Benefits of valuation of house contents for probate
The main benefit of getting a valuation of house contents for probate is to ensure that assets of the deceased persons are distributed according to their wishes. It also helps you decide what should be kept, sold, donated or simply thrown out.
Do I Need a Probate Valuation?
An Administrator/Executor will be required to assess and estimate the value of assets before beneficiaries inherit the deceased estate and also being part of obtaining a “Grant of Probate”. A written valuation of the fair market value of property contents will also aid in a fair distribution of items amongst family and friends
How do you estimate the value of the contents of a home?
With my experience of being an auctioneer of home contents you see first-hand on what items are realising on the second-hand market. A good valuer should be able to identify items of value and a price of what it is worth.
What is the average value of household contents in Australia?
The average household realises around $10,000 on the second-hand market (this excludes, Cars, jewellery, collections, some antiques and retro furniture).
Insurance valuation is a completely different amount as it is a replacement value.