Valuate Your Estate
It is often said that there are two certainties in life: death and taxes.
Unfortunately, the first generally brings the second following closely behind it. Inheritance tax (or IHT) is one of the great perennial gripes and one of the first responsibilities of the executor is to carry out a valuation of the estate.
In addition to the moveable estate, such as money, stocks, and possessions, a valuation of the estate should also include property, including houses owned by the deceased at time of death.
Property is one of the biggest assets that needs correct valuing for inheritance tax purposes, especially as many properties may take an ‘estate’ over the inheritance tax threshold.
This valuation must accurately reflect what the assets would reasonably fetch in the open market at the date of death. Even if a property is not going to be sold by the beneficiaries, it is necessary to
submit to the Inland Revenue™ the value as at the date of death in order to obtain grant of probate.
Pick Our Probates
At Stephen Alleyne & Co we offer a probate valuation service at a nominal fee, which will be refunded from our commission if we are instructed to sell the property.
If you require any assistance or have any questions about this process, don’t hesitate to get in touch with our staff. If we are instructed to sell the property, we provide a range of private property management services.