Valuation for probate: The case of the precious armchair
Dreweatts & Bloomsbury Auctioneers, valuers of fine art and antiques, explain why you need valuations for probate purposes.
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When we receive an instruction from a law firm on behalf of a deceased estate to conduct a valuation for probate purposes, to avoid any confusion or animosity among the family, it is vital when the owner is still alive to have an inventory of the chattels in the house.
As an example; there could be an armchair in the hall that people have just ignored during the lifetime, just kicked and pushed from pillar to post, the moment the written valuation comes from the valuer to the beneficiaries or to the executors suddenly, there is huge interest in a particular item of furniture such as the armchair in the hall because it suddenly turns out to be 18th century and worth £100,000.
Now without our expertise, they’re not to know that.
Therefore it is vital that these items are given some kind of valuation by us as valuers of fine arts and antiques.