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How To Get A Property Valuation

Simple Probate

2 min read

Mar 13

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A Guide to Property Valuation

When someone passes away, their assets, including property, go through a legal process called probate. As the executor of the will, you're responsible for various tasks, this includes obtaining a valuation of the deceased's property in Ireland. This valuation is needed regardless of whether the property will be sold or not. It is important to note that the property is valued based on the date of death, regardless of when the actual valuation takes place, even if it happens months later.



Why is Property Valuation Important in Probate?

  • Calculating Inheritance Tax: The property's value plays a critical role in determining the amount of inheritance tax owed to the government. Refer to our tax calculator here to see how much inheritance tax you may have to pay.

  • Distributing Assets: If the property is being sold the proceeds are to be distributed between the beneficiaries or as the will sets out. The valuation ensures each beneficiary receives their fair share.

  • Debt Settlement: The estate's value helps determine if there are sufficient funds to settle outstanding debts before distributing the remaining assets.


Who Can Perform the Valuation?

In Ireland, you have two options for getting your property valued for probate:

  • Estate Agent: Similar to auctioneers, estate agents with valuation qualifications can also provide accurate valuations for probate purposes.

  • Auctioneer: Qualified auctioneers with experience in property valuation can provide a professional assessment, reflecting the property's market worth on the date of death, not the current market value.


Additional Considerations:

  • Multiple valuations: If uncertainties exist regarding the property's condition or market trends, you should consider obtaining valuations from two sources for a more comprehensive picture.

  • Executor's responsibility: As the executor, you are ultimately responsible for ensuring the chosen valuation approach accurately reflects the property's fair market value at the date of death.


By understanding the importance of property valuation and taking the necessary steps, you can effectively fulfil your responsibilities as the executor during the Irish probate process.



Disclaimer: Please note that the information provided in this article is for general informational purposes only and should not be construed as legal advice. It is always recommended to consult with a qualified legal professional for advice tailored to your specific situation. No liability whatsoever is accepted by Simple Probate from any action taken in reliance of the information contained on this website.


Simple Probate

2 min read

Mar 13

13

1

0

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