Motorcycle Probate Valuations: Zundapp KS601
It’s been a busy start to 2020, with a caseload including several requests for probate valuations on old motorcycles. I’m always sad to hear of another old biker leaving the club, but anyone into classic bikes will be all too aware of the fact that most enthusiasts are getting on in years. It will also be noted that there aren’t many wives or children to be seen at bike meets and exhibitions. Leaving a collection of old bikes behind for the family to dispose of can therefore be like leaving a spaceship in the garage: where do people start to put a value on something that may be entirely alien to them?
About classic motorcycles in probate
Probate is the process of administering the estate of a deceased person. It revolves around organising their belongings including money, assets and other posessions, valuing them for inheritance tax purposes, paying all taxes and debts and then distributing the items as inheritance. If there is a will to work from, then the executor will be in charge of probate. Executors carry out their duties once a Grant of Probate has been issued.
Having dealt with probate cases and valuations for many years, the process it is not always pretty. Family wounds can be reopened when the money starts to rise, but there is also the issue of unscrupulous solicitors using the affairs of the deceased to clock up remarkable bills and also handing probate valuations to local associates – auctioneers or car dealers – intent on bringing the dead person’s property into their business at a knock down price and selling it on for far more.
While most solicitors are entirely honest – and I am privileged to work with many great law firms – I have served on several cases where the legal conduct was appalling. Anyone who is going to appoint a solicitor to handle their will and look after probate valuations should know just hope awful it can be for the survivors when the letters and emails start flying around at £100 a time but no progress is made, or dodgy dealers start knocking at the door asking to see the classic cars or bikes left behind by the recently deceased “for a quick cash offer”.
My classic motorcycle probate valuation service is very straightforward and reasonably priced. I have no ulterior motives regarding sale of assets, I don’t ask complicated questions that the bereaved families may have no way of answering and I do a lot of research to support the most sensible price based on the conditions of probate. Email some pictures and details of the bike, pay a small fee of £55 and I will send a signed letter of valuation that is accepted by all official bodies including HMRC.
Recent probate valuations include a 1963 Lambretta Li 150, a rare Zundapp KS601 Sport from the 1950s and a Yamaha FS1-E. There are a lot of old motorcycles sitting unused in garages and sooner or later they may have to be valued. Drop me a line if you need my assistance.
Main image shared under commons licence ©E.Zorilla on Flickr
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