Valuing assets in an estate – with significant rises in house prices in recent years, more and more people are finding they will be liable for Inheritance Tax (IHT) on their estate after they die. Inheritance Tax is payable on the value of an estate over £325,000 and the threshold is not due to be reviewed until 2027. There are many legitimate ways to minimise your IHT liabilities and we usually advise clients on options when writing or reviewing a Will. In order to ascertain if you will be liable for IHT, you first need to make an honest assessment on whether your estate is worth more than £325,000. This article is equally relevant for executors of estates.
Read part 1 of ‘valuing assets in an estate‘
It is not just property that can be valuable, so look at assets with a critical eye. This is not intended to be an exhaustive list – simply something to get you thinking outside of the box.
Jewellery
We all know the value of jewellery made with precious gem stones and gold or silver, but there can be value in costume jewellery as well, where the value could be in the maker or the age. Most of us don’t own that much jewellery that it would take very long to stop and think about each piece.
Art
If you have an original piece of art, do your research on the artist and you may find it is worth. You might find an artist’s signature on the painting to help. Art prints can be valuable depending on the number of prints that were made.
Vintage Furniture
Furniture from the 1960s and 1970s are very much in fashion at the moment and most things made from teak can be highly sought after. Even if your old dining set is covered in scratches, it can be restored or upcycled. When valuing assets in an estate, think Living room display units, drinks trollies, wall clocks and more – have a look on gumtree or ebay and get a sense of what things are selling for.
China and Kitchenware
Royal Albert, Wedgewood, Royal Doulton, Royal Worcester … the list goes on. If you’ve got a dinner set, or even a partial one, check out the maker and check out the value. Kitchenware including copper pots can also be valuable.
Whisky
If you’ve got a bottle of whisky at the back of the drinks cupboard from Islay’s Port Ellen distillery, which closed in 1983, you’ve got an incredibly rare survivor which is worth hundreds of pounds. It isn’t just the fancy bottles in the ornate cases you have to look out for when valuing assets in an estate – think bottles that were on the shelf of the local shop years ago and intended for drinking not displaying can also be very valuable.
Valuing assets in an estate – conclusion
Finally, we asked you to think outside of the box when valuing assets. But even boxes can be valuable, including vintage tea caddies or even that old sewing box you yourself inherited from your granny.
If you would like help writing or updating a will or would like any advice on estate planning or estate executry, please get in touch with a Wallace Quinn Solicitor for a initial conversation.