Dealing with probate can feel overwhelming, especially when chattels, antiques, or collections are involved. At FEAC Legal, we provide HMRC compliant probate valuations for Hockley families, solicitors, and executors. Whether you’re handling a simple estate or a large rural property, we offer sensitive, timely, and accurate valuations across Essex.

How Does It Work?

Step 1: Book Your Valuation

For a personal quote or to book a probate valuation service, please get in touch with us.

Phone: 07984 733931

Email: admin@feaclegal.co.uk

Step 2: Schedule Your Valuation

Once your appointment is confirmed, our team of professional valuers will arrive promptly at 9:00 AM on the scheduled day. They will conduct the valuation thoroughly and take the necessary time to ensure an accurate and comprehensive assessment.

Note! We can collect keys if you are unable to attend the property, or, you can post them to our head office.

Step 3: Receive Your Report

Once the valuation at your property is complete, our valuers will return to head office to prepare a detailed probate report. This report will be finalised and emailed to you in PDF format within 5 working days of your initial appointment. You can then print and distribute as many times as needed to the appropriate parties.

Our Probate Services In Hockley

• Full chattels and household contents valuation for probate and inheritance tax
• HMRC Inheritance tax compliant documentation.
• Asset recovery service included.
• Flexible key collection and postal services for clients unable to attend in person, including those abroad or with busy schedules
• We can also offer full house contents clearance.

Why Choose Us?

• We are a family run business who have been operating for over thirty years.
• Our expert valuers have constant training in antique, fine jewellery, and specialist items. Making them the most knowledgable and best in the business.
• We cover the whole of the UK and Scotland.
• We work closely with over eighty solicitors throughout the UK.
• We have never had a report rejected by HMRC.
• We offer transparent, competitive pricing with no hidden fees.

Ready To Get Started?

Contact us today for probate and chattels valuation in Hockley and across Essex.
Call 07984733931 or email admin@feaclegal.co.uk.

Why Online Payment Wallets Must Be Included in Estates

In a world where digital transactions have become the norm, online payment wallets now hold a significant portion of personal wealth. Platforms such as PayPal, Revolut, Wise, Cash App, Monzo, Klarna, Shopify Payments and Stripe often contain funds, credits, business revenue or linked assets that executors must account for during probate.

Despite their value, online wallets are among the most commonly overlooked estate assets. Many executors focus on traditional bank accounts while unknowingly leaving substantial digital balances unreported. Failure to include these assets can lead to inaccurate probate valuations, HMRC enquiries and financial loss for beneficiaries.

With over 12 years of experience and no HMRC-rejected probate valuation reports, FEAC Legal specialises in identifying, valuing and documenting digital financial assets across England, Scotland and Wales. This article explains why online payment wallets must be included in estates and how to ensure they are correctly handled.

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What Are Online Payment Wallets?

Online payment wallets are digital financial accounts used for:

• Sending and receiving money
• Holding currency balances
• Managing subscriptions
• Processing business payments
• Conducting international transfers
• Storing credits or refunds
• Acting as business merchant accounts

Common wallets include:

• PayPal
• Wise (formerly TransferWise)
• Revolut
• Monzo
• Cash App
• Stripe
• Shopify Payments
• Apple Pay & Google Pay
• Klarna (buy now, pay later balances)
• Skrill & Neteller

Because these platforms can hold funds independently of traditional banks, they are considered financial assets and must be valued accordingly.

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Why Online Wallets Are Often Missed During Probate

Online wallet accounts do not leave obvious paper records. Executors often overlook them because:

• The deceased may not have disclosed their digital finances
• Wallets store money online, not in physical statements
• Transactions occur automatically (e.g., subscriptions, payouts)
• Passwords and app access may be missing
• Balances may be small individually but substantial collectively
• Business income may be stored in multiple merchant accounts

As a result, thousands of pounds can be left unaccounted for if executors are not aware of where to look.

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Why Online Payment Wallets Must Be Included in Estates

1. HMRC Requires Full Disclosure of Financial Assets

Online wallet balances must be included when calculating:

• The gross estate value
• The net estate value
• Inheritance Tax (IHT) obligations

Failure to report them can lead to:

• HMRC queries
• Delayed probate
• Fines or penalties
• Legal exposure for executors

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2. Online Wallets Often Hold More Money Than Bank Accounts

Many individuals use digital wallets as primary accounts for:

• Business income
• Side hustles and freelance work
• Online selling
• International payments
• Subscription services
• Refunds or credits

Executors must check these wallets thoroughly, as they may contain significant estate value.

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3. Digital Wallets Are Integral to Online Businesses

For business owners, wallets may include:

• Pending payouts
• Customer payments held in escrow
• Subscription revenue
• Sales balances
• Refund reserves

These must all be included in the probate valuation.

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4. Funds May Continue to Move Post-Death

Some platforms will continue:

• Receiving payments
• Charging subscription fees
• Automatically transferring funds

Executors must freeze or secure these accounts as soon as possible to prevent loss.

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5. Wallets May Contain Multiple Currency Balances

Wise, PayPal and Revolut frequently store funds in:

• GBP
• EUR
• USD
• AUD
• Cryptocurrencies (in some cases)

All balances must be converted to GBP at date-of-death value, in accordance with HMRC requirements.

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How Executors Can Identify Online Wallets

Executors should check:

1. Email Accounts

Look for:

• Transaction notifications
• Payment receipts
• Monthly statements
• Subscription confirmations

These often reveal hidden digital wallets.

2. Bank Statements

Look for payments to:

• PayPal
• Stripe
• Wise
• Revolut

Recurring transactions indicate linked or active accounts.

3. Devices (With Legal Authority)

Search:

• Mobile apps
• Saved login details
• Browsing history
• Password managers

Digital wallets are frequently accessed through mobile devices.

4. Online Businesses

Check:

• Etsy, eBay, Shopify or Amazon seller dashboards
• Subscription platforms
• Affiliate accounts

Merchant payouts often go to online wallets.

If the executor struggles to locate these assets, FEAC Legal’s free asset recovery service can assist in uncovering unknown or hidden accounts.

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How Online Wallets Are Valued for Probate

Valuation requires:

1. Full Access to Account Balances

Executors must document:

• Total wallet balance
• Pending withdrawals
• Refund reserves
• Multi-currency holdings

2. Conversion to GBP at Date of Death

Foreign currency must be converted using official HMRC-approved exchange rates.

3. Review of Linked Business Activity

Any income queueing in:

• Stripe
• Shopify
• PayPal
• Square

…must be included in the estate value.

4. Identification of Digital Credits

Some wallets hold:

• Cashback credits
• Gift card balances
• Loyalty rewards

These may hold transferable value.

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Challenges Executors Face

Executors often find digital wallets challenging due to:

• Password or 2FA access barriers
• Unfamiliar digital platforms
• Lack of physical documentation
• International account structures
• Compliance restrictions

Without specialist support, it is easy to overlook funds or miscalculate value.

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Why Professional Digital Probate Valuation Is Essential

Digital wallets are financial assets and must be valued accurately. Professional valuation ensures:

• HMRC-compliant reporting
• Accurate assessment of all wallet balances
• Conversion of multi-currency holdings
• Identification of linked digital assets
• Protection for executors
• Correct distribution to beneficiaries

With FEAC Legal’s expertise, executors gain clarity, confidence and complete compliance.

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Conclusion

The rise of digital banking and online payment platforms has reshaped modern estates. Online wallets now hold significant financial value and must be included in every probate valuation. Executors who overlook these accounts risk underreporting the estate and facing HMRC challenges.

FEAC Legal ensures that all online wallets—from PayPal to Stripe, Monzo to Revolut—are correctly identified, valued and documented for probate purposes.

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Contact FEAC Legal

Email: admin@feaclegal.co.uk
Phone: 07984733931
To make an enquiry or request a valuation, please contact us.