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What is the Valuation for Probate and Who Needs It?
The pain of losing a family member can be really overwhelming. It’s extremely hard to put up with the fact that this person will not be a part of your life any longer. Coping with grief and loss can take much time. But it will be much easier for you to through this process with the support of your friends and family. After the death of a loved one, you have to deal with a lot of things that just can’t wait. Probate valuation in Hampton is one of those important things.
If you were named as the executor in the will left by your relative, you will have to apply for a grant of probate to get the legal right to deal with the deceased person’s estate.
After a grant of probate is approved, getting the property valued is the next step you should take. That means that you have to determine the accurate value of all assets (properties, chattels, furniture, vehicles etc.) that belonged to the person who has died. It will help you understand how much you will inherit.
Getting a probate valuation in Hampton, Hillingdon and other areas done can be a very challenging task. That is the main reason why you should seek professional valuation for probate services. The best thing you can do is to find RICS qualified valuers, who are highly experienced in what they do.
Why Getting the Property Valued is So Important
Probate valuations in Hampton, Blackfriars and Greenwich have to be done for inheritance tax purposes. According to the inheritance tax act 1984, an heir has to pay taxes. It’s also important to note probate valuations allow an heir to find out whether he/she has to pay inheritance tax as well as capital gains tax.
Calculating the accurate value of the person’s estate after death is crucial for an heir. The final figure will determine how much of the inheritance tax you will have to pay.
Keep in mind that you will have to pay the tax only if the total value of the estate is above £325,000 threshold. Normally, no inheritance tax is charged if the total market value of a property is less than £325,000. However, you still have to report the estate’s value to HMRC.
How a Professional Valuer Works
When you need to get the house and household items valued for probate, invite chartered surveyors to do home contents valuation for probate in Hampton. The expert will visit your property in Hampton to calculate the value of its contents. The valuer will write a full report in accordance with HM Revenue & Customs regulations. Traditionally, it takes customers 72 hours to get valuation reports after the expert’s visit in Hampton area.
Complimentary Property Valuation Services
If you have antiques, jewellery or fine art collection in the house, you have to value it as well. You should find an expert who works in this particular field. The collections of cars, stamps, watches, rare books, coins and medals should also be valued by a professional. Contact a reputable probate service company that will help you go through the probate process successfully.