Probate Valuation – What is it and why do you need it?

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Probate Valuation – What is it and why do you need it?

After a person’s death, there is a legal process of dealing with the material and financial assets of the deceased person, and this process is called probate.

This process is usually managed by a legal representative – executor, who is responsible to carry out the last wish, presented in the Will. The executor as a legal representative has the legal right to access all of the deceased assets that can include, money in the bank, shares and stocks, vehicles, artwork, jewelry and probably the most expensive assets, real estate and property.

The process of probate valuation takes into account all these assets and deducts any remaining debts to calculate how much inheritance tax (IHT) should be paid. At this moment according to the tax laws, assets up to £325,000 are classed as being in the nil rate band for IHT. Assets with a higher value then that figure are taxed at 40 per cent.

Never the less, the process of probate valuation and determining the value that is going to be taxed before the assets are inherited, is a very important process for the relatives or the deceased. The complexity of the process, the knowledge and information required to cover all legal aspects of the calculations, demands a professional service or/and accredited professional to carry out the whole process.

In our experience, Manor Clearance probate valuation process finds a great deal of assets the new owners would like to dispose.  That is when our connections to charities come handy, as these items are usually in working condition and can be of great benefit to many people.