Valuing joint assets
Divide the value of the asset by 2 if it was owned jointly with the person’s spouse or civil partner.
For property or land shared with others, divide the value by the number of owners.
You can then take 10% off the share of the person who died.
How do you value a deceased estate?
You can reduce the total value of the deceased’s assets and gifts by taking off any outstanding bills, debts or mortgages at the date of death. You can also deduct funeral expenses. Note your valuation of the estate, that is, the value of all assets and gifts minus all debts and liabilities.
How many valuations are needed for probate?
You can also ask estate agents to value the property, and if you take this approach, get two or three valuations and take the average price. The value you submit and any calculations you make must be justifiable should you be asked by the District Valuer.
Do you need to value a house for probate?
When someone dies, their executor or administrator needs to work out how much the estate is worth for probate, including the value of their property. The value of the properties in possession of the deceased person will be calculated based on their fair market value on the date of the person’s death.21 Nov 2017
What is the value of an estate?
The “date of the death” estate valuation refers to the fair market value of each estate asset at the time of a decedent’s death. This would be the statement values as of that date for bank, investment, and retirement accounts.