After someone passes, their estate will be distributed between the beneficiaries of the estate. Before the estate can be distributed, Probate must be granted. Probate is the legal process that confirms the validity of a will and enables it to be distributed between the named beneficiaries. Before applying for Probate, although it’s not a legal requirement, the Probate office usually requires a professional valuation of the assets in the estate.
There are two reasons for this:
1. The beneficiaries of an estate may disagree on the distribution of the estate, so if legal proceedings commence then the assets will need to be accurately valued for court purposes.2. When someone receives property as a gift, they must pay capital gains tax (CGT) and an accurate valuation is required to calculate the correct tax amount payable to the Australian Tax Office.
What is a Probate valuation?
A probate valuation is an estimate of the total value of the estate, including the deceased’s property. A probate valuation is a valuation of the fair market value of the estate. All of our deceased valuation reports can be used in court as they are sworn legal documents. They can also be backdated to a certain date if required.
Why do I need a Probate valuation?
Some deceased estate property settlements run smoothly however some lead to disagreements amongst the beneficiaries over the share of the estate that they have received. A probate valuation is an independent assessment of the value of the estate and can provide clarity for the estate’s beneficiaries. Getting a Probate valuation is helpful when it comes to calculating your tax obligations. An accurate Probate valuation means that your property will not be overvalued so you could end up saving yourself thousands of dollars in capital gains tax.
Why choose Valuations ACT?
Valuations ACT valuers are registered Certified Practising Valuers with the Australian Property Institute (API) and have access to best property information databases. That means that when they value your property, they are valuing it based on comparable property sale and rental information.
Valuations ACT is one of the largest Australian valuation companies. We have a strong track record and we only employ valuers that have gained over a decade of local property valuation experience.
We approach Probate property valuations with professionalism and meticulousness so you can be assured that you’re getting your property valued by an authority in the Probate property valuation sector.
To discuss your property valuation needs, give us a call on (02) 6189 2232.