Probate valuations / Inheritance Tax
Probate valuations are an important part of the process of administering the estate of a deceased person.
When probate is granted it gives the Executor the legal right to distribute the estate according to the deceased wishes.
Each valuation is based on the open market value of the time of the decedents date of death it is also requires to be undertaken in compliance with section 160 of the Inheritance Act 1984 which states:
“Except as otherwise provided by this Act, the value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is to be placed on the market at one and the same time.”
We understand the distress of dealing with probate, we are dedicated to providing our service in a personal, sensitive manner. A probate valuation might be the last thing on your mind, however, it is important because it helps:
- Enable HM Revenue and Customs to establish the correct amount of Inheritance Tax payable.
Probate values reflects the condition of the items at the date of death and represents the Hammer price achieved at public auction and does not include auction commissions or premium payable.
Call now to make an appointment 07746 958131