Most people write a Will for when they pass. The Will provides details of how all their possessions, also referred to as their estate, are going to be divided between the beneficiaries. Before their estate can be split between the beneficiaries Probate needs to be granted and before Probate can be granted the assets need to be valued for two reasons:
1. So that there aren’t future disputes over the allocation of the assets especially if the property is likely to be sold.2. So that the beneficiaries know their tax obligations after inheriting the property.
What is a Probate valuation?
A Probate valuation is used for a couple of different purposes. The first purpose is so that the Supreme Court can grant Probate allowing the assets to be divided amongst the estate’s beneficiaries and so that the asset distribution can be confirmed. A Probate valuation from NT Valuers is also essential so that the beneficiaries know the correct amount of tax to pay.
If requested then NT Valuers can perform a retrospective property valuation meaning it will be backdated to a particular point in time such as the 30th of June 2014. A backdated Probate valuation could be used if the beneficiaries dispute the distribution of the estate.
Why choose NT Valuers?
NT Valuers holds Australian Property institute (API) membership and it is a requirement that each valuer has at least 15 years of local valuation experience before we allow them out in the field. We have property valuers throughout the Northern Territory including in Darwin, Alice Springs, Tennant Creek, Palmerston and Katherine.
NT Valuers property valuers take the process seriously and will factor in everything that could influence the price of the property including:
Amenities in the area;Demographics;General economic conditions;Interest rates;Location;Property’s general aesthetics;Redevelopment potential;Supply and demand.
If you’d like to organise for one of NT Valuers’s independent and analytical property valuers to value your property give us a call on (08) 8911 1505.