Probate: why it is always worth getting a RICS Red Book Valuation
Probate is the process of dealing with someone’s assets when they pass away. A valuation to assist in calculating Inheritance Tax (often referred to as a probate valuation) due on the money, property and possessions (‘estate’) of the person who has died has to be submitted to HMRC.
The executor of a will is responsible for ensuring that any Inheritance Tax due on the estate is paid correctly. If HMRC suspect that the Inheritance Tax has been miscalculated, it can have a serious impact on the estate, its beneficiaries and the executor(s).
The RICS (Royal Institution of Chartered Surveyors) is the professional body that promotes and enforces the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure. Henry Adams has a number of RICS Registered Valuers that can produce “Red Book” valuations which comply with the strictest RICS standards.
A “Red Book” report is far more likely to stand up to any scrutiny than a standard “Market Appraisal.” The report will go into detail on the background of a property and the valuer will carry out far more research. A Red Book report details how the valuation figure was calculated and puts the Executors in a much stronger position should the valuation be queried by HMRC.
Henry Adams have a team of Chartered Surveyors and RICS Registered Valuers based in Chichester that work closely with our network of offices across Sussex, Surrey and Hampshire to provide unrivalled professional advice based on sound local knowledge. Please do not hesitate to get in touch with Henry Adams on 01243 215839 should you wish to discuss any aspect of the above or if you would like us to provide a fee quote for a Probate Valuation.