When someone passes if they have assets, it will be held in their estate until Probate has been granted. Before the estate can be distributed amongst the beneficiaries, the executor is required to get the estate valued. A valuation is necessary to calculate tax obligations. Estate beneficiaries may want a valuation themselves so they can make a decision about whether or not to sell the property after the estate has been distributed.
What is a Probate valuation?
A probate valuation is a current market valuation that may be used by the estate’s executor to determine the fair distribution of assets. It is also generally required by the Supreme Court of Tasmania when processing a Probate application.
A Probate valuation is normally backdated to the date that the property owner passed on and is based on the market value at that particular time. A backdated probate valuation may be used when there is a dispute over what the property is worth or how the estate should be distributed.
Why choose Valuations TAS?
Valuations TAS perform property valuations all over Tasmania including Hobart, Launceston, Burnie, Strahan, Development and more. When we value a property we will conduct extensive research using the best property databases. We consider everything that could influence the price of the property such as:
Location;Supply and demand;General economic conditions including interest rates;Demographics of the area;Size of the property including internal and external area;Amenities in the area;The property’s general aesthetics.Potential for redevelopment.
We are members of the Australian Property Institute and before any of our Valuers start valuing properties for us they have gained at least 15 years of prior valuation experience. They have brilliant analytical skills and are completely independent so you can be assured that the final figure you receive is an accurate representation of what the property is worth.
To arrange for an inspector to value the property get in touch with us on (03) 6169 2559.