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What Is the Purpose of Probate Valuations?
Upon the death of a loved one, lawful allocation of the assets and household items to their respective beneficiaries must occur. The beneficiaries are, however, required by the HMRC to pay inheritance tax. This can be very confusing, especially if one is not conversant with the Inheritance Tax Act 1984. The tax applies to assets valued at £325,000 and above as of 2018. Clearance Solutions provides commendable and professional probate valuation in Carshalton.
Qualified specialists ensure the smooth running of the process. You can get access to our probate valuation services from our Royal Institute of Chartered Surveyors(RICS qualified) in Carshalton and other areas.
Probate valuation is a legal process conducted by an executor whereby they sort out the deceased person’s assets and determine their value. These probate valuation house contents range from property, finances, cars and other household items commonly referred to as goods and chattels. The value determines the amount of inheritance tax liability as stipulated by HMRC.
Important Things to Consider
Property prices keep escalating in Carshalton and generally in the UK. It is, therefore, advisable for any executor to seek an accurate valuation. Rough estimates of the value of the assets may lead to overvaluing or undervaluing.
Over-valuing may increase the inheritance tax required to an outrageous amount. Under-valuing may cause one to collide with the law or authorities in Carshalton/HMRC since it may appear fraudulent. Both instances will be very strenuous to handle, especially when one is still grieving.
The Probate Services procedure in Carshalton by Clearance Solutions
The process in Carshalton begins when the client contacts the company. You get prompt responses from our specialists. Valuation begins after agreeing on a payment package (standard or specialist) that best suits the client. After the meeting:
Considering that the valuation should be done as per the market value, you get a chartered surveyor from the company that visits the property and conducts an accurate and reliable assessment of the items. The assets reviewed in Carshalton include items like:
- Financial assets
- Household items also contribute to the financial final asset value. They include:
- Jewellery (gold, platinum and silver)
- Precious stones such as diamonds and pearls
- Antiques and valuable art
- Other prized possessions such as coins, rare books, stamps, medals and watches.
These have a unique target market, and since they are costly, the specialist package works best so that an expert can evaluate them.
72 hours after the evaluator visits the property, the company submits an accurate valuation report to the client.
The client can then consult with HMRC on the way forward concerning the inheritance tax that should be paid.
Valuation Services in Carshalton and Other areas
Clearance Solutions provides various packages based on the needs of the client and the nature of their estate. The company gives a free quotation and advice on stocks, shares, bonds and the determination of Capital Gains Tax in Carshalton and other parts of The UK, such as Coulsdon and Temple.