Why Do I Need a Vehicle Valuation for Probate?

When someone dies, their estate needs to be valued. That doesn’t just mean adding up money in bank accounts and working out what their home is worth. Vehicles owned by the deceased can also form part of the estate, so an accurate value may be needed for probate.

What Value Should Be Used?

For probate purposes, you generally need to establish what the vehicle was worth on the date the person died. This should reflect its open market value rather than what was originally paid for it. Several things can affect the value of a car, van, motorcycle or other vehicle, including:

Make and model
Age and mileage
Overall condition
Service and MOT history
Specification and optional extras
Current demand for that particular vehicle

HMRC guidance confirms that assets should generally be valued based on their value at the date of death.

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Getting the Estate Value Right

The vehicle’s value contributes to the estate’s overall value. This figure can be important when determining whether Inheritance Tax is due and completing the information required during the probate process. A professional vehicle valuation can also provide evidence of how the figure was reached. That can be useful if the vehicle is unusual, particularly valuable or difficult to compare with others currently on the market. HMRC explains that professional valuations can be appropriate for higher-value assets, while items such as cars can be valued by considering what they could have been sold for.

There is another practical reason to know a vehicle’s value. The executors may need to decide whether to sell it or transfer it to a beneficiary. Having a realistic valuation gives everyone involved a clear starting point. A ten-year-old family car may only represent a relatively small part of an estate, while a classic, prestige or collectable vehicle could be worth considerably more. Either way, it shouldn’t simply be left out of the estate valuation.