A probate valuation will give you the overall worth of someone’s estate. This includes all their assets such as any property they own (and this is likely to be their most valuable asset), vehicles, personal belongings of worth such as paintings, antique furniture and jewellery, and what they have in bank accounts, shares and investments, minus any outstanding debts the person might have.
You need a probate valuation so you can begin the process of correct distribution of an estate to the rightful heirs. It helps to smooth the process. Professionally certified valuations are less likely to be questioned by Her Majesty’s Tax and Revenues, so this results in fewer delays when it comes to distributing the estate.
An inexpert probate valuation could result in over-valuation, which might mean unnecessary tax liabilities or an undervaluation which might result in penalties. In addition, if individual items are left to specific beneficiaries, then probate valuations of house contents etc., can make it easier to calculate tax liabilities on such items.
Probate valuation ‘simplifies process’
Wherever there is a will, a family quarrel or dispute can often be found… If family division exists, probate valuation could again simplify the process of estate distribution or clarify decisions that might seem unfair, i.e. where one person is left money or property and another is left valuables.
A probate valuation is also needed so the executors or administrators can work out how much inheritance tax is owed – if any. At present, inheritance tax comes into play on estates that are worth more than £325,000 if you do not leave the estate to a spouse or civil partner, or a charity or similar.
Bequeathing the estate to children or dependents increases the threshold too. In 2015-16, almost 25,000 estates were liable to pay inheritance tax, an increase of 1,300 compared to the previous year. Estate values have risen by £62 million between 2009 and 2015, and 54 percent of this is attributed to property price growth.
Probate valuation reports free
Finders International can organise initial market assessment and probate valuation reports free of charge for anyone who wants to take advantage of our fast and efficient probate property sales and services, which operate throughout the UK and Ireland.
Key features include proactive consideration to increase the value before the sale, and accurate identification of items of potential value. To refer a property for prompt disposal or to order an initial valuation you please email: [email protected] or contact us on +44 (0)20 7490 4935 to find out more.
Please note: Finders International does not offer specialist advice or services relating to inheritance tax. Please consult with experts in this field if this is what you seek.