When someone dies the Value of their Assets has to be Established
In many cases, when someone dies, the value of their assets has to be established. Probate is defined by the and financial processes that are involved with dealing with the money, possessions and property of a person that has died.
The process involves identifying the assets and liabilities of the person who has died, paying inheritance tax to the HMRC, liquidating the assets, settling the liability, preparing the estate accounts and distributing the assets. As a charted surveyor I can assist you with the property valuation, as required for submission to the Inland Revenue.
Property is often the largest single asset that any of us own in our lifetime, and if a valuation is required for presentation to the Inland Revenue, then this has to be undertaken and presented in the correct format.
With over 25 years of experience in the industry, I provide valuations of this nature for probate purposes. The value of the house is defined as the ‘open market value’, and the transfer date is the day the owner died unless it was given away as a gift in the past seven years.
If the beneficiaries are not going to sell the property, it is still necessary to carry out a probate valuation for taxation reasons.
Factors that affect the probate valuation are the date of valuation, the size of the property, the location and many more. I believe that all valuation costs should be transparent, which is why I provide my valuation services for a fixed fee, and there are never any hidden costs to you.
Get in Touch
As an experienced chartered surveyor, I provide probate valuations and a range of other services for clients in the Isle of Wight. Call me today on 01983 731 198 for more information.