Inheritance and succession in Wallonia: have your family jewels analyzed
Inheritance and succession in Wallonia: have your family jewels analyzed
In the event of a death in the family, or when you wish to prepare your estate, it is advisable to draw up an inventory of the assets to be passed on. This inventory, which is compulsory if the estate is to be accepted, enables all a person's assets to be accurately described and valued. Jewelry is no exception! Whether of sentimental value for some or market value for others, if you have inherited jewelry that you do not wish to keep, it is important to have it appraised before selling it. Here's a look at the rules governing jewelry appraisals in the event of inheritance or succession...
Inheritance and succession: what does the law say?
In the event of inheritance or succession, there is always an obligation to declare. In addition, according to article 19 of the Inheritance Tax Code for the Walloon Region, "the taxable value of the assets making up the estate of a resident of the kingdom and of the buildings subject to death duties is the market value on the day of death, to be estimated by thedeclarants."
Is jewelry part of our heritage?
Inheritance is divided into 2 main categories: real estate and personal property. The first category includes land, houses, stores, etc., while the second includes a wide variety of assets. These include financial liquidities, vehicles, animals and the use and decoration of living quarters, according to Belgian law. The latter category includes jewelry. Rings, necklaces, bracelets, brooches... all need to be listed in the inventory, along with their exact value.
Can jewelry be given as a family memento?
The law doesn't specify exactly what family heirlooms are. According to the courts, "family souvenirs" are objects (decorations, portraits, letters, jewelry, etc.) that have a link with the family past and a particular moral value."
The Liège Court of Appeal has issued a very clear ruling on this subject: the inheritance of family heirlooms and jewelry is subject to ordinary inheritance rules (Liège, 13.06.1980). The Civil Code does not lay down any special rules, so such gifts cannot be considered as customary presents. This case law was confirmed by the Cour de cassation (Cass. 12.11.1981).
What is the tax rate onWhat is the tax rate on the inheritance of family jewels in Wallonia?
As jewelry is a movable asset, there are inheritance taxes. These vary from 3% to 30%, depending on your relationship to the deceased and the size of the estate, according to the Federal Public Service Finance. For the Brussels-Capital Region and the Walloon Region, the SPF Finances is responsible.
How to have your jewelry appraised for an inheritance or succession?
As you know, jewelry is part of the estate assets. The settlement of an estate often requires an inventory to be drawn up by a notary. For tax reasons and in the interests of the heirs, an appraisal is essential. However, your notary doesn't have the necessary skills to appraise them, so a professional appraisal is essential.
Jewelry appraisal, an important an important step in the succession
It's a fundamental moment for evaluating all the jewelry to be shared. In the case of an inheritance or succession, the appraisal of family jewelry is carried out to determine its exact value for a fair division between the beneficiaries, so that it can be communicated to the notary.
In these situations, an appraisal report must be drawn up. It includes the estimated second-hand sale value of the family jewels, based on the quality and period of manufacture, the components, the nature and quality of the metal and stones. Strictly confidential, this report will be given to you at the end of the appraisal.
Note: an extralaimay be required depending on the number of pieces in order to achieve quality report..
À which professional should you contact to appraise your family jewels?
As a general rule, people immediately think of going to a jeweller's or jewelry store, the traditional place to buy jewelry. Even if they can give you a replacement value and a certificate for your insurance, most of the time they're not in a position to buy back your old and used jewelry. Simply because it's not their business! Occasionally, they may offer to take back your jewel in their showroom.
Specialized family jewelry sell , such as CaraOr in Rixensart, are experts in the analysis of all goods made of gold, silver, with or without precious or semi-precious stones. They are the ideal people to talk to when inheriting your family jewels. They can estimate the value of your assets, give you the appraisal report and inform the notary of the value of the jewels.
In the event of an inheritance or succession, a preliminary appraisal is free of charge at CaraOr, specialist in jewelry sell in Wallonia. We are committed to thoroughly appraising your family jewels and giving you a fair estimate at the best price. To appraise your possessions, we welcome you with all the comfort and security you need, close to home, with or without an appointment.
At the'transmission oraéritageyou may questionr about the market value of your family jewels. In this case, it is essential and compulsory to have your goods appraised by a competent professional to determine their exact value. The information given in this article is for guidance only. Always contact your notary to ensure that you receive all the correct, verified information tailored to your situation.