure that you are not overlooking the value of the jewellery because they are highly valuable and can also be worth more than you think. If you find it difficult to do it by yourself, take the help of a professional valuation who can provide you with probate jewellery valuation. Companies like Prestige Valuations also help in evaluating the jewellery either online, or on the spot, either at their office or at the comfort of your home.

We all know that jewellery is one of the common assets that is highly valuable and the value may be more than you would have expected. When a person dies, the valuer will first give you an open market value of the jewellery that you will inherit from the deceased person.

This value will be submitted with the inheritance tax forms. We all know that the value of different types of jewellery keep on fluctuating. If the probate valuation of the jewellery is done after a few months or after a year of the death of the person, the value will be determined bas-ed on the value when the person died and not on the current value.

What is The Cost of Probate Valuation?

The cost of the probate valuation may vary. For example, the probate jewellery valuation varies according to the type of metals or the type of stones us-ed in the jewellery. It may also happen that some agents provide you with free valuation.

In general, the valuer will charge you with a fee that is around 1 to 5 percent of the total property or estate. It means the cost of the probate valuation depends upon the size and worth of your property or jewellery.

Summing Up

These are some of the facts that you need to know about probate jewellery valuation. Evaluate the value of these jewellery properly so that you do not face any trouble further.