Avery Associates are professional London based RICS Property & Chattels Valuers for Probate, and offer a fully comprehensive, and independent valuation for probate services to members of the public, executors and legal professionals anywhere in London, and all surrounding areas. We value all types of household contents which form part of an estate, including antiques, objets d’art, collectables, general household items, vehicles, boats, and farm machinery and the property itself.
One of the primary responsibilities of the executor is to undertake a responsible and accurate assessment of the estate, and due to the fact that the Inland Revenue have recently been carrying out numerous inheritance tax investigations normally arising from unqualified valuers being instructed by executors trying to save money for the estate, it is now essential to have probate valuations carried out by experienced RICS qualified property and chattels valuers, especially if you are both executor and beneficiary. As well as safeguarding the estate from investigation it will also allow the executor to determine if there is sufficient value in the assets to cover all debts and bequests left, further to this it will establish if there is any IHT to pay, if any. And take note that in most cases, the executor has no authority to take control of the estate i.e. (they will not be given a Grant of Probate) unless at least part of the IHT, which is owed is paid. Therefore, assessment and valuation of the estate is a critical first step, not only for tax reasons but also for the continuous discharge of duties as executor. An estate valuation must include all assets owned by the deceased at the time of death. This should include such assets as homes, probate valuation of chattels and movable property assets such as cash, stocks and assets such as jewellery. Moreover, the IHT should include certain items gifted to another by the deceased person during the seven years prior to death.
More Factors – Besides these obvious elements of the estate, there are other factors to consider. For a start, many people have a joint financial involvement in property, for example, the deceased person may have purchased a house with another person. In this case you must include the value of their share of the property. Also remember to include all assets in trust to which the deceased was entitled to the benefit from, and other property they had given, but they are still entitled to certain benefits from. It is important to note that all these assets should be valued as if sold on the open market at the time of death. If you do not know the exact figure, it can be estimated, but you must use all relevant information. After working out the total value of assets, the next step is to calculate the total of the estates liabilities, which may include outstanding loans and bills, and incidental expenses such as funeral expenses. The last step is to subtract the total liabilities from the total asset value. This will give you the value of the estate. Currently, inheritance tax is due on estates with a value of £325,000 and upwards.
For more information and detailed advice call Jeffrey Avery directly 0800 567 7769