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Valuing Personal Possessions for Probate In general terms, when valuing assets for probate purposes, the appropriate valuation is the 'open market value'. The value for which they could be sold if a bargain were made between a willing buyer and a willing seller.

When somebody dies, probate must be granted so that the estate can be divided among beneficiaries in ance with their will. However, before this can happen, the value of property, assets and belongings that form the estate, together with any debts or liabilities, must be calculated and reported to HMRC.

For probate purposes, the house's value is defined as its open market value, which is what the property might reasonably fetch if it was sold on the open market to a (willing) buyer on the date of transfer.

Generally speaking, the only people who are entitled to see Estate Accounts during Probate are the Residuary Beneficiaries of the Estate.

Most valuators will charge you a fee, which is usually between 1-5% of the overall property value — so what you end up paying will depend largely on the size and worth of the property.

In any dealings regarding the property all the joint owners must act together as a single owner. To value the deceased person's share, simply divide the total value of the property by the number of joint owners, including the deceased person, before the death.

If estate accounts are withheld or are incomplete, a beneficiary can apply to the Probate Registry for an “inventory and account”, which obliges the personal representatives to provide the relevant information. On most occasions, receiving a court summons is sufficient to get the personal representatives to comply.

In appropriate cases the Court can order an Executor to provide an Inventory and Account which is in effect a statement on oath setting out full details of the Estate and a Court can order that the costs of such an application be paid by an Executor personally.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232