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What is Probate Valuation and Who Needs It?
Unfortunately, people die and nothing can be done about it. When the worst happens and someone dies, relatives have to inherit estate of a deceased person. After the death of a loved one, the probate process begins and the relatives have the legal right to oversee his/her assets. When inheriting someone’s estate, an heir may be required to pay inheritance tax as well as capital gains tax. Probate valuation in Brixton, Streatham and Dartford is done to figure out if estate is the subject to taxes or not. In other words, probate valuations are done for inheritance tax purposes.
Let’s dig deeper into the inheritance tax act 1984. According to the law of Brixton, an heir has to pay the inheritance tax if the total value of assets that he/she has inherited is more than £325,000. The real market value of a house, household items as well as chattels is determined during professional valuation. After probate is granted, the estate is distributed.
Why Accurate Valuation is So Important for Probate Process?
It’s no surprise that properties in Brixton and surrounding areas such as Wandsworth and others constantly add in value. That’s the reason why an heir may be required to pay a huge tax bill. Probate valuations are done to determine the correct amount that an heir has to pay in taxes.
Probate valuation in Brixton has to be accurate. Let’s assume that your loved one’s assets have been valued too high. In this case, you will have to pay a huge tax bill. Now, let’s assume that your loved one’s assets have been valued too low. If this is the case, you can come under the suspicion of fraud. If this happens, you will have to deal with negative consequences.
In order to prevent these kinds of things from happening you need to get the estate valued by RICS qualified executor. Take advantage of valuation services which are provided by services probate professionals in Brixton. Experienced and qualified chartered surveyors value the assets correctly and provide customers with valuation reports that meet HMRC guidelines.
Getting Assets Valued for Probate Professionally
House valuation for probate purposes always begins with valuer’s visit. Initially, a valuer will come to you to analyze a house and its contents such as furniture, jewellery, vehicles, etc. Then, the total value of assets is calculated. Finally, a valuer provides a customer with a full probate report. Traditionally, it takes residents of Brixton no longer than 72 hours to get valuation reports from valuers.
In the vast majority of cases, people use standard probate valuation services in Brixton. A specialist service package is worth considering if a need to value large collections of expensive items arises. The price of this type of valuation service is available upon a request.
Specialist Probate Valuation Service Package
Specialist valuation for probate service package in Brixton would be the right choice when it’s necessary to get expensive property or expensive items valued professionally. Jewellery items like necklaces, earrings, rings, coins and medals, rare books as well as collections of antiques and fine art collections are valued by the expert in a particular field.