The passing of a loved one brings a lot of obligations. Often, due to a sudden demise, as many of us have experienced in the last few years, you need to go through a painful process of probate valuations.
Today, we will talk about probate jewellery valuation and how it is done.
What is probate jewellery valuation?
There is a clear difference between jewellery valuation and probate valuation. A probate valuation of jewellery or estate is calculated when a person demises without a will. Probate valuation calculates the value of the jewellery in the present market.
This is needed to value the inheritance so that it can be distributed fairly among the beneficiaries. It also helps with Inheritance Tax Assessment.
How to get probate valuation done?
We have been in the industry for long to know that probate valuation is a much more complicated process than it sounds. You need an expert jewellery valuer who has years of experience. Along with that, you need paper works and a reliable solicitor for the legal proceedings.
There are many companies in the market that provide online antique valuations. But for a probate appraisal, it is best to take the jewellery pieces to the store. You can also contact a company like Prestige Valuations which provides at-home services.
So, you contact the company from their website and talk with a representative. Then, an expert will visit your house and take the jewellery to get them valued. You will receive details and estimated delivery date.
It is helpful to give them as many documents, photographs, and references as you can. In the end, you will receive printed reports and certificates for your solicitor.
Things to remember while getting jewellery valuation
Although it will be a tough time for the family, there are things to keep in mind during the probation process. These steps will make the process smoother and less stressful.
The items to get appraised
In case of a sudden departure, everything needs to be valued. If the person has a certain amount of estate getting a probate valuation is a must. That means hiring a company that does antique valuations, Omega watch valuations, estate valuations, jewellery valuations, etc.
Don’t hide anything from your lawyers
Families have complications. But the more you hide these things, the more complicated and dirtier it gets. Especially with properties, you must be completely transparent with your executioner.
Try your best to provide your solicitor with all the necessary information and papers. This may include letters, photographs, receipts, bank transactions, and even messages if it fits the situation.
Experience of the appraisers
Research before you opt for a valuation servicing company. The more years they have in experience with jewellery and other antiques, the better.
Nowadays, getting information about any brand is quite easy. There are websites, review pages, social media pages, etc. Ask for opinions on the work of the appraiser. You can also request them to provide you with Gemmology certificates. Any reputed professional will have an understanding of the market and be familiar with the changes in the market values of metals and gemstones.
A probate valuation isn’t cheap
No matter how much of a good deal you might get, probate valuation is a lengthy and expensive process. You cannot expect someone with years of knowledge to give you cheap service.
There is no fixed rate as such for probate valuations of jewellery and antiques. It depends on the piece of the jewellery, the complexity of the process, and the level of expertise you are going for.
Some rare pieces often require excessive research and testing, which may add to the service. We suggest talking with the experts to get a quote on the services before proceeding.
Be prepared for a lengthy process
As we mentioned before probate valuation takes a significant time to get through. Then you have a tedious process of inheritance distribution, getting the right paper works, etc.
So, be prepared to deal with a long process. Sometimes it can take a few months. Sometimes the process can take up to a year. It all depends on the property, state of the will and legal complications.