Applying for probate is one of the actions you must plan when you have a deceased family member. But before you approach the Probate Registry you must know the size and complexity of your late relative estate and if you need to pay any Inheritance Tax. To be able to do this you need details on the assets and liabilities, as well as knowledge in tax laws and regulations.
If the Inheritance Tax threshold is higher than £325,000 the standard Inheritance Tax rate is 40%. But there are exceptions to this rule and these are well known to probate valuation experts. So performing probate valuation DIY is not always the best idea.
To work out the size of the deceased’s estate you will need valuations of their assets. This could just include bank and building society accounts, but if they had any investments, properties or other valuable personal possessions, valuations of these will also be needed. All valuations should be at the date of death rather than some other date.
The probate administrations services need info on gifts the deceased made in the seven years period before they die. Additionally to any gifts they made at any time where the deceased retained a benefit (e.g. the deceased gave away their home but continued to live there), as there may be Inheritance Tax to pay related to these as well.
When the details of the assets and liabilities are done, you need to fill out the Probate Application Form and find information on any or all administration taxes that need to be paid for the application to be accepted and processed.
It is always easier to go through this process if you find and hire probate valuation professional services. That way you will not miss out on any laws and regulations and avoid un-necessary expenses. Not to mention the time and energy this may save you.