A probate valuation is a valuation required by the Probate Office as part of the process of proving the Will of a deceased person and is required regardless of whether a property is being sold or not. Working through probate and performing the duties of an executor requires a degree of understanding and knowledge that Bracken Estates will help you with.
What is involved in a Probate Valuation?
- The first step is a probate valuation, we will meet you at the property and provide both you and the estates solicitor with an accurate valuation.
- We will provide advice on preparing the property for sale, organise a BER certificate and any works that should be conducted to prepare the property.
- The property to be sold may be vacant so we will regularly visit it to make sure it is secure
- Bracken Estates will always advise you regarding offers on the property.
- We arrange access with bank valuers or surveyors and consult directly with both solicitors, on your behalf, until the sale has been closed
When to expect to receive an inheritance from a probate sale?
- Beneficiaries would normally receive their inheritance once the Grant of Probate has issued, all assets have been liquidated and collected by the Executors, all liabilities (including inheritance tax) discharged.
What happen regarding inheritance tax from a probate sale?
- CAT (Capital acquisitions tax) comprises inheritance tax. This tax is paid on inheritances received over a certain amount. The probate valuation is the value of the property used to work out whether inheritance tax may be owed and what amount might be due.
- CGT (Capital gains tax) is the tax paid on the increase in price from the date of acquiring an asset to the sale of the same asset. If inherited property is sold and the price has increased from the probate valuation, the beneficiary will be liable to pay CGT on the difference.