No proof of ownership

[Lonnie]

If a relation dies, you are one of the executors, and going through the reations belongings, you find some stuff that could be quite valuable, paintings, coins, jewellery etc, but in his papers, there is no proof of owernership, you have to sell this stuff, so that the proceeds can be split between his children.

Can anyone tell me what the position is please?.

Many thanks.

[dzug]

You don't necessarily have to sell them - if you can agree values with the children you can split the items between them so that each gets what they want. If you can't reach agreement then sell them - the children can 'bid' if they want.

If the residuary beneficiary of the will is not the children, then they go to him - unsold.

There's not much you can do about ownership - see what his spouse (if still alive) or children know about it, but otherwise you have to assume that possession equals ownership.

Could be a case where advertising for claims against the estate is worthwhile - someone might come out of the woodwork. Then THEY would have the burden of proof as to ownership.

[Lonnie]

Hi dzug,
Thanks very much for your answer, to a point, its very helpful,
What I didn't explain, is that the 'children, are adults, three daughters', one of which i'm married to, unfortunately, none of their parents are now living, and they just want the estate disposed of as quickley as possible, they have all the memorabilia they want, I have a name of the person my father-in-law bought some of the stuff from, but we can't find any reciepts or addresses, although I am searching through data bases etc.

The will states everthing should be split three ways, no items were bequeathed to any one person, anthing that the daughters don't want, goes in the pot for sale. I would estimate its collective worth upwards of �250.000, not including the house.

Just read your reply again, (does help sometimes) its very, very helpful, given me something to go on,

Thanks a lot.

[fredpuli47]

If you haven't done so already and these chattels, house contents, are worth �250,000 then you'll have to get a professional valuation of them. The Revenue are not going to accept a simple estimate by a layman when they are assessing the liability to inheritance tax !

[Lonnie]

Thanks fredpuli47,
Thats taken on board,

Thanks again.