One of the primary duties of an executor (or administrator) of a will is to value the entire estate, including the deceased’s property. An executor will be required to provide an estimate of the total value of all the assets (property/chattels etc.), so that tax liabilities can be correctly assessed. A probate property valuation report is also commonly used to help identify the fair market value of a deceased estate on behalf of the beneficiaries.
Deceased estates and probate property settlements can often cause disagreements amongst beneficiaries. Such properties are often targeted by opportunists during what is commonly a time of grief for the parties involved. Often it is not until months or even years later that the beneficiaries may learn the true value of the property. Fortunately probate valuations can be backdated to ‘date of death’ for those that feel an injustice has been done. Our valuers can confirm fair market value at a specific date.