Administering the estate of a deceased friend or family member can be a stressful and overwhelming undertaking. DNG Creedon can provide the professional advice and support to help and guide you through this process.
Working through probate and performing the duties of an executor requires a degree of understanding and knowledge that DNG Creedon can assist you with. Our longstanding experience in this area combined with our membership of the Institute of Professional Auctioneer’s & Valuers (IPAV) means you can be assured that the advice we provide will be of the highest professional standard.
What is a Probate Valuation?
A probate valuation is a valuation required by the Probate Office as part of the process of proving the will.
When is the Probate Valuation needed?
Where the deceased person owns a property then a probate valuation is requried, regardless of whether the property is to be sold or not.
What is the date of the Probate Valuation?
Irrespective of when the probate valuation occurs the valuer will give the property the value it had on the date the deceased passed away.
When do beneficiaries receive their inheritance?
The beneficiaries receive their inheritance once the Grant of Probate has issued, all assets liquidated and collected by the Executors, all liabilities (including inheritance tax) discharged. In straightforward cases, it takes between 9 months and 18 months to complete an estate and pay the monies to the beneficiaries.
Capital Acquisitions Tax (CAT)
CAT comprises inheritance tax. The tax is paid on inheritances received over a certain amount. The probate valuation is the value of the property used to work out whether inheritance tax may be owed and what amount might be due.
Captial Gains Tax (CGT)
CGT is the tax paid on the increase in price from the date of acquiring an asset to the sale of the same asset. If inherited property is sold and the price has increased from the probate valuation, the beneficiary will be liable to pay CGT on the difference.
What Services do DNG Creedon provide?
– Probate Valuation
Our sales advisor will meet you at the property to assess it and provide you with a realistic market valuation.
On inspection, our advisor can provide advice on preparing the property for sale, obtaining the necessary BER certificate and any necessary works that should be carried out to safeguard the property.
By instructing us, DNG Creedon can arrange to have the property inspected on a regular basis until the property is sold prior to going to the market.
–Sales Advice & Negotiation
We will advise you, as the executor, of offers made by prospective purchasers. We will guide you on the strength of these offers and advise you on the best course of action.
–After Sales Advice
DNG Creedon will arrange access with bank valuers or surveyors and liaise directly with both solcitors on your behalf until the sales is completed.
For further information or to arrange a consultation with a member of the DNG Creedon team please call 021 4897300.