At a time of bereavement, the practicalities of assessing the value of assets for Probate (and the impact on tax liabilities) are not automatically high on the agenda. However, if they’re not addressed quickly, it can complicate matters.
For many people, their home is the most valuable asset they own. This means that when they die, the property may contribute to a tax liability that will have to be assessed before the executors can settle the Estate.
A tax liability is based on the value of the property at the time of the owner’s death, not at the date of any future sale. If the deceased’s executors or beneficiaries don’t want to sell the property, it’s value must still be included in any assessment of tax due.
Our experienced Surveyors can support you if you need a Probate Valuation.