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What is probate?
Probate is the legal privilege given to a person to be in charge of the will or estate of the deceased. After death, their money, home, and prized possessions (jewellery, furniture, vehicle, fine art, antiques, and chattels) will be valued. This process is called probate valuation. To value the estate, one must do that correctly. That way, the capital gains tax and valuation reports sent to HMRC can be properly determined. In cases whereby the estate is small, there’s no tax.
Probate valuation in Clapham is possible with Clearance Solutions at the forefront of the process, helping with a professional valuation. It involves the accurate valuation of the household items so as to come up with a total cost that would be included in the value of the other items. With the probate process, you’ll know if they are subject to any tax.
The importance of probate valuation in Clapham
Probate valuation in Clapham is important for executors of the estate. Here are the essential reasons you need to value the property:
- Based on the inheritance tax act 1984, getting a correct valuation report is important in deciding if an estate requires a tax or not.
- You’ll get the right amount to pay. Valuing the estate at a higher or lower level than the required amount may lead to legal issues. Valuing it higher will make you overpay while valuing it lower will make you a suspect of fraud.
To value the property in London, you need expert assistance for the process. The implications of having incorrect values are based on inheritance tax purposes. Ensure that you get the correct figures so that you can be free from trouble.
We Assist you with Probate Valuations
Before starting the whole process, you should contact the utility companies, banks, and organisations that are in charge of money or assets belonging to your departed. Next, contact the probate valuation team to assess the market value of all items.
At Clearance Solutions, we offer valuation services that can help you get that accurate value for the estate. When you use our probate services, you get your valuation report within 72 hours. We also offer property clearance services whenever you need house clearing to be done.
You can get your free quote or advice in Clapham from our chartered surveyors (RIC qualified and certified).