Selling Contents Before Probate Granted

[LK80]

Hi All,

I am both an executor and beneficiary of my grandmothers estate - my sister and myself inherited the contents of my grandmothers home and there is an item in the contents that we would like to put in an upcoming auction, however probate hasn't yet been granted. Both myself and my sister (as beneficiaries) and myself and the other executor (not my sister) are happy/keen for it to happen but are we allowed to - the sale is not required to pay any debts/tax for the estate it just happens to be that the item is a piece of art that is popular at the moment and there is a good auction coming up soon that it would suit and, if we can do this legally, we'd like to take advantage of it.

Are we able to sell this item prior to the granting of probate?

We don't believe it will effect inheritance tax as it's already be valued as part of a probate valuation and would have to achieve considerably more than the estimate to take the estate over the estimtated threshold.

Any advice is greatly appreciated.

[des8]

It is normally ok to sell deceased's chattels prior to obtaining the grant of probate, especially if it will not affect IHT liability.
However do keep a record of sale proceeds in case there are any later questions or disputes between beneficiaries or family members or even HMRC.