probate valuations

It is possible to give away your personal chattels in your Will and a clause to this effect is often included. It is important that you know what is included if you wish to leave your chattels to one or more people.

With effect from 1 October 2014 personal chattels are defined by the Inheritance and Trustees’ Powers Act 2014 to mean tangible movable property, other than any such property which

  • consists of money or securities for money, or
  • was used at the death of the intestate solely or mainly for business purposes, or
  • was held at the death of the intestate solely as an investment

 

For all Wills signed before 1 October 2014 personal chattels are defined to mean ‘carriages, horses, stable furniture and effects (not used for business purposes), motor cars and accessories (not used for business purposes), garden effects, domestic animals, plate, plated articles, linen, china, glass, books, pictures, prints, furniture, jewellery, articles of household or personal use or ornament, musical and scientific instruments and apparatus, wines, liquors and consumable stores but do not include any chattels used at the death of the intestate for business purposes or securities for money’.