When a person dies, the estate of the deceased needs to be formally valued for the purposes of obtaining a Grant of Probate. It is very much matters that the figures used are correct as any error could cause delay and/or problems with HMRC.
Which Assets Need Valuing
Almost every aspect of a person’s estate is subject to formal valuation. This includes property, savings accounts, stocks and shares, personal items of all kinds, vehicles, and even the amount of debt left behind by the deceased person.
How Property Is Valued
For a property, a formal valuation by a RICS accredited surveyor will provide a correct open market value of the property at the date of the deceased person’s death. uk/){rel=”nofollow”} rules.
Bank Accounts and Investments
Each bank account will be provided with an up to date statement, on the date of the deceased’s death. Likewise shares and other investments will be valued at the end of the trading day of the deceased’s death, either at the closing price or by the quarter-up rule whichever is the lower. For more on this, take a look at //beesandco.com/our-services/probate/leicester.
Personal Possessions and Chattels
For items that are of little value, a written estimate will be sufficient., it is wise to get a formal valuation by a professional, to avoid a downward valuation being queried by executors or HMRC. Probate Leicester is worth getting right.
If HMRC Queries a Figure
HMRC will query the lowest valuation(s) of property (or other assets). It is essential to keep a detailed record of how each figure has been reached.
When to Get Professional Help
Executors of larger or more complex estates would benefit from having their formal estate valuations managed by their solicitor and HMRC for HMRC purposes.
Getting the initial valuations correct will save the executors a lot of time and stress later on.
