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When Probate Valuation is Needed?
Probate valuation in Teddington is done when it’s necessary to determine the value of estate of a person, who has died. The probate process requires this type of valuation. If a person dies, his/her relatives have the legal right to oversee the affairs. After that, the estate of a person, who has died, is distributed according to the will.
Valuing the property as well as household items is a part of the probate process. Probate valuations in Teddington need to be done for HMRC inheritance tax purposes. According to the Inheritance Tax Act 1984, the estate of a person who has died can be a subject to the tax. An heir has to pay the inheritance tax if the total value of his/her loved one’s is more than £325,000. There are also situations when an heir has to pay capital gains tax.
Why Is It So Important to Get a Property Valued for Probate?
The reality is, the properties in Teddington and neighbouring areas such as Sutton and Richmond constantly add in value. That’s the reason why the relatives of a deceased person often have to pay large tax bills. Let’s assume that assets are valued too high. If this happens, an heir has to pay a huge inheritance tax bill.
Some people want to get a property as well as house contents valued too low. However, it’s not a good idea. Keep in mind that you can come under suspicion for things like that. So, it’s incredibly important to get an accurate valuation done and determine the real market value of the estate.
In most cases, the total value of estate consists of the value of properties, the value of financial assets such as stocks, bonds and share and the value of vehicles as well as other types of chattels. There are also situations when household items are a huge part of the estate’s total value.
The Process of Valuing the Estate of a Deceased Person’s Estate
The process of valuation for probate begins with the visit of a valuer. After the death of your loved one, you need to find a services probate company that provides professional valuation services in Teddington and ask an RICS qualified valuer to visit your property. An executor will come to a house that you are going to inherit and estimate its contents.
At the next stage, all the necessary calculations are made. Lastly, an heir gets a report from a valuer. Usually, it takes clients no longer than 72 hours to get valuation reports from chartered surveyors after a visit.
The average price of standard probate valuations in Teddington and surrounding areas such as Twickenham is about £300 +VAT. However, you may need more than standard probate valuation in Teddington.
It would be better to consider the so-called specialist valuation for probate services package if a house contains expensive items such as antiques, fine art, furniture, jewellery, etc. So, you will get house contents valuations in Teddington done by an expert in this particular field.
Specialist Valuation for Probate Service Package
Sometimes, the residents of the Teddington area inherit properties with expensive valuables like art and antique collections (such as coins, medals, picture and watches), jewellery items (such as earrings, necklaces and rings), precious metals (such as gold, silver and platinum), gems and stones (such as diamonds and pearls), rare books, etc. If such a need arises, a specialist package would be the right choice.