In the unfortunate circumstance that you experience a bereavement, you may find that you are the executor to a will which includes property assets and will need a probate valuation. It is at this point that you will have the difficult task of requesting a probate valuation report.
It should be noted, however, that you will be required to provide the date of death, name of deceased and proof that you are the executor of the will, at the time of instruction. If you fail to request a valuer who meets the above criteria, you run the risk of overvaluing your property and leaving yourself subject to inheritance tax.
Once you have determined an accurate value, you will then be able to divide the estate more effectively between the remaining inheritors. Furthermore, if necessary, you can then apply for probate prior to diversion of the estate and payment of taxes.
Why Do I need a Chartered Surveyor to Value the Property for Probate?
It is heavily advised by HMRC to instruct a Royal Institution of Chartered Surveyors (RICS) approved chartered surveyor to carry out the valuation of the property for probate. This means 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!
If you are thinking about requesting a valuation for any of the purposes listed in this article, and require expert advice regarding the process, please get in touch and one of our friendly and expert sales team will be happy to discuss this with you. Allow us to assist with this burden by instantly booking one of our valuations.