Value the Estate
A comprehensive guide to valuing the deceased's estate
Valuing the Estate: An Overview
Valuing the estate is a crucial step in the probate process. It involves calculating the total value of the deceased person's assets and liabilities.
The valuation process includes assessing all assets such as property, bank accounts, investments, personal possessions, and any debts or liabilities. This total value is used to determine if inheritance tax is due and how the estate should be distributed.
Accurate valuation is essential as it affects inheritance tax calculations and ensures fair distribution to beneficiaries. In some cases, professional valuations may be necessary for high-value items or property.