Throughout history, jewellery has been an irreplaceable part of cultures. It is used to express emotions, adornment, and as a symbol of social status or power. In the 21st century, jewellery also contributes as a fashion accessory for style.
With all these factors, having your jewellery evaluated helps you to obtain some form of security. Unlike jewellery valuation for insurance, probate jewellery valuation is done to assess the selling value of the piece. This way, when someone close passes away, their relatives can have their possessions equally.
Not all jewellery is created equally. Some are more precious than others. To attribute the correct value of jewellery, probate valuation is essential.
Ideally, when the deceased person leaves a valid will, the process gets relatively simple. However, sudden deaths can complicate many things. Whenever complications regarding possessions come into the picture, it is best to get legal help.
However, for your benefit, here are a few complications that usually arise during probate settlements.
Common issues to arise during probate valuations–
Dispute over the value of the jewellery
Whenever probate valuation is happening, an accurate estimate of the assets is essential. And this applies to other assets as well, like liquid money, estate, etc. Property taxes can be a lot. So, equal distribution of vintage jewellery also means equal distribution of taxes. It is important to make the beneficiaries aware of the possessions they are inheriting. Without these liabilities, disputes are bound to happen.
Not everyone can value jewellery
Not everyone can indeed be a valuer. Probate valuation of jewellery requires a suitable and qualified attorney to carry out the legal procedures. Sometimes there are certain complexities, especially regarding jewellery in divorce settlements. Things often get ugly between the two parties. It requires a specialist with the experience to deal with such situations. A single mistake during valuation can cost the whole case.
Executor quitting his role
Even if there is a will and an executor is named, people might opt-out of the role. Many legal disputes can be very personal. Being an executor, the person has to manage all the assets, jewellery, everything.
While most people are ready for the role, some might opt out due to many reasons. In that case, the court appoints another executor to administer the proceedings.
Challenge the validity of a will
Although this might be a scenario when estates are involved nonetheless, precious vintage jewellery can also be a reason for family battles.
Sometimes, a potential heir may believe that specific clauses in the will aren’t valid. They have been wronged, or a decision was made under some influence or fraud. This often happens between siblings when one tries to prove evidence why the will is wrong or shouldn’t be enforced.
Valuation is done based on ‘worth’
Probate appraisal of jewellery isn’t done based on insurance procedure. A probate valuation assists with jewellery claims, i.e., the selling price estimate.
There is a common issue with customers who have tried to sell an antique jewellery piece using an insurance valuation report, thus receiving substantially less price. An insurance appraisal is the amount of money that the item can be replaced with “a like for like.” But this report doesn’t guarantee that everyone will pay that price. So, to sell vintage jewellery, a probate valuation report is necessary.
The aim of probate valuation is simple. It establishes a replacement value or market value. So, it is wise to covey the purpose of valuation before the whole process.
Allegations regarding an executor failing his legal duties
A fiduciary duty is the ultimate duty of an executor. It is the responsibility of managing and assessing properties after the deceased. If an advocate fails to live up to his legal obligations or causes any breach of duty, this can lead to damage claims by the victim’s side.
This is why a trustworthy, qualified professional should be hired for this—someone who can take up this huge responsibility. As you can see, probate jewellery valuation requires significant education and training, a reputed partner like Prestige Valuations should be appointed for the job. Whether for insurance jewellery appraisal, divorce settlements, or vintage jewellery valuation, we provide essential services to our customers.