Valuations for Probate are generally required when the deceased was the sole owner of a property, or they owned a share in a property as Tenants in common. Prior to applying for Probate, an executor will have to assess the total value of a deceased persons assets and provide an Inventory of Property as part of the process to enable Grant of Probate by the Supreme Court of NSW. A Grant of Probate is necessary because it provides official written authority from the Supreme Court that a Will is legally valid and it gives authority to the executors to collect the assets, pay any debts and distribute the estate in accordance with the terms of the Will.
If the estate includes real estate that was owned by a sole owner or as Tenants in common and the beneficiary intends to keep the property, a valuation at the date of death can be useful because liability for Capital Gains Tax commences for the beneficiary from the date of death.
Probate valuations also clarify the fair market value of a property and this can help to reduce conflict among family members and beneficiaries.
Valuations for Grant of Probate and deceased estates can sometimes require a retrospective valuation (a valuation at an earlier date). Retrospective valuations can also be undertaken by NR Valuations if required.
The aforementioned information is only general in nature and it is not intended to constitute professional or legal advice. Please contact your solicitor, Supreme Court of NSW, NSW Trustee and Guardian or relevant government authority for specific advice relating to your situation. See Disclaimer
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