After Someone Dies

Chapter 13 — Valuing Personal Possessions

Valuing the contents of a home is one of the most misunderstood parts of estate administration.

Families often make one of two mistakes. They assume that everything is worthless because it is old, ordinary or unwanted, or they assume that an item is valuable because it belonged to somebody they loved. Neither approach produces a reliable estate value.

The relevant question is what the item, or group of items, was reasonably worth at the date of death. That is a financial question. Sentimental importance still matters to the family, but it is recorded separately.

Value at the date of death

For probate and tax purposes, the starting point is generally the open-market value at the date of death, not the price somebody hopes to achieve months later and not the cost of buying a new replacement.

The open market may mean a realistic price between a willing seller and a willing buyer who have reasonable knowledge of the item. The correct method depends on the item, its condition, rarity, provenance, demand and the market in which it would actually be sold.

Keep the date of death fixed in the records. If the item is sold later for more or less, record the sale separately. A later sale can provide useful evidence, but it does not automatically replace the date-of-death valuation.

Do not confuse different types of value

These figures can be very different:

<w:left w:space="0" w:sz="0" w:val="nil"/><w:bottom w:space="0" w:sz="0" w:val="nil"/><w:right w:space="0" w:sz="0" w:val="nil"/><w:between w:space="0" w:sz="0" w:val="nil"/></w:pBdr><w:shd w:fill="auto" w:val="clear"/><w:spacing w:after="0" w:before="0" w:line="271" w:lineRule="auto"/><w:ind w:left="340" w:right="0" w:hanging="227"/><w:jc w:val="left"/><w:rPr/></w:pPr><w:r w:rsidDel="00000000" w:rsidR="00000000" w:rsidRPr="00000000"><w:rPr><w:rFonts w:ascii="Georgia" w:cs="Georgia" w:eastAsia="Georgia" w:hAnsi="Georgia"/><w:b w:val="0"/><w:bCs w:val="0"/><w:i w:val="0"/><w:iCs w:val="0"/><w:smallCaps w:val="0"/><w:strike w:val="0"/><w:color w:val="000000"/><w:sz w:val="20"/><w:szCs w:val="20"/><w:u w:val="none"/><w:shd w:fill="auto" w:val="clear"/><w:vertAlign w:val="baseline"/><w:rtl w:val="0"/></w:rPr><w:t xml:space="preserve">insurance replacement value;

<w:left w:space="0" w:sz="0" w:val="nil"/><w:bottom w:space="0" w:sz="0" w:val="nil"/><w:right w:space="0" w:sz="0" w:val="nil"/><w:between w:space="0" w:sz="0" w:val="nil"/></w:pBdr><w:shd w:fill="auto" w:val="clear"/><w:spacing w:after="60" w:before="0" w:line="271" w:lineRule="auto"/><w:ind w:left="340" w:right="0" w:hanging="227"/><w:jc w:val="left"/><w:rPr/></w:pPr><w:r w:rsidDel="00000000" w:rsidR="00000000" w:rsidRPr="00000000"><w:rPr><w:rFonts w:ascii="Georgia" w:cs="Georgia" w:eastAsia="Georgia" w:hAnsi="Georgia"/><w:b w:val="0"/><w:bCs w:val="0"/><w:i w:val="0"/><w:iCs w:val="0"/><w:smallCaps w:val="0"/><w:strike w:val="0"/><w:color w:val="000000"/><w:sz w:val="20"/><w:szCs w:val="20"/><w:u w:val="none"/><w:shd w:fill="auto" w:val="clear"/><w:vertAlign w:val="baseline"/><w:rtl w:val="0"/></w:rPr><w:t xml:space="preserve">sentimental value to a family member.

An insurance schedule may be based on the cost of replacing an item and may be much higher than its second-hand value. A clearance quotation is usually a price for removing mixed contents, not a valuation of each item. An auction estimate is not a guaranteed sale price.

State clearly which type of figure has been obtained and why it is appropriate.

Photograph and record before sorting

Before possessions are moved, sold, donated or cleared, make a room-by-room photographic record.

For an item that may have value, record:

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Photograph the item in context as well as close up. A cabinet, painting or collection may have parts, matching pieces or original fittings that affect value.

Do not clean, polish, repair, frame, dismantle or throw away packaging before an appropriate valuer has seen it. A well-intentioned repair can remove evidence or reduce value.

Group ordinary household contents sensibly

Most homes contain a large number of everyday items whose individual values are modest. Listing every mug, paperback, towel and kitchen utensil separately wastes time and creates false precision.

Group genuinely similar low-value items, for example:

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Describe the group clearly, state how it was valued and give a reasonable combined figure. Do not group items merely to hide valuables or make the estate appear smaller.

Separate items that are unusual, branded, designer, rare, collectible, made from precious materials or subject to a specific gift in the will.

Furniture and furnishings

Age alone does not make furniture valuable. Modern mass-produced furniture may have a low second-hand value even if it was expensive when new. Large or fragile pieces may also cost more to move than a buyer is willing to pay.

Consider:

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A specialist should inspect furniture that may be period, designer, unusually well made or connected with a known maker. Take care with items described as Georgian, Victorian, Art Deco or antique merely because they look old.

Jewellery, watches and precious metals

Jewellery should normally be separated from general contents.

Record hallmarks, gemstone details, maker's marks, weight, condition, certificates and any available purchase or insurance documents. Photograph stones and settings without removing them.

The value of a piece may be based on its second-hand market, auction demand, maker, design, rarity, gemstones or precious-metal content. Scrap value is not automatically the correct value, but it can provide a useful lower reference for some items.

Do not rely on a high insurance valuation when assessing probate value. A jeweller, auctioneer or independent specialist should explain the basis of the figure and any commission or selling costs.

Keep jewellery secure and record who has custody. Do not allow a beneficiary to take a piece home simply because the will appears to leave it to them.

Art, prints and decorative objects

An image may be an original painting, a limited edition print, an open-edition reproduction, a commercial poster or a modern copy. The difference can be substantial.

Record signatures, inscriptions, edition numbers, publisher's marks, medium, dimensions, frame, condition and provenance. Avoid stating that an item is by a famous artist unless that attribution is supported.

For works of possible importance, use a specialist valuer or auction house with knowledge of the relevant market. A general household clearance worker is not a substitute for an art specialist.

Do not remove a frame, backing or label unless instructed. Information on the reverse may assist identification.

Ceramics, glass and silver

Group ordinary factory-made pieces where appropriate, but separate named makers, rare patterns, complete services and items with unusual marks.

Look underneath objects for impressed, printed or painted marks. Record damage, repairs, chips, missing pieces and whether the item forms part of a larger service or collection.

Silver should be checked for hallmarks and weight where practical. Plated items should not be described as solid silver. A valuer can distinguish the materials and explain whether the value is for use, collection, design or metal content.

Books and paper collections

Most household books have little resale value, but first editions, signed copies, limited editions, association copies, complete sets and books of local or specialist importance can be different.

Do not discard ledgers, diaries, letters, notebooks, photographs or manuscripts simply because they look personal or old. They may have legal, historical, copyright or sentimental importance.

Keep paper collections dry and protected from damp. Ask a specialist before separating a set or selling individual volumes.

Coins, stamps and collections

Collections should be kept together until their value and structure are understood. A collection may be worth more as a complete group than as separate items, or the reverse may be true.

Record catalogues, albums, certificates, dealer correspondence and storage boxes. Do not clean coins or stamps. Cleaning can cause permanent damage and reduce value.

Use a specialist with relevant market knowledge. A general internet search may show asking prices rather than completed sales.

Vehicles, tools and specialist equipment

Cars, motorcycles, caravans, boats, mobility equipment, professional tools and workshop machinery may be significant assets.

Record registration, mileage, model, modifications, condition, keys, service history, finance and insurance. Obtain a market valuation appropriate to the date of death. A dealer's trade-in figure, private-sale figure and auction estimate may not be the same.

For tools and business equipment, identify whether the item belonged personally to the deceased, to a company, to a partnership or to somebody who had lent it.

Do not sell a vehicle or valuable equipment before confirming ownership, finance and authority.

Firearms and controlled items

Firearms, ammunition and other controlled items require safe handling and proper notification. Do not include them in an ordinary contents valuation or ask a clearance company to remove them casually.

Contact the local police firearms licensing department for instructions and use an appropriately qualified specialist. Secure the items and keep a clear record of what was found and who was notified.

Collections and unusual property

The estate may contain musical instruments, sporting memorabilia, model collections, tools, militaria, fossils, wine, specialist clothing, designer goods or digital equipment.

Ask whether the deceased had a particular interest or belonged to a club, society or collectors' group. Their records may identify the maker, market and value.

Do not assume that an item has no value because it is incomplete, damaged or stored poorly. Do not assume the opposite because somebody has found a similar item advertised online for a high amount.

Obtain the right valuer

Choose a valuer for the item, not merely a convenient company that offers a general probate service.

Ask:

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Where the valuer also wants to purchase the property, obtain an independent valuation first. A buyer's offer is not automatically an independent probate valuation.

For high-value or disputed items, consider two independent opinions. Record why the final figure was adopted if the opinions differ.

Online research and completed sales

Online marketplaces are useful for identifying models and comparing demand, but asking prices are not proof of value.

A seller may list an item for months without finding a buyer. Prefer completed sales, reputable auction results and specialist market evidence. Check that the comparison is genuinely similar in condition, size, authenticity and completeness.

Save screenshots or links with the date and explain how they informed the valuation. Do not rely on an automated image-identification app for a significant estate item.

Auctions and sale estimates

An auctioneer may provide a low and high estimate, a reserve recommendation and a likely net result after commission, buyer's premium arrangements, transport and unsold-item charges.

Ask for the terms in writing before consigning anything. Confirm:

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The date-of-death valuation and the eventual sale proceeds should both be retained. A low net sale price may reflect a poor selling route rather than a low value at death.

Family sales and private purchases

A beneficiary may want to buy an item from the estate. That can be practical, but it must be transparent.

Obtain an independent value, disclose the connection, record the offer and give other beneficiaries a fair opportunity to comment where appropriate. Do not let an executor quietly buy valuable property at a low figure.

If the item is specifically gifted by the will, do not turn the gift into a sale without checking the wording and obtaining advice.

Condition, damage and missing parts

Condition is part of value. Record cracks, damp, woodworm, stains, missing keys, replaced parts, repairs and restoration.

Do not exaggerate damage to reduce a figure and do not conceal it to increase a sale price. If an item is unsafe or contaminated, record that fact and restrict access.

Where an item has disappeared after death, record when it was last seen, who had access and the evidence available. Do not silently remove it from the valuation schedule.

Joint ownership and items held elsewhere

An item may be jointly owned, borrowed, held for somebody else or stored away from the home.

Identify the deceased's share and obtain evidence. A shared household does not prove equal ownership. Conversely, a receipt in one person's name may not settle beneficial ownership if there was an agreement or trust.

Include possible ownership disputes in the estate records and keep the item secure until the position is resolved.

Items with little value but great meaning

Family members may care deeply about photographs, letters, ornaments, tools or clothing even when the open-market value is negligible.

Create a separate sentimental-items list. Agree who would like each item and record the decision after authority, ownership and any specific gift have been checked.

This avoids two common mistakes: treating sentimental value as a financial valuation, and treating financially modest items as unimportant to the people grieving.

Clearance and valuation must be separated

A clearance should not begin before items requiring valuation have been identified and removed from the general contents process.

The clearance company can help photograph, sort, group and preserve items if properly instructed, but it should not decide that an unusual item is worthless without an agreed process. Valuables, documents, jewellery, collections and disputed possessions should be isolated.

The personal representatives should approve what is to be sold, donated, recycled or discarded. A clearance invoice is an administration expense only when the work was reasonably required, properly authorised and recorded.

Complete the valuation record

For every separately valued item or group, record:

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Keep the report with the estate accounts and tax papers. Do not write over the original figure when an item is later sold.

Valuation checklist

1. Record contents before anything is moved or removed.

2. Use date-of-death open-market values where required.

3. Separate financial value from sentimental value.

4. Do not use insurance replacement figures as probate values without checking the basis.

5. Group ordinary low-value contents clearly and honestly.

6. Separate jewellery, art, antiques, collections, vehicles and unusual items.

7. Record marks, provenance, condition, damage and missing parts.

8. Use a specialist whose experience matches the item.

9. Obtain independent evidence before a connected person buys an item.

10. Treat online asking prices as clues, not proof.

11. Keep auction estimates, sale proceeds and costs separately.

12. Check ownership, finance and authority before selling vehicles or equipment.

13. Obtain proper instructions for firearms and controlled items.

14. Keep sentimental items on a separate list.

15. Remove potential valuables from the clearance stream.

16. Keep a complete valuation and disposal record.

Good valuation protects the estate from under-reporting, family arguments and avoidable loss. It also makes the later clearance and property sale more orderly.

The next chapter turns from household contents to the property itself and explains how to obtain a defensible valuation of land and buildings.

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About Harry Georgiou

Harry Georgiou is the owner of Swifty Clearances, a waste clearance business. He writes about responsible waste disposal, fly-tipping prevention, and the practical steps households and businesses can take to avoid inadvertently funding illegal waste operations.

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Chapter 13 — Valuing Personal Possessions

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