Before probate can be completed and the Grant of Representation approved, a thorough valuation of the estate should be carried out together with an evaluation of any Inheritance Tax obligation.
In order to do this, the probate valuation solicitor must ascertain all of the following:
- The value of any property owned by the estate
- The value of any bank and building society accounts
- The value of any shareholdings
- National savings' value
- The value of any pensions
- The cost of funeral expenses
- The value of any liabilities – e.g. debts, mortgages and utility bills
- Details of any assets gifted before death
- Whether there is any Inheritance Tax liability (all estates worth more than £325,000?
The solicitor must then fill in the correct Inheritance Tax documentation, make any deductions that are required, calculate the likely value of the liability and ensure all this is complete and collated in readiness for the application for grant of representation.
However, it is worth remembering that the value of assets may be subject to change, even over short periods, particularly in the case of shares and property.
Probate valuation visits
Oratto's member probate valuation solicitors may need to carry out visits to the deceased's property in order to make inventories and valuations of both a property and its contents.
Our members are all signatory to the Oratto Membership Code and share an undertaking to you which means you can be assured of a sensitive and dedicated service in this regard.
In the vast majority of cases, our members are able to offer a timely and efficient service so that you can be assured of receiving your probate reports within only a short space of time from this visit.
The final probate valuation document
Any final probate valuation document should list the market value of all property and possessions in a final statement summary together with details of any inheritance tax liability. The document should be of a standard and format that makes it suitable for submission to HMRC. When necessary, photographs and supporting documentation should be provided.
Find the probate valuation solicitor who is right for you
Oratto gives you the power to find the probate solicitor who is best suited to your needs and your situation, wherever you are in the country.
Browse our member profiles or try our solicitor-client matching service, it is quick and easy to use and costs you nothing. It is also without obligation. For further information try one of the contact options listed on this page.