In relation to probate, it is fundamental to value the estate properly.
This may sound simple, but it can be challenging to decipher what assets were owned by the deceased and this becomes increasingly difficult with larger estates.
As part of the probate process, we review the deceased’s bank statements, along with any available paperwork to pinpoint what assets should be included within the estate.
What should be included when valuing the estate?
A common misconception is that the estate only consists of property and money, however any items of value should be included in the valuation.
In one of our recent cases, the estate included a collection of wine, a collection of whiskeys, expensive watches, alongside shares and pensions. The individual also held multiple bank accounts with different banks and several properties which contributed to the overall value of the estate.
Following the process of determining the assets of the estate, we corresponded with the relevant organisations – to value the assets.
Why is this important?
Whilst this can be a long process, every asset must be identified and valued correctly when applying for probate. Failure to do this could result in the individual unknowingly paying the incorrect amount of Inheritance Tax (IHT), which could lead to penalties and/or interest.
Having experts on hand, such as Rotherham Taylor, can avoid this scenario. We can assist with this process to help reduce stress and reassure you that all the necessary steps are conducted thoroughly.
Do you require support relating to probate? Contact our experts today.
