VALUING PROPERTY OF A PERSON WHO DIES INTESTATE


If you are the Administrator of a person who had died intestate you may find yourself position of having to value the assets of that person.

Assets are anything that has a value, such as:

• money in the bank, building society or savings accounts
• houses and land, including farmland
• investments such as stocks and shares
• businesses, or business assets, owned by the deceased to include a business partnership of which they were a member
• personal belongings to include jewellery, antiques and other collectibles
• any furniture, fixtures and fittings in a house
• any motor vehicles
• any pensions that include a lump sum payment on death
• payouts from life insurance policies
• foreign assets held abroad including foreign bank accounts, property or shares

You also need to consider the value of assets held jointly by the deceased.  In the case of joint property you will need to obtain the market value of the property from an estate agent.

You must remember that if the value of the property comes to in excess of £325,000 it is likely that you as the administrator of the estate will have to deal with the payment of inheritance tax.

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THIS ARTICLE IS FOR INFORMATION PURPOSES ONLY