Probate property and the importance of managing it effectively

Author: Move with Us18 Aug 11, 11:55 AM

With 14.5 million homeowners in the UK, property is usually the biggest assets in the estate so it's important to maximise the return on the property to bolster the estate for beneficiaries. With its value, the property also comes with the need to manage it effectively with lower costs and timescales for the beneficiaries. Duty of care is at the forefront of any practitioner's mind and demonstrating that everything has been done to ensure that the best interests of the client have been protected is vital.

While there are a number of ways to go about selling a property, most important is getting the valuation right. To do this it is recommended that you get at least two estate agents around to assess the property. While this may seem excessive, this has ensured that litigation in a number of cases has been prevented.

A comprehensive property report goes a long way to assist with inheritance tax calculations. Data from both estate agents as well as the Land Registry ensures that you have all the facts at hand about the value of the property. Local market nuances and property values differ considerably from street to street, let alone from different areas and a valuation that includes market information will be essential for setting the correct sales price for the property. Valuations on the date of death also ensure that inheritance tax levels are assessed at the appropriate figure and on the IHT form. This sets the beneficiaries’ expectations right from the start and helps to identify worthwhile offers from prospective buyers.

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