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What is Probate Valuation and When It’s Needed?
Without a doubt, the death of a family member is a huge loss. According to the inheritance laws in Sutton, relatives have the legal right to inherit assets when their loved one dies. Probate process requires determining the value of a property that an heir is going to inherit. Probate valuation in Sutton, Clapham and other areas involves assessing the market value of the deceased person’s assets.
It’s important to know that the property and other assets are valued for inheritance tax purposes. In accordance with the inheritance tax act 1984, an heir has to pay inheritance tax if the total value of assets that he/she has inherited is more than £325,000. The main purpose of probate valuations is to determine if an heir is a subject to inheritance tax or not. In addition, you may have to pay capital gains tax if an inherited property has increased in value.
Why It’s So Important to Get the Right Property Valuation
It’s no surprise that property prices constantly go up. That means that relatives may have to pay a huge inheritance tax bill after the death of their loved one. Mistakes in probate valuation should be avoided. Some people want to have their loved one’s estate valued too low. However, it’s not the right thing to do. In this case, you can be suspected of fraud and this will result in negative consequences. On the other hand, you’ll have to pay a huge tax bill if assets are valued too high. So, you need to get an accurate valuation and pay the correct amount.
How to Get Estate Valued for Probate
Initially, you should pick specialists who offer the service of property valuation for probate purposes in Sutton. Clearance Solutions is a team of executor specialists, who have huge experience in delivering valuation probate services. Probate valuation specialists provide HMRC compliant services. An experienced and qualified valuer will visit your house to assess its contents. After doing all the necessary assessments, specialists will provide you with a full probate report. Usually, it takes customers no more than 72 hours to get valuation reports from expert evaluators after visit.
How Much Does It Cost to Get Valuation for Probate?
The prices on services of standard service package start from £300 +VAT. However, you need to make use of special service package if you have a large collection of valuables. The price of this type of service is available upon special request.
Probate Valuation of House Contents
Professional valuation is the process of determining the total value of estates. The total value of a deceased person’s estate consists of properties, chattels, vehicles and expensive household items such as:
- Rare books
- Fine art
RISC qualified chartered surveyors have experience in assessing all types of house contents. They are always ready to advise you on inheritance tax and different types of probate valuation in Sutton, Bromley, Southall, and other areas.