DNG Probate Valuation Guide
Administering the estate of a deceased friend or family member can be a stressful and overwhelming undertaking. DNG can provide the professional advice and support gained from over 30 years’ experience to help and guide you through the process of selling a house in probate. Working through probate and performing the duties of an executor requires a degree of understanding and knowledge that DNG and your solicitor can assist you with.
Our long-standing experience in this area, combined with our membership of professional bodies including the Society of Chartered Surveyors Ireland (SCSI) and Institute of Professional Auctioneers & Valuers (IPAV) means you can be assured that the advice we provide will be of the highest professional standard.
Probate Terms Explained
When a deceased has made a Will, the process which allows the assets to be distributed is called Probate. The representative(s) of the deceased is known as the Executor(s). If there was no Will then the process is called Administration.
When a deceased has not made a Will, the process which allows the assets to be distributed is called Administration. The representative(s) of the deceased is known as the Administrator(s).
If there was a Will, then the process is called Probate.
A probate valuation is a valuation required by the Probate Office as part of the process of proving the Will.
Where the deceased person owns a property then a probate valuation is required, regardless of whether the property is to be sold or not.
Irrespective of when the probate valuation occurs the valuer will give the property the value it had on the date the deceased passed away.
The Grant of Probate or Grant of Administration is the document which allows the assets of the deceased be gathered and distributed. A Grant of Probate is used when the deceased has made a Will.
If the deceased did not have a Will, then the grant will be a Grant of Administration. In this case the legal personal representative will be called an 'Administrator'. This Administrator will be one of the people who are entitled to inherit from the deceased as provided by the law.
The persons entitled to inherit under the Will or Intestacy are known as beneficiaries and their details, including PPS numbers and previous inheritances, must be included in the Inland Revenue Affidavit. In addition, Capital Acquisitions Tax (inheritance tax) returns must also be made on behalf of each beneficiary who inherits a certain value of inheritance. It is vital that these tax returns are filed and any tax paid on time to avoid penalties and interest. In addition, the Executor or Administrator may be liable for such tax if the beneficiary defaults and thus the Executor or Administrator must ensure that the tax situation is reviewed fully.
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.
Once the Grant of Probate/Administration is issued from the Probate Office, it is sent to the various financial institutions and the assets of the Estate are collected. These assets are then distributed.
In the event of any queries arising in relation to the Will or the Will being contested, the process can take longer. In all cases we will advise of the likely timeframe considering the facts of the individual case.
CAT comprises inheritance tax. This 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.
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 probate related services do DNG provide?
Our local DNG advisor will meet you at the property to assess it and provide you with a realistic market valuation as of the date of death
On inspection our agent can provide advice on preparing the property for sale, obtaining a BER certificate and any works that may increase the value of the property, including decluttering, painting, gardening etc.
By instructing us, DNG can arrange to have the property checked on a regular basis until the property is sold prior to going to the market.
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 on the best course of action.
DNG will arrange access with bank valuers or surveyors and liaise directly with both solicitors, on your behalf, until the sale has been completed.
For more information or to arrange a consultation with a member of the DNG team call Freephone 1800 364 364.
Client Testimonials
When our Mother died recently, and we were faced with the task of selling the family home, we asked Susan O'Connell of DNG to assess the house and provide a valuation for the purpose of Probate. From the very beginning, the service we received from Susan Slevin was impeccable. At a very vulnerable time we always ... Read More
Amy Jones, Donnybrook
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