If you ever find yourself as the Executor of a Will, you may be slightly confused about what to do next. As Executor you will be responsible for valuing the assets of the estate (which could include the house, business premises, chattels and possessions) of your loved one.
It is probably something you have never had to do before and can be a bit daunting, quite often at an overwhelming and emotional time for you and your family. However, Vospers friendly and understanding team of staff and professional valuers are on hand to make it that little bit easier.
Here are some key points that you will need to remember:
1. Contact the bank and utility providers of your loved one for details of any assets and outstanding debts.
2. Make an estimate at the value of the total estate, including property, belongings, and any savings. This amount will determine whether or not you need to pay inheritance tax. You’ll then need to report this value to HMRC, who will either accept or decline based on how accurate they deem your estimation to be.
3. Once everything has been agreed upon, the estate will be shared amongst the beneficiaries as stated in the will.
Remember to value all possessions, including (but not limited to) cars, jewellery, antiques, and art.
It is not a quick or easy job and professional assistance could be needed, especially if you believe inheritance tax (IHT) will need to be paid. The inheritance tax threshold for 2020/21 is £325,000 – an estate worth over this figure could attract inheritance tax. HMRC will require professional valuations to ensure your information is correct, as if HMRC believe there’s negligence, you could face a hefty fine.
Expert help at such a difficult time is invaluable. The Vospers team are on hand with support and advice at every step of the way. We can provide valuation advice for a wide range of residential and commercial properties and can assist with finding additional valuation services.
Regulated by the Royal Institution of Chartered Surveyors (RICS) you can rest assured that our RICS property valuation will be of the highest standard.
Get in touch today for more information on our valuation for probate services.
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