A Guide to Probate Valuation

What is probate valuation? Simply put, it is valuing someone’s estate after they die. It can include money, property and possessions, and needs to be done quickly so the estate can be distributed to the rightful beneficiaries.

The process can take between six to nine months, but it will be longer for bigger or more complicated estates (for instance, where there are trusts, inheritance tax is owed on the estate, or they involve issues such as intellectual property). The majority of estates will not be liable for inheritance tax, but if an estate is big enough to merit this tax the forms needs to be sent in to Her Majesty’s Revenue & Customs (HMRC) within a year of the person’s death and payments of the tax need to start by the end of the sixth month after the person died.

Legal process for probate valuation

If the deceased person left a will, then the will names an executor (there can be more than one) who obtains a grant of probate to carry out the will’s specifications. If someone dies intestate—i.e. without leaving a will—his or her relatives can apply for a grant of letters of representation. Once the grants are in place, probate valuation can take place.

This involves gathering together the assets, such as money in different bank accounts or building societies, paying any bills (such as the funeral costs) and then distributing what is left to the rightful heirs. Some people choose professionals to help them with the probate process or opt to do it themselves, which can be done if there is only jointly-owned property that passes to a spouse or civil partner.

Probate valuation can include maximising the estate’s value through selling goods, furniture and property via an auction, so the sales proceeds are then added to the value of an estate.

House clearance

One additional thing executors and administrators might need to think about is house clearance services, which will be required if the house is to be put on the market. Specialist firms can help you deal with house clearance quickly and effectively and they are often able to dispose of items in an environmentally-friendly way.

Finders International offers several probate valuation services. We can arrange fast and efficient probate property sales throughout the UK and Ireland including approved cash buyers for quick sales. In addition, we can give you an accurate statement of all UK and international shares on a given date. The service is fully compliant with HMRC requirements and provides detailed information such as value, net rate per share, accrued interest and the foreign exchange rate (where this applies).

If probate valuation is one headache you can do without, contact us today and we’ll make the process pain-free.

If you would like to get in touch with Finders International regarding tracing heirs or assets to estates, please contact us today on Freephone 0800 085 8796, email contact@findersinternational.co.uk or visit our website.