Probate Valuations and their Importance
It’s never easy to experience a bereavement. Under these difficult circumstances, you may find that you are named the executor to a will which includes property assets and will need a probate valuation. It is strongly recommended, when requesting a probate valuation report, that you use a RICS regulated surveyor like Watsons, in order to make an unbiased and professional evaluation of the property.
Please be aware that you will be required to provide the date of death, the full name of the deceased and proof that you are the executor of the will, at the time of instruction. If you instruct a valuer who doesn’t meet the above criteria, you run the risk of having the property over-valued and this could leave you subject to inheritance tax.
By determining an accurate value of the property, you will then be able to more effectively divide the estate between any named inheritors.
So, what exactly is a Probate Valuation?
When a family member or close friend dies and leaves property to you, you will need to obtain a valuation of the property, even if you aren’t selling it, in order to complete the HM Revenue & Customs Inheritance Tax form. You have to complete this before you can get a ‘grant of representation’, which means that you will have legal ownership of it.
Why should I instruct a RICS regulated Chartered Surveyor to value the property?
It’s highly advised you instruct a RICS approved Chartered Surveyor to carry out the valuation of the property for probate. This ensures that the property will not be over-valued, which could make it liable for inheritance tax.
HMRC are much more likely to accept a valuation that has been provided by a professional, especially if the value is over £200,000. If they believe that the valuation is incorrect, penalties can be applied on top of the extra Inheritance Tax, so it is in your best interests to get it right first time.
Get in Touch and Let Watsons Help
If you are in a position where you need to request a probate valuation, our experts can offer sound advice and talk you through the entire probate process. Our Customer Contact Team are more than happy to help you during this difficult time.
Alternatively, if you would like to request a quote, please complete this form with as much detail as you can, and one of our team will be in touch: https://www.watsons-property.co.uk/valuation-survey/request-a-quote/