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What Does Probate Valuation Mean?
When valuing the estate of someone who has died, relatives have the right to oversee his/her assets after death. Later, the estate of a deceased person is distributed according to the will.
Probate valuations in Tooting have to be done for HMRC inheritance tax purposes. According to the inheritance tax act 1984, an heir has to pay taxes if the total market value of assets that he/she has inherited in Tooting is more than £325,000.
Probate valuations make it possible to find out if an heir is a subject of inheritance tax as well as capital gains tax or not. Different types of assets are valued during the probate valuation. These include properties, household items, and different types of chattels. The goal of the valuation is to determine the total value of a person’s estate.
Why Is It So Important to Get House and Its Contents Valued for Probate?
Properties in Tooting, Dulwich and surrounding areas constantly add in value. If the valuation of a property has been done incorrectly, an heir will have to pay a huge tax bill. You’ll have to pay more than it’s required if a property is valued too high. On the other hand, you will come under suspicion of fraud if a property is valued too low.
That’s why it’s so important to get an accurate valuation. If you reach an accurate number, you will have to pay the correct amount. The owners of properties in Tooting always have to get valuation reports that meet HMRC guidelines.
Take advantage of professional valuation services provided by RICS qualified valuers in the Tooting area. Get a quote or advice of house contents valuers that provide property valuation for probate services.
How the Process of Valuation for Probate Looks Like
Valuation for probate has to be done by a highly experienced executor. Initially, the specialist visits your property and analyses your house contents. It usually takes chartered surveyors no longer than 72 hours to provide his/her customers with a valuation report.
Valuers offer different types of services probate packages to residents in the Tooting, Greenford and other areas. The prices on standard packages start at £300 +VAT. Sometimes, it’s necessary to get valuable collections estimated.
Such items are valued by an expert in a particular field. You’ll need to consider a specialist package to get a valuation for probate done. The prices on specialist packages in Tooting are available upon special request.
Specialist Valuation for Probate Service Packages
The specialist service package is recommended to Tooting residents when it’s necessary to value such house contents as:
- Highly-priced works of fine art
- Rare books
- Earrings, Rings, Gems
- Stamps, watch as well as bonds, shares and stocks.