Valuations

- Inheritance Tax

For the legal profession and executors in an estate, a valuation is required to satisfy HMRC requirements. This valuation is also a useful tool for family distribution, and can easily be distributed to assist in planning division amongst the family, beneficiaries or disposal through sales.

- HMRC Trust Register

HMRC have introduced a requirement to record assets held in trusts, which involves family trusts as well as grand offshore trusts. Families are prudent to form trusts for future family benefit, and now need to have a full record of these assets. Although a formal valuation is not mandatory, it is advised, even if only to ensure that assets are adequately insured, which is also a general responsibility for trustees. Here Trevor can help compile a register of the more specialised art and antique items. The valuation will incorporate images with professional descriptions and values, providing a good opportunity to perform a ‘stock check’, which may not have been done for several years.

- Insurance

It is normal for people to know on a regular basis their bank balance, value of shares, etc. but how much do they know about their other main asset – their house contents or, to use a more traditional term, chattels?

From an insurance viewpoint, the process of valuing your home contents, if basic and functional, can usually be covered by a questionnaire from an insurance company. If however your home contents includes specific collections of art, antiques, good jewellery, silver and watches etc., a more thorough inventory and valuation will probably be required by your insurance company.

Nowadays a general household insurance policy is often not the best fit if there are valuable items in your property, and to reflect this the insurance industry has changed their thoughts about risk in the home when it involves art, antiques etc. The valuation supplied will be categorised according to your insurance company’s requirements. Individual items will be described and illustrated in a bound document as well as in PDF form. This valuation will give your insurance company a more informed view of your requirements, enabling them to tailor a policy that best suits your needs.

In Trevor’s experience, insurance companies are reassured by clients who have undertaken to have a professional valuation of their contents. It gives them confidence that they are dealing with a client who understands the importance of their possessions and, as a result, will be more security conscious and careful to maintain their collection.

- Tax Planning

As an additional benefit, your insurance valuation can also be adjusted to reflect market value. This assists in discussions with your lawyer or accountant to advise about planning for tax liability in the future.

- Equitable Division

A valuation can also be used as an appendix to a will, indicating who is to be left specific items. This allows for equitable distribution and avoids confusion as all items are illustrated alongside a detailed description.

Downsizing

Moving house or ‘downsizing’ can be a stressful process, especially when deciding what to keep, sell or gift. Here a briefer valuation may be useful to have knowledge of the value of items when making these decisions and also as an inventory.

The values are not the only consideration however they do become more important if distributing assets amongst family; there are also tax implications to consider and the valuation will assist the solicitor or accountant handling your affairs. When downsizing it may mean you need to ‘dress’ the home you are selling. This is an opportunity to declutter and thin out items not wanted for the new home or by family. Trevor can advise in this process and arrange assistance with transport if required.

Research

Over the years, Trevor has built up an extensive library of reference works and sales catalogues, primarily for silver, jewellery and watches, but also covering most other areas of the applied arts. This reference library enables him to help clients who want to know more about their works of art beyond just the monetary value.

Very often people inherit items from someone’s estate and are not given much information about the item. Trevor will be able to supply a report that will give them the information and, if required, advice about ongoing maintenance, insurance, sales etc.

Researching a work or object and passing on that knowledge to a client that they in turn will pass on to close family and friends is one of the great pleasures of Trevor’s job.

Fees

Fees are based on time worked at your property or time spent on research. Travel time is not charged.

Occasionally if the job is very distant expenses may be charged, but this will be discussed at the outset and an estimate given prior to engagement.

Over the years, Trevor has carried out valuations all over the UK, Europe and further afield so do ask if an area can be covered.

Trevor is happy to visit the client in their home to discuss their requirements and tailor a fixed fee for the work involved, there is no charge for this visit.

To discuss a valuation, fees or other services please give Trevor a call - details on the contact page