26
Sep
2016
A question about : DIY probate...
Hi
My mum passed away recently and left a will in which I am the executor/sole beneficiary.
She has 3 accounts with the Halifax and a property which at this point in time I don't want to sell.
Looking at the forms I can see though it's not straightforward I wan to do them myself and I think it's do-able.
I was wondering what to do about the house, do I have to pay someone to value it properly or do I estimate the market value myself?
I imagine her total asset to be around Ј200k well under the threshold.
Best answers:
- https://www.gov.uk/valuing-estate-of...ho-died/assets
Quote: - With any valuation it is a guess.
Estate agents will give valuations for free and you can get comparison prices from recently sold and a few after DOD if they exist to back up your guess.
Some EA/valuers will do a probate valuation(written) for free or very little on the back of getting business later.
(not all EA are professional valuers)
One consideration is if you plan to keep long-term and live in the place CGT can be less of a problem but worth understanding how CGT works if it will be empty/rented. - Thank you.....what are the implications of CGT if I rent? It's starting to look complicated!
If I sell and gain then wouldn't I still be under the CGT threshold, even if I add my earning it won't be anywhere near it? - Ah yes CGT, I've just looked at it, I suppose it is if I sell the house later then I pay it on the difference on the value that has increased. I am thinking of giving it to my daughter so I will take it a step at a time...
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