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Probate Valuation of Estate – When Is It Needed?
The death of a loved one is a big loss for the entire family. The relatives of a deceased person have to inherit his/her assets. They can make use of the legal right to oversee the estate of their loved one before it will be distributed according to the will.
Probate valuation in Dulwich is a part of the probate process. An heir has to get all assets valued and determine their market value. Probate valuation in Dulwich and surrounding areas such as Streatham and Purley is done for inheritance tax purposes.
The inheritance tax act 1984 says that an heir has to pay inheritance tax when the total value of assets is more than £325,000. Probate valuations need to be done to figure out if the estate is a subject to tax or not.
Why Is It Important to Get the Value of Property for Probate?
The prices on properties in Dulwich, Wallington and other areas constantly increase. That means that you may be required to pay a huge tax bill if you inherit the property of your loved one. The accurate valuation is done to determine how much tax an heir has to pay.
If a property is valued too low, an heir can come under suspicion of fraud. On the other hand, an heir will have to pay more than it’s required if the property is valued too high. You should aim to prevent these kinds of things from happening and pay the correct amount. The best way to do this is to get the property as well as household items valued professionally.
The total estate’s value consists of properties, furniture and other types of house contents, financial assets, etc. It’s incredibly important to value all assets correctly and reach an accurate number.
Probate valuations in Dulwich have to be done by RICS qualified valuers. Property owners have to get valuation reports that meet HMRC guidelines. Contact a services probate company in Dulwich to get the consultation on property valuations for probate, inheritance tax and capital gains tax.
The Process of Valuing Estate for Probate
Take advantage of valuation probate services to value the estate of your loved one. It all begins with the valuer’s visit. An executor will come to you and do a professional valuation of the property and its contents. It will take a valuer no longer than 72 hours to provide Dulwich residents with a valuation report after a visit. Once probate has been granted, the assets can be cashed, transferred or sold.
Standard and Specialist Probate Valuation Services
There are two types of probate valuation services. Chartered surveyors offer standard and specialist probate valuation service packages in the Dulwich area. The vast majority of clients use the standard package.
This type of service package is a solution for people, who need to get house valuation for probate purposes. There are also situations when items have to be valued by an expert in the particular field. Use a specialist package to get the valuation of such items as antiques, coins, medals, fine art works, jewellery, vehicles, rare books, stamps and watches.