Average Value of House Contents for Probate Calculator
When administering a deceased person's estate for probate, you must determine the value of all their assets, including the contents of their home. This calculator provides an estimated value of household goods (chattels) based on a percentage of the property's value, a method often used for initial estimations. This value is needed to complete inheritance tax forms, such as IHT407 in the UK.
How is the Value of Contents Estimated for Probate?
For probate purposes, assets must be valued at their "open market value." This is not the insurance or replacement value, but rather the price the items would realistically sell for at the time of death. While a detailed room-by-room inventory is the most accurate method, a percentage-based estimation is often acceptable for estates where the contents are not of exceptional value.
This calculator uses this common estimation method. It provides a starting point, but for estates with significant valuable items like fine art, antiques, or large collections, a professional valuation from a qualified appraiser is strongly recommended.
Calculation Example
Let's consider an estate where the property is valued at £450,000. The contents are of 'Average / Good' quality, and there are a few specific items of value: a painting appraised at £2,000 and a collection of watches valued at £3,000.
- Property Value: £450,000
- Contents Quality: Average / Good (uses a 35% multiplier)
- Specific High-Value Items: £2,000 + £3,000 = £5,000
Calculation:
(£450,000 × 35%) + £5,000 = £157,500 + £5,000 = £162,500
The estimated total value of the house contents for the probate application would be £162,500.
Important Disclaimer
This calculator provides an estimate for informational purposes only and should not be considered legal or financial advice. The valuation of estate assets is a legal requirement, and HMRC can challenge valuations they believe to be incorrect. For estates where Inheritance Tax is likely payable, or where there are numerous items of significant value, it is crucial to obtain a formal written valuation from a RICS-qualified surveyor or a specialist auctioneer. This tool is intended to provide a preliminary figure only.
function calculateProbateValue() { var propertyValue = parseFloat(document.getElementById('propertyValue').value); var contentsQualityMultiplier = parseFloat(document.getElementById('contentsQuality').value); var highValueItems = parseFloat(document.getElementById('highValueItems').value); if (isNaN(propertyValue) || propertyValue < 0) { propertyValue = 0; } if (isNaN(highValueItems) || highValueItems < 0) { highValueItems = 0; } var generalContentsValue = propertyValue * contentsQualityMultiplier; var totalContentsValue = generalContentsValue + highValueItems; var resultDiv = document.getElementById('result'); if (propertyValue === 0) { resultDiv.innerHTML = 'Please enter a valid property value to calculate the estimated contents value.'; return; } resultDiv.innerHTML = '