There are a number of matters which will need to be undertaken when finalising the estate of a loved one after they have passed away. This process is generally known as Probate and is usually completed by the Executor or Administrator of the estate. Assessing the definitive value of any property or land assets forming the estate at the date of death, for Inheritance Tax assessment purposes, is often a key component of Probate and is something which will need to be considered.
The Inheritance Tax Threshold is currently set at £325,000. Where the value of estate is likely to be well below this threshold, the obtaining of three market appraisals from local Estate Agents is usually acceptable to HMRC in assessing the value of land and property assets forming the estate. In these circumstances, Bradleys Estate Agents have local offices situated throughout Cornwall, Devon and Somerset and would be well placed to assist you.
However, if the value of the estate is likely to be in the region of, or exceed, the Inheritance Tax threshold, a formal Probate Valuation will be necessary. This valuation must be undertaken by a Chartered Surveyor, who is also an RICS Registered Valuer, in accordance with RICS Standards (The Red Book). At Bradleys Surveyors we have vast experience in providing Probate valuations on a broad range of land and property assets throughout Somerset, Devon and Cornwall. Bradleys Surveyors are registered with the RICS and all of our Chartered Surveyors are RICS Registered Valuers.
In order to assess value, our Surveyors would need to undertake an inspection of the property so that the condition/repair can be taken into account. A written Probate Valuation report will then be produced in accordance with RICS standards summarising the relevant detail together with the value of the relevant assets. The cost of a Probate Valuation will often vary dependent on the size and type of the asset.
If you have any questions regarding Probate Valuations and Inheritance Tax then please feel free to call us on 01209 712111, or email us firstname.lastname@example.org we would be very happy to assist with your enquiry and provide a no obligation quotation for a Probate Valuation.