Probate and Deceased Estate Property Valuations
Perth Property Valuers are the leading experts in property valuation servicing the Perth metropolitan and greater Western Australia regions. Our valuers all have over 20 years of experience and are able provide accurate service with honesty and integrity. We understand that requiring a property valuation for probate or deceased estate purposes will come during a difficult time. As such, we are committed to ensuring the highest quality of service and care to all our clients.
What is probate?
Probate is the process undertaken by an executor of a will to gain authority to divide the deceased estate according to the will. This authority is called the Grant of Probate.
There are certain cases where probate is not needed, such as when the assets are jointly held. This can be in situations where a couple hold ownership of a property together and one passes away, as the ownership will be transferred to the remaining party automatically without the need for a grant of probate.
Why are probate property valuations needed?
When a property is included as an asset in a deceased estate, the value of this property must be confirmed within the probate application. This is because properties are significant assets with the potential for unfair division, and a likeliness to cause disputes. Obtaining a property valuation during the probate process is a safeguard to ensure a fair settlement according to the terms of the will is met.
The property valuation for a probate application will need to be retrospective to the date of death (DOD).
When are deceased estate property valuations needed?
When there is no will or grant of probate, a deceased estate is otherwise divided. In these cases, it is common to require a property valuation to determine the true market value of the property. This can be useful for:
- Ensuring fair division of assets
- Reaching a settlement in deceased estate cases which have escalated to Family Law Court
- To calculate capital gains tax needed at a future date
- In cases when a share of the property is sold, to calculate the amount of stamp duty owed on that portion of the property
Why choose our services
At Perth Property Valuers, all our property valuers are certified and registered with the Australian Property Institute (API). We understand that requiring a property valuation for probate or deceased estate purposes will come at a stressful time. Due to this, we go to great efforts to ensure that our clients’ needs are met, and we can provide quality valuation reports for any specific requirements.
If you require a property valuation or have any further questions regarding our deceased estate and probate valuation services, please call us on (08) 9468 3202. We are always happy to help.