Valuations for Probate (Inheritance Tax) Purposes
If you are an executor of a will, one of your primary duties is to value the entire estate of the deceased. This inheritance tax value (or probate value as it is often referred to) will include possessions, savings, chattels, assets and of course any property, often the most valuable asset in the entire estate. With property prices in and around St Albans and Watford once again on the increase it is essential that you choose the right firm of chartered surveyors to carry out your property valuation properly.
For probate purposes, the value of the property must reflect the open market value and should not consider peculiarities such as a specific buyer willing to pay a premium. An incorrect valuation in a sporadic or volatile market can often leave the beneficiaries with an unnecessarily high inheritance tax bill.
The valuation should be carried out by experienced RICS property surveyors with an in depth knowledge of the local property market. The report also needs to be compliant with current HMRC inheritance tax law to reduce the risk of the District Valuer becoming involved, which invariably delays the whole process further.
Why Solicitors choose Rumball Sedgwick
Whether you, as a solicitor, are the executor of the will or there is an appointed third party, Rumball Sedgwick is uniquely placed to offer your clients an unmatched service ensuring you comply with the law and obtain the correct value:
- Established for over 250 years with extensive experience in and around St Albans and Watford
- Unrivalled local valuation expertise
- We have been providing probate valuations for decades – we understand your needs
- Our St Albans office operates an estate agency for residential sales and lettings
- We are Chartered Surveyors and RICS Registered Valuers
Rumball Sedgwick’s wider team of surveyors, estate agents, planning advisors and property professionals can help your clients in all their property related matters, from probate to sales and lettings, lease extensions, land acquisition and development.
Call us today on 01727 519140 to discuss your valuation for probate requirements.