Probate Valuations

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With our extensive experience, we can help you understand the process of probate.

Probate is the legal term given to the financial process of dealing with the property, money, and possessions (The Estate) of the deceased. Additionally, Inheritance Tax rules can be complex and it is therefore important that accurate valuations and professional advice is sought.

When is probate required?

1 in 2 people need probate after someone dies. Whether probate is needed depends on what the person owned when they were alive. For example, if they owned a property in their sole name, or had other high value assets - typically over £325k, it’s likely you’ll need probate to deal with their estate.

Do I need probate for a small estate?

It depends on the size of the estate and the value of individual assets.

There’s normally no inheritance tax to pay if the value of the estate (including property) is below £325k.

If the estate is close to or over this threshold then it‘s best practice to arrange a professional valuation. Even if you believe the contents to have little value.

Having a documented appraisal for the contents will go a long way to assuring HMRC that the trustee/executor has been duly diligent. If you elect not to do this then it opens up the potential for HMRC to question how values have been ascertained. They are typically forensic in their approach which can lead to delays. Worse still - if they find evidence of negligence then the executor/trustee may be liable for financial penalties. 

If you’re unsure as to whether the value of the estate is under the threshold, undertake some rudimentary checks on items such as cars, jewellery & furniture. Bear in mind that any historic insurance valuations will likely be inaccurate.

The value of items is also made in accordance with the economy and trends at the time of death. This is the stage to call us in to help. We can provide data supported, practical valuations on all items.

We will also complete the associated legal documents, saving you valuable time. If this is something you’re interested in, please don’t hesitate to get in touch.

The costs outlined below are typically what we charge. As every situation is different, we prefer to offer a tailored approach.

• 1/2 Bed property: £195 
• 3 Bed property: £250 
• 4 Bed property: £295 
• 5 Bed property: £340 

Additionally, we can provide expert guidance for customers to support them with what to do with these assets and use our industry experience to maximise their value. 

*Please note, we specialise only in assets and if you require a property valuation then you’ll need to contact an Estate Agent.