Probate Valuations
Probate Valuations in Scotland
When someone who owns Scottish property passes away, their executor has to get a valuation. In this context, an executor is similar to an administrator, dealing with all the things that legally have to be done.
There are other financial things that have to be done, such as valuing the cash, goods, and possessions that are all included in ‘the estate’.
The estate refers to the sum of all these parts. From the estate, taxes and debts have to be settled. The executor will then distribute anything left to the beneficiaries, or other people named in the will.
This can be a very difficult time for people. If you’re struggling, please don’t suffer. There are organisations that are specialists at supporting people, no matter your circumstances. For more information, click button below.
When we carry out a probate valuation, you don’t have to be in the property if it’s too hard for you, either emotionally or around other commitments.
As local experts, we are used to the unique features of properties in the Highlands and Islands. This means you can be confident that we know what we are looking at.
If we do have any questions, we will of course get in touch.
The purpose of these sorts of valuations is to identify what the property value would have been if it had been advertised publicly at the time of the person’s passing.
This value is unbiased and factual. When a property is actually on the market, there can be people who will pay well over the market value to be on a particular street, for example. A probate value is not going to consider these types of scenarios and instead provides a fact-and condition-based value.
For the rest of the estate, aside from property:
Any particular valuable items, like art, antiques, or jewellery, be sure to find a specialist. We may well know just the person, having worked in the Highlands and Islands for so long, so feel free to contact us. For recommendations of professionals who can value general property contents, just get in touch.
The final valuation of the estate as a whole will then be given to the Sherriff Court when the executor apply for Confirmation. This grants the legal authority to the executor to handle the affairs of the estate. The HMRC also want this figure, in the form of a Declaration. Inheritance tax will calculated and paid before the remainder of the estate can be distributed.
For any further information or to book a probate valuation, please simply get in touch.
