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What is the valuation for probate and who needs it?
It is very overwhelming and stressful to cope with the death of a loved one. It can be even harder if you have been named the executor in the deceased person’s will. Executors take legal responsibility to deal with the estate of the person who passed away. So, there is a lot you should think of, having almost no time to grieve. If you inherit someone’s estate, you’ll have to deal with probate valuation in Addington.
As the executor of the will you have to apply for probate. When you get the Grant of probate, you become able to deal with the property of your dead relative according to the will. First and foremost, you have to provide HMRC with detailed information on all the assets that belonged to the deceased person. After that, you will get an opportunity to apply for probate. Keep in mind that the executors in Addington and other areas such as Woolwich, Croydon, Temple and Waddon run the risk of being penalised if they fail to fulfil their responsibilities.
A probate valuation in Addington is the process during which the total value of the deceased person’s estate has to be estimated. You will have to determine the value of all bank accounts, stocks, shares and other assets as well as the value of chattels and household items. You should use valuation services and hire a RICS-qualified valuer to get a professional valuation done.
Why are the probate valuations so important?
Probate valuations in Addington have to be done for inheritance tax purposes. You need to determine the accurate value of the deceased person’s estate to know if there is any inheritance tax you need to pay.
According to the Inheritance Tax Act 1984, you don’t have to pay any inheritance tax if the total market value of the property is less than £325,000. An heir can be subject to capital gains tax. It is extremely important to get detailed and correct probate valuation reports. The report has to reflect the market value of the property on the date your relative died. Use the valuation for probate services provided by a local house clearance company to get an accurate valuation of your loved one’s estate.
What does the process of valuation for probate look like?
If you need to estimate the value of the house in Addington or in other areas like Westminister for the probate process, you should hire an experienced and qualified valuer. During the valuation, you will deal with the chartered surveyors. The expert will visit your property and provide you with a fully detailed probate valuation report. The prices on the standard valuation for probate services in Addington start at £325+VAT.
During the probate valuation, not just the house value has to be determined. Calculating the value of the household items is necessary as well. The personal contents that belonged to the deceased person have to be valued as well. These include:
- Fine art
- Collection of wine
- Works of art
- Stamps and coins
It’s necessary to use a specialist services probate package in Addington and other areas such as Dartford to get these types of items valued. In this case, items will be valued by an expert in the particular field. The price of a specialist service in Addington is discussed upon a special request.