2009 Omlet cube and run for sale

[Sheilaz]

Just asking Omleteers because if I want to know the answer, and don't want to raise the question, before I give the information required;

 

If everything is going to the spouse, with no tax to pay, but probate is required, property and cars have been professionally valued, and a few items over £250 (requested amount) have been listed based on estimated value...

 

...what happens in declaring books worth an estimated total of £20k. Based on an estimated average of 10 x

£1000 and 100 x £100, is a guestimate sufficient?

 

It would take forever (and cost)to unravel every item, but is it likely that this would be required, or any other evidence? I'm being honest and based on my own knowledge but don't know if that's enough.

 

Or I could say what they are insured for (which isn't valued, the onus being on us in event of claim)?

 

Can't find this answered on internet, does anyone know for sure what the likely requirement is on specialist books?

[Redwing]

I have pm'd you some s"Ooops, word censored!"s of info

[Sheilaz]

That's very kind Tasha, whatever the outcome at least you have spared me some of my panic tonight, I'm very grateful.

[newcountrygirl]

Dont know specifically for books but i have recently obtained 2 lots of probate in the past two years (my Auntie 2 years ago and my Mum 4 weeks ago. When valuing contents etc I have just given an estimated value and so long as it looks a reasonable estimate they dont query it. Obviously if it was in the hundreds of thousands it is a different matter but on my Aunties for example I listed contents at £37000 and there was no problem. Good luck hope you get it sorted out quickly I know how distressing it can be.

[Sheilaz]

Thank you Newcountrygirl, that's good to know, I feel more prepared how to react if I'm asked to do anything that sounds unnecessary or unreasonable, although hopefully that won't be the case.

I'll go ahead and submit everything this afternoon. Meanwhile, I am so grateful for the helpful replies here and also the couple of very useful pms.

 

I do hope my post hasn't been upsetting for others in the light of your own bereavements.

I really hesitated to post but, as usual, Omleteers have been amazing, thank you.

[sadietoo]

I just wanted to add Teabag, that the Revenue will be supremely indifferent to any valuation you place on personal effects where everything is passing to the spouse, since there is no Inheritance tax to pay. Hope this helps reassure you.

[Sheilaz]

Thank you Sadie, I have found this topic very reassuring. I'm fine about the Inland Revenue, it's whether my professional joint executor makes unrealistic demands about the book collection.

Well, I've submitted it now, so just hope that's another thing ticked off a very long list!

[Old Speckled Hen]

Revenue will be supremely indifferent to any valuation you place on personal effects where everything is passing to the spouse, since there is no Inheritance tax to pay.

 

Absolutely correct.......... having been there.

The only thing to value is stuff passing to somebody else as you will need this if you ever need to claim for transfer of used nil rate band. My forms are filled in and with my will as it doubles my inheritance tax band for my daughter.

[Sheilaz]

Yes, thanks OSH, that's taken care of & straightforward.

I wouldn't have had a panic if it hadn't been for the instruction to list everything over £250 which seems a cruel waste of time, energy and emotion to me.

Above say £500 would have been reasonable, so I just wondered how pedantic it might get, even on something with no tax implication!

[sadietoo]

Thank you Sadie, I have found this topic very reassuring. I'm fine about the Inland Revenue, it's whether my professional joint executor makes unrealistic demands about the book collection.

Well, I've submitted it now, so just hope that's another thing ticked off a very long list!

 

If everything is passing to the spouse the professional joint executor can be as pedantic as they like...it still won't make any difference until and unless it is sold in which case you may need to have professional valuations both of current market value and probate value if there is any question of Capital Gains Tax on the sale..but don't forget there is a general chattels exemption of £6000 and a personal exemption of £10600 (currently). A best estimate is absolutely good enough for now, and there is no need to involve professional valuers...don't take any nonsense from your professional co-exec, and you can tell them I said so!!

[Sheilaz]

That's brilliant Sadie, thanks to you and others who have made me feel stronger about my position. I'm laughing at the thought of this Omleteer power that I shall carry with me, it's just brilliant.

I was feeling very vulnerable but not wanting to show that to people who will be charging for helping me!

You've given me my brave face again, I can at least act as if I know what I'm doing now on this matter, and feel better equipped to deal with other really complicated stuff.

I can do it, and I'm giggling at the thought of my trump card if I'm stuck, "but my chicken friend said...", it could be a really useful conversation stopper.