At Gold-Traders, we provide fast, reliable probate valuations tailored specifically for high-value items. Our experienced team offers expert assessments, competitive pricing, and detailed, HMRC-compliant reports, designed to help families and executors settle estates smoothly and sensitively.
This guide will explain probate valuations in detail, helping you understand what's involved in the process, how precious metal items are valued, and the probate pitfalls you must avoid.
What Is Probate?
Probate is the legal and financial process of administering a deceased person's estate. It involves identifying and valuing everything they owned, paying outstanding debts and taxes, and distributing the remaining assets to beneficiaries.
If there is a will, the executor named in it applies for a Grant of Probate to begin this process. A close family member usually applies for Letters of Administration if there is no will.
Accurate valuations are essential for probate, particularly when inheritance tax is involved. HMRC requires a complete and honest account of the estate's worth, including the value of property, financial assets, business interests, and movable personal possessions (also called chattels) as of the date of death.
Without accurate valuations, probate can be delayed, inheritance tax may be miscalculated, or disputes may arise among beneficiaries. Using a trusted, experienced valuer ensures the estate is processed smoothly and lawfully from the outset.
Do I Need A Professional Probate Valuation For Chattels?
The Inheritance Act 1984 requires that valuations for personal chattels individually valued at over £500 be conducted by a professional, though current guidance has increased that figure to £1,500. That means that while ordinary household items like TVs, sofas, and washing machines can generally be valued by the executor, possessions like fine jewellery, vehicles, artwork, silverware, watches, and antiques may require an expert valuation.
For personal chattels worth over £1,500, official HMRC guidance recommends working with a reputable specialist appraiser with documented experience valuing the relevant items. They will likely be someone who buys and sells similar items professionally, like a jeweller or auctioneer. For estates that contain diverse types of valuable personal property, contracting a range of specialists may get expensive, so working with experts that cover a broad range of items can reduce costs.
Professional probate valuers have the expertise to provide accurate, open market values for estate items, as required by HMRC. Open market valuations are not the same as insurance valuations, which typically reflect the replacement cost of an item. Instead, probate valuations must reflect what it might reasonably sell for in its current condition, as of the date of death. Providing an incorrect or inflated figure to HMRC can result in overpaying tax, while undervaluing can lead to penalties or questions from the tax office.
Insurance vs Open Market Value
For insurance purposes, a valuer will appraise an heirloom necklace based on the cost of replacing it with a similar one from a high-street jeweller. This replacement value is different from the open market value, which is the price the necklace would achieve if sold at auction or to an antique jewellery expert. In that case, its open market value (the price it would accurately sell for) may be significantly lower, particularly if the piece is worn or outdated.
Items We Value
The items people leave behind vary from estate to estate, but some of the most commonly overlooked, and often most valuable, are precious metals and collectables. These may include:
- Gold bullion in the form of bars or ingots, often stored in safes or safety deposit boxes
- Jewellery made from gold, silver or platinum, including antique or designer pieces
- Investment-grade coins like gold Sovereigns, Britannias, or Krugerrands
- Collectable coins, including commemorative designs and historic pieces
- High-value watches, particularly those made from gold or from a luxury brand
- Silver flatware, tea sets, or decorative items made from hallmarked silver
While we specialise in these categories, we also know that estates often include antiques or collectables beyond the scope of precious metals. That's why we work closely with trusted partners, who bring additional expertise in antiques, militaria, vintage toys, fine art, rare stamps, and more to ensure a comprehensive probate service.
No matter the size or complexity of the collection, we're equipped to handle it. Whether you have a single Sovereign or a full coin collection, a handful of inherited rings or a drawer full of old watches, we're ready to help you accurately assess what these items are worth.
Why Choose Gold-Traders For Probate
Choosing the right probate valuer can make the process smoother, especially when dealing with specialist items. Here's why Gold-Traders stands out:
- Expert knowledge in gold, jewellery, watches, silverware, and coins
- Trading Standards Approved with thousands of online 5* reviews
- All-in-one service covering a wide variety of valuables under one roof
- Affordable pricing with clear hourly rates well below the national average
- Sell with confidence: valuation fees are refunded if items are sold to us later
As a long-established UK-based dealer in precious metals, we've helped thousands of clients across the country navigate probate smoothly. Our team combines technical expertise with compassion and professionalism, which is essential when supporting families during a difficult time.
Having all your items valued by one experienced provider saves time, reduces stress, and helps avoid inconsistencies arising from using multiple specialists. We pride ourselves on accurate reporting, quick turnaround, and personal service, all backed by over a decade of experience.
The Probate Valuation Process
We've designed our probate service to be straightforward and supportive. Here's how it works:
- Initial Contact: Reach out to our friendly team by phone or email to discuss your requirements
- Arrange An Appointment: Schedule an in-person valuation or drop-off at one of our offices, or request a discreet home visit - we'll make sure the correct specialist is on hand to help
- Expert Assessment: Our valuation team examines each item. We assess metal purity, gemstone authenticity, and relevant brand or collectable value using calibrated equipment and market research
- Report Preparation: You'll receive a formal probate valuation report that meets HMRC standards. We list each item with a description and its open market value as of the date of death
- Aftercare Support: If you decide to sell any items after probate is complete, we can offer to purchase them directly. We'll also refund your original valuation fee
Our typical turnaround is 3–5 working days from receiving the items. We'll always provide clear timelines upfront for larger collections or complex estates.
How Much Does A Probate Valuation Cost?
Our probate valuation services are competitively priced to reflect both the time and the expertise involved:
- £150 for the first hour of work (covering research, testing and documentation)
- £100 per hour thereafter
Fixed pricing is available for large or solicitor-managed estates: just ask for a quote.
Our fees are lower than national averages, and because we specialise in precious metal items, we can typically complete the work more efficiently. Having one expert handle all valuables also saves you from having to pay multiple appraisers, especially when coins, bullion, watches, and jewellery are involved.
If you later choose to sell the items to us, we'll deduct your valuation fees from the final payment, making the service effectively free in many cases.
How We Value Jewellery For Probate
Fine jewellery is among the most sentimental personal possessions that need appraising for probate purposes. Given the number of factors that need to be considered to identify an accurate open market price, jewellery is also tricky for inexperienced valuers to assess. That's where our expertise shines.
Each item is inspected for hallmarks to identify the carat and metal type. Where marks are missing or unclear, we perform non-damaging X-ray fluorescence (XRF) testing to confirm purity. Gemstones are examined for cut, size, and authenticity, though probate does not require full gemstone grading. Branded pieces—such as jewellery by Cartier or Van Cleef—may attract additional value based on resale demand.
We consider the design, condition and historical interest of the jewellery, but our focus is ultimately on the realistic resale price. For example, a broken gold bracelet might still be worth hundreds in scrap value, while an attractive designer ring in good condition may command significantly more.
In the case of watches, we consider not just material content but also make, model, age, movement type and whether original papers or boxes are included. Our reports reflect these considerations so that the valuation is fully transparent and legally sound.
How Does The Gold Price Impact Probate?
Understanding the market value of gold, silver, and other precious metals is important when valuing jewellery, silverware, trophies and other metallic personal effects. For items like gold bullion bars, investment coins and broken items, the metal value may be the primary consideration when determining the market value.
The gold 'spot' price fluctuates daily based on global supply and demand. However, for probate purposes, the gold price must be the one in effect on the date of death. This figure is used to calculate the value of gold items and must be based on historical market data, not current gold prices at the time the valuation is conducted.
At Gold-Traders, we maintain accurate gold price records going back many years, and our valuations always use the correct historical pricing data. This attention to detail means your probate valuation will stand up to scrutiny and won't cause issues later in the estate process.
Probate Valuations For Antiques & Collectables
Many estates include items beyond gold and jewellery, and when you choose Gold-Traders, you don't need to seek multiple appraisers to deal with them all. This service comes at no additional cost to you, ensuring that every item is accounted for without the hassle of coordinating multiple experts. We work closely with colleagues at:
- RWB Auctions - provides expert probate support for antiques, furniture, militaria, art, ceramics and collectables, with access to in-house valuers and external consultants
- The Britannia Coin Company - specialises in rare and historic coins, offering in-depth numismatic knowledge on everything from gold Sovereigns to rare Royal Mint sets
This joined-up approach makes us an ideal choice for solicitors, estate professionals, or family executors who want an efficient, all-in-one probate service. We provide one clear, consolidated report with values across multiple categories.
Avoiding Common Probate Mistakes
Probate can be complex, and well-meaning executors often fall into traps that lead to delays, tax issues, or stress later on. Some of the most common valuation mistakes we see include:
- Relying on insurance valuations rather than realistic market prices
- Forgetting to include items like broken jewellery, loose coins, or scrap metal
- Estimating value without proper testing or historical market data
- Submitting figures without supporting documentation
These issues can raise red flags with HMRC or cause disputes between beneficiaries. Using a professional, experienced probate valuer like Gold-Traders helps you avoid these errors. We take care of the details, provide documentation that meets legal standards, and ensure everything is in order, giving you peace of mind and protecting the estate.
Request A Probate Valuation
If you're an executor, solicitor, or family member handling an estate, contact Gold Traders today for a professional, HMRC-compliant probate valuation. We provide fast, accurate reports, affordable pricing, and optional purchase offers once probate is complete.
Get in touch with our team today to discuss your professional probate valuation.
