Different assets like possessions, property and money, which belong to a deceased person at the time of his/her death are included to value the estate of a deceased one. Similarly, certain assets that were given away by them within seven years before their death are also included. This valuation must precisely show what these assets would value for in the open market at the time of death.
If you are a personal representative, valuing the estate of the deceased’s estate is the first thing that you will need to do. Normally, you cannot take over as the manager of their estate as long as some due inheritance tax is not paid. However, you must also keep this fact in mind that inheritance tax is paid if the value is over £312,000. Continue reading ‘How to Evaluate the Estate of Someone Who Has Died’ »