Probate Valuations for Inheritance Tax purposes
What is Probate
'Probate' is a term commonly used when talking about applying for the right to deal with a deceased person's affairs. It's sometimes called 'administering the estate'.
If the person who has died leaves a will
In this case one or more 'executors' may be named in the will to deal with the person's affairs after their death. The executor applies for a 'grant of probate' from a section of the court known as the probate registry. The grant is a legal document which confirms that the executor has the authority to deal with the deceased person's assets (property, money and possessions). They can use it to show they have the right to access funds, sort out finances, and collect and share out the deceased person's assets as set out in the will..
If the person who has died didn't leave a will
If there is no will, a close relative of the deceased can apply to the probate registry to deal with the estate. In this case they apply for a 'grant of letters of administration'. If the grant is given, they are known as 'administrators' of the estate. Like the grant of probate, the grant of letters of administration is a legal document which confirms the administrator's authority to deal with the deceased person's assets.
Dealing with Probate Valuations
All items would be listed with their estimated value enabling interested parties to locate where the value may lie in the property.
All items with no saleable value and items that cannot be sold for legal reasons or items that are deemed charitable, will be displayed with “NSV” (no saleable value) printed next to them.
A bound and signed list, of which three copies can be produced, will be collated. All subsequent lists will be available on plain paper.
Valuations for the purpose of insurance.
A comprehensive detailed valuation, bound and signed.
A verbal or written valuation can be provided from a single item through to full house contents.
Advice can be given as to the best way or place to sell.
Waste Carriers Registration Number: CBDU156628
Light Haulage-Waste Disposal-Garden Clearance