When a loved one dies, dividing their belongings can be an emotionally charged and challenging task. In addition to the emotional value of certain items, the economic value can also play a role in the division of the estate. It is legally required to state the value of the contents in the inheritance tax return. This can be done by drawing up a recognized home contents valuation report. In this article we discuss how to value household contents in the event of death ZSM House Clearance is addressed to ensure fair distribution.
Valuing contents upon death: Why is it important?
Not only is it legally required to state the value of the contents in the inheritance tax return, but it is also important to ensure that the value of the contents is fairly distributed among the heirs. It is not always easy to determine the value of the contents, especially if some items have a high sentimental value and other items have increased or decreased significantly in value since purchase. It is therefore essential to have a well-founded contents valuation report to get a balanced view of the value of the estate. It is also important to find out who is responsible for the emptying and valuing the contents after death.
How is the value of the contents determined?
Determining the value of the contents can be done in different ways. A recognized appraiser can determine the current market value of the home contents based on official CBS index figures. It is also possible to have the value of certain items appraised by an expert. Another option is to include a provisional item in the inheritance tax return based on the fair current value of the home contents. However, the latter can be risky because the tax authorities can dispute the value of the contents and impose a fine if the value is estimated too low.
Custom-made contents valuation report
A tailor-made contents valuation report can be a good solution to determine the value of the contents. This report is based on a thorough appraisal of all movable property in the home and is drawn up by recognized appraisers. The report contains a detailed description of each item, including its current economic value and the appraisers who used the value. The report provides a well-founded picture of the value of the estate and can help to divide the value fairly among the heirs.
Parties reach an agreement
Once the value of the contents has been determined, it is important to reach an agreement between the heirs about the division of the contents. This can be a challenging process, especially if there is sentimental value of certain items. It is therefore important to supervise this process properly and to make agreements about the distribution of the contents. This is preferably recorded in writing to avoid misunderstandings in the future.
Equal distribution
When dividing the household effects, it is important to strive for an equal distribution. This does not mean that all heirs receive exactly the same value, but it does mean that there is a balanced distribution. An objective valuation can help to prevent some heirs from receiving more than others.
Personal circumstances
When dividing the contents, personal circumstances must also be taken into account. For example, an heir may need certain items to furnish the home or that certain items have a high emotional value for an heir. It is important to make agreements about this and record them in the home contents valuation report.
Inheritance and tax authorities
The value of the contents is not only important for the distribution among the heirs, but also for the inheritance tax return. It is important to properly document the value of the contents and have it appraised to avoid discussions with the tax authorities. It is legally required to state the value of the contents in the inheritance tax return.
Conclusion
Valuing the contents upon death is an important part of dividing the estate. A well-founded contents valuation report can help to determine the value of the contents in an objective manner and ensure that the distribution is fair. It is important to strive for an equal distribution and to take personal circumstances into account. Having the contents appraised and drawing up a tailor-made contents valuation report can prevent a lot of ambiguity and discussions with the tax authorities and between the heirs.
Request a free quote
Would you like to receive a quote for valuing household contents in the event of death? Then request a free quote. This is completely without obligation and you are not committed to anything. By requesting a quote you will get a better idea of the costs and services we can offer you.
Do you have any questions or would you like advice before requesting a quote? Then you can always call us on 070-2116102. You can also send us an email at: info@zsm-woningontruiming.nl. We will then respond to your enquiry as soon as possible.
Help Center
Is it mandatory to have the contents appraised upon death?
Yes, it is legally required to state the value of the contents in the inheritance tax return.
Who can appraise the contents?
A recognized appraiser can appraise the contents. It is also possible to prepare a tailor-made contents valuation report.
How can the value of the contents be fairly divided among the heirs?
A well-founded contents valuation report can help to determine the value of the contents in an objective manner and ensure that the distribution is fair. It is important to strive for an equal distribution and to take personal circumstances into account.
Is it possible to determine the value of the contents yourself?
It is possible to estimate the value of the contents yourself, but this can be risky. It is better to have the value appraised by a recognized appraiser or to draw up a tailor-made home contents valuation report.
Must the division of the contents be recorded in writing?
Yes, it is advisable to record the agreements about the distribution of the contents in writing to avoid misunderstandings in the future. This can be included in the contents valuation report.
Bonus tip from ZSM Home Clearance
Dividing household contents upon death can be an emotionally charged process. It is therefore important to have good guidance and to make agreements about the distribution. A professional executor can help make the process run smoothly and avoid unnecessary conflicts.
