What is probate valuation?
You probably wonder why is estate valuation important. Well, there are several reasons. Once a calculation has been done on the estate, the executor needs to get what is known as “grant of representation” or “probate” in order to get the legal right to deal with their estate and hand over all their assets according to their will.
Who has to get the probate valuation?
When someone dies, the probate valuation is carried out by the deceased’s Personal Representatives (including executors and administrators). When valuing an estate you must include all the assets that the deceased owned or had an interest in starting from the property, furniture, vehicles, financial assets to personal belongings. Additionally, gifts made by the deceased before their death must be carefully evaluated to see if they need to be included in the valuation.
Did you know that gifts given by the deceased during their life must be included in the valuation of the estate? However, gifts that fall into the categories listed below are not included in the probate valuation.
- Gifts to a spouse or civil partner living in the UK
- Gifts to exempt organizations (including after death)
- Gifts within annual exemption limits
- Small gifts
- Regular gifts out of income
- Wedding or Civil Partnership gifts
- Maintenance payments to relatives
- Gifts made more than seven years before the death
When can an inherited property be sold?
If you inherit a property, you can only sell it once the probate valuation has been completed and granted. Note that a grant is a form of a certificate issued by the court that confirms the validity of the will and gives the executors authority to deal with the deceased’s estate. However, the property can be put on the market before the time. Also, very important, unless the beneficiaries under the will wish to have the property transferred into their names, the executors will need to sell it.
Once probate has been granted, if the beneficiaries decide to sell the property it will almost certainly need to be cleared before it can be sold. If that’s the case, then feel free to call our house clearance services in Fulham. Our company also does a probate valuation, so if you are searching for the right company to do your probate valuation you’ve come to the right place. For more details about how we do things, don’t hesitate to contact us today.