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What is a Probate Valuation (also known as IHT Valuations)?
A Probate Valuation is needed in order to calculate inheritance tax on a property, based on its market value.
This type of valuation is prepared to a criteria that the Inland Revenue and Valuation Office Agency will need to view, to determine (whether or) how much tax you will need to pay.
Valuing an estate for probate is one of the first things that needs doing if you are acting as the executor or personal representative in the case of someone dying.
However, a Grant of Probate will first be needed in order for the executor or personal representative to gain access to the assets within the estate for valuation purposes.