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What is a Probate Valuation and When It’s Needed?
A probate valuation in Wandsworth is the legal process of calculating the value of the person’s estate after his/her death. In fact, distribution of the assets is usually carried out according to the valid will left by the deceased person. However, relatives still have the right to apply for probation before the distribution of the estate takes place.
There is no doubt that people are very much distressed when their loved ones die. Of course, the loss of a loved one is a big loss for his/her family. You will have a lot of tasks to do if the worst happens and your relative passes away. A probate valuation is one of them. All assets of the deceased person are considered during the probate process – property, bank accounts, stocks and shares as well as antiques, fine art, vehicles and jewellery. Estimating the value of household items for HMRC is the main part of the probate valuations.
Professional valuation of the deceased person’s possessions is a very important task. It’s crucial to get accurate valuation and estimate market value of items correctly. So, you need to find professional valuation services in Wandsworth and in surrounding areas such as Balham, Putney and others. If you take advantage of RICS qualified probate services, you get the work done in the best possible way. During the process of probate valuation in Wandsworth, chartered surveyors will estimate the value of all items in the house such as jewellery, furniture, pieces of art etc. Finally, clients get valuation reports that can be used for inheritance tax purposes.
Importance of Probate Valuations
According to the inheritance tax act 1984, an heir has to pay the so-called capital gains tax if the value of an inherited property has increased.
Property prices in Wandsworth constantly go up. That is the main reason why you should get probate valuation of property done quickly and accurately. Otherwise, you run the risk of being left with a huge inheritance tax bill.
If the property of your deceased relative is valued more than it really costs, the tax you have to pay will be too high. Low value of the property, on the other hand, may cause suspicion. It’s worth mentioning that the estate value is usually received from the financial assets and the property. However, the cost of the chattels can significantly change the final sum. An executor specialist will be able to do all the necessary assessments for probate valuation in Wandsworth, Uxbridge and other areas.
How Do Probate Valuation Specialists Work?
You need to contact expert valuators when you need to get the house contents valued for probate in Wandsworth. After that, a highly qualified valuer will visit the property to calculate the cost of all the things inside. You will receive a detailed report within 72 hours after the expert’s visit.
Services Probate Package for Property Valuations
If you have some very expensive things in your house, then you can use the help of a professional working in a particular sector. So, you can get expert advice for:
- Art and antique probate valuations
- Jewellery probate valuations
- Valuable collections
The expert will analyze a property in Wandsworth carefully and provide you with the most accurate report on its value.