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What is Valuing an Estate for Probate?
Death of a loved one is always very hard. Relatives of a deceased person have the legal right to inherit his/her assets. When inheriting someone’s property, you have to go through the probate process that requires the valuation of the property and other assets of your loved ones. During the probate valuation in Wallington, the market value of your loved one’s estate is determined.
Probate valuation in Wallington, Aldgate, Uxbridge and other areas needs to be done for inheritance tax purposes. According to the inheritance tax act 1984, a person has to pay the tax if he/she inherits the assets that cost more than £325,000.
Probate valuations have to be done to determine if your loved one’s estate is the subject of inheritance tax as well as capital gains tax or not. The probate process in Wallington can take 9 – 12 months. When a small estate is inherited, the probate takes less time.
Why Do You Need Valuation for Probate?
Inheriting the estate of your family member can result in a huge tax bill. In order to get the correct amount, the accurate valuation of a house, household items as well as chattels have to be done. Your loved one’s estate shouldn’t be valued either too high or too low.
When assets are valued incorrectly, an heir either pays more than he/she has to pay or is suspected of fraud. An heir has to use professional valuation services provided by an RICS qualified executor. People, who inherit someone’s property, have to get valuation reports that meet HMRC guidelines.
You have to get the total value of your loved one’s estate. That’s why it’s necessary to get all assets that you are going to inherit valued professionally. Contact chartered surveyors to get expert advice and learn more about probate valuations in Wallington, Purley and surrounding areas.
How to Value Assets for Probate?
The process of house contents valuation will begin after you contact a valuation services probate company. Initially, a valuer visits your property in Wallington and does the estimation of your house and its contents as well as vehicles, financial assets, etc.
After that, the total value of your estate is calculated. As a result, a client gets a valuation report. It takes an heir no longer than 72 hours to get a report from valuers in the Wallington area.
In most cases, people use the standard package to get their properties as well as house contents valued for probate. Standard valuation service packages are available at the price of £300 +VAT.
Specialist Valuation for Probate Service Package
A specialist package is recommended to residents of the Wallington area when a need to value antiques, fine art pieces, as well as jewellery collections, arises. In situations like this, the valuation is done by an expert in the particular field.