My mother in law passed recently and I’m the only surviving relative, and a named executor in the will.
She has no assets of value other than her property which is worth at most £150,000 and her bank account with maybe £30,000
I understand I will not need to complete IHT400, but do I need to get a formal valuation of the property for the IHT estimate and probate?
Hi Andy, and thanks for reaching out to QLAW. Sorry to hear of the loss of your mother in law.
In generic terms, if executors are confident that an estate falls well within the excepted estates provisions, and also feel qualified to have a ‘sensible guestimate’, that is permissible. The key is where IHT becomes payable that the need for valuations (obviously) become much more relevant. HOWEVER, if estimates are used when applying for probate which leave it within the excepted estates provisions, if for any reasons executors later believe this to have changed, corrective reporting is required.
Hope that helps. Don’t forget that QLAW offers a ‘pick and mix’ probate service including probate applications; estate accounts; probate property sales – whatever executors need. And better still, our fees are usually paid from the estate funds!
