Probate Valuation Information

A probate valuation determines the market value of a deceased person’s estate, primarily for inheritance tax purposes. It is crucial to ensure the estate’s assets, such as properties and personal belongings, are valued accurately to settle taxes and distribute the inheritance according to the will. The process involves obtaining one of three types of grants: Grant of Probate (when a valid will exists), Grant of Administration Intestate (when no will exists), or Grant of Administration with Will Annexed (for an invalid or unclear will).

In addition to inheritance tax, probate valuations consider other taxes like Capital Gains Tax or Capital Acquisitions Tax. The executor of the will handles these aspects, ensuring all liabilities are settled before beneficiaries can receive their inheritance. Probate ensures transparency and legal compliance in the transfer of wealth, helping avoid disputes and complications in the distribution process.