Your Probate questions:
I along with my sisters are sole beneficiaries of my late Fathers will, primarily this involves a house that has to be sold, however my sisters are executors of the will and therefore not taking advice entirely on the house value i.e. pricing too high. I am more realistic with the value and would like to know where I stand on this issue, is it up to the executors to decide value of the house or should it be the beneficiaries of the will?
Answer to your probate question:
It is up to the executors to put a value on the house. If it is too low HMRC could ask the Treasury Valuer to give a valuation and the executor would be responsible for the penalties it he had valued it too low.
If the executor values it too highly, and as a result there is an undue delay in selling it he has to account to the beneficiaries. If as a result the beneficiaries end up with too little they could sue the executor for their loss, but they would have to prove what that loss is in cash terms.
Probate Question: valuation of house contents.
For probate please advise me on what contents need to be valued in the home.
All our furniture, carpets are many years old – how does one value items of little value. We cannot give our teak furniture away. Does one add crockery and such like. Ornaments possibly, and here quite a few items in the house are my own personal possessions and not my late husbands. I am finding this part of probate very difficult. Valuing the house was not a problem.
Did he leave everything to you?
How accurate you need to be depends on the overall value of your joint assets and any gifts he made in the last 7 years.