In order to obtain grant of probate you need to value a deceased estate.
The values are submitted as part of your probate application to HMRC and used to determine any Inheritance Tax liabilities.
Yonderlife's Executor Tools
Yonderlife offers a valuation tool, that enables you to create an inventory of a deceased estate. This allows you to assign a monetary value, upload images and any supporting documentation.
This valuation tool will assist you when submitting information to HMRC to obtain grant of probate.
We offer the option of defining whether an item needs to be sold. We can advise on all aspects of selling assets before or during probate.
Inheritance Tax Thresholds
You can view a deceased estate as one of four bands and understand which forms are required, whether probate is needed and how much the application costs to process.
If a property forms part of the deceased estate, you will need to obtain an open market value at the time of death. Enter the address and upload relevant images and documents. Update the value.
If the deceased estate included a car, motorbike, camper van, caravan or similar you will need to include an open market value at the time of death for any vehicles.
Personal chattel valuations
The deceased estate will almost certainly involve personal chattels.
The word 'chattel' is a legal term meaning an item of tangible, movable property - something you can both touch and move.
You will need to include an open market value at the time of death for any personal chattels.
Financial asset valuations
Although potentially the most straightforward of valuations, any financial assets need to be documented. Bank accounts may have positive balances, whereas credit cards, mortgages and loan accounts may have negative balances.
Yonderlife for when you are still with us.
By being prepared with Yonderlife, your trusted people will receive access to an executor account in the event of your death at no additional cost.
It will be an incredibly challenging time for those you have left behind. By preparing your wishes, your assets, your accounts and uploading a copy of your will, your executors and family will have a smoother journey whilst administering your estate.