How can Sherry FitzGerald help?
If you need a probate valuation near Dublin, Wicklow, Galway, Limerick or Cork, Sherry FitzGerald has you covered. Our Dublin, Wicklow, Galway, Limerick and Cork-based registered valuers are part of a nationwide team, ready to undertake probate valuations in any county in Ireland.
At Sherry FitzGerald, we understand the sadness and stress of bereavement. At this time of grief, the executor has many legal responsibilities to navigate. If you need a probate valuation, we can undertake this service with kindness, efficiency, and clarity.
What is probate?
Probate is a legal process that happens after someone dies. It confirms the validity of their will and gives their executor the legal authority to administer the estate. Applying for the grant of probate requires a valuation of assets to calculate inheritance tax. When probate is granted, and any debts and taxes have been paid, the estate will be divided among the beneficiaries according to the terms of the will.
What is a Probate Valuation Report?
A Probate Valuation Report is a formal opinion of the value of the property, undertaken by a registered valuer for Revenue purposes. A Probate Valuation Report is used to calculate inheritance tax.
When is a Probate Valuation Report needed?
Where property is part of the estate, the executor will need a Probate Valuation Report before applying for probate. After someone dies, the executor meets with the estate solicitor who provides them with a list of information they need to apply for probate. Then, either the solicitor or the executor may come to Sherry FitzGerald and request a valuation of the property.
How do I prepare for a Probate Valuation?
The valuer will need access to the property. But, unlike a regular valuation, there’s no need to prepare the house. The valuer will measure, take details, and take photos, but these are for the purpose of the report only. At Sherry FitzGerald, we realise that having someone walking through the house at this sad time can feel intrusive and we approach the valuation with empathy. Our valuers can see beyond decorative details and untidiness, to accurately value the property.
Do I need to move out?
No. A probate valuation may take place in a home where the partner or family of the deceased are still living, or in one that is being prepared for sale. It may also take place in a home that has not been lived in for some time. Although the circumstances vary, the basic process is the same.
What if there’s a mortgage on the property?
The property is valued as seen. The financial background, including any mortgage on the property, is not part of the valuation.
My house has recently been valued by an estate agent. Can I use the existing report of apply for probate?
No. A Market Appraisal Report is provided by a sales agent when you are considering selling your property. It offers guidance on the market value, sales and marketing strategy, and advice on preparing the property for sale. A Market Appraisal Report does not meet the criteria for a Probate Valuation Report and cannot be used for probate purposes. A Probate Valuation Report is an official document and must be undertaken by a registered valuer.
What are Red Book and Blue Book valuations?
During the process of applying for probate, you may hear the terms ‘Red Book Valuation’ and ‘Blue Book Valuation.’ The terms refer to the mandatory rules and best practice guidance’s set out by the RICS and TEGOVA professional bodies, which registered valuers must adhere to. Both are acceptable. In either case, Sherry FitzGerald valuation reports will be undertaken by a qualified registered valuer and prepared in the correct format.
How soon will I receive my Probate Valuation Report?
At Sherry FitzGerald, we aim to deliver a swift service and will normally issue the valuation report within three to five days of the inspection.
What is the date of the Probate Valuation?
For probate purposes, the value of the property is its value on the date of death.
When do beneficiaries receive their inheritance?
All Sherry FitzGerald’s registered valuers have an understanding of the tax implications applicable to any beneficiaries, but we’re not tax advisors. If you need information about taxation, we recommend you ask your solicitor or tax accountant.
We’re here to help
Contact our dedicated valuations team today on 01 2376442 or by emailing resivals@sherryfitz.ie. You can also visit our website at www.sherryfitz.ie/specialist-valuation for a swift, efficient and empathetic service at this difficult time.
