Probate Valuation

Probate Valuation

What is Probate?

Probate Valuation . Probate in Ireland involves the legal procedure of managing the affairs of a deceased person and distributing their assets as outlined in their Will or according to the rules of intestacy if there is no Will. To gain the authority to handle the deceased person’s assets and execute the distribution, the approval of the High Court is required. This approval is granted in the form of a Grant, which serves as official permission to administer the estate and allocate the assets in accordance with the applicable laws and instructions provided.

What is a Probate Valuation?

A probate valuation is a valuation required by the Probate Office as part of the process of proving the Will. The probate valuation is the value of the property used to work out whether inheritance tax may be owed and what amount might be due.

When is a Probate Valuation needed?

Where the deceased person owns a property then a probate valuation is required, regardless of whether the property is to be sold or not. The valuation will be the value of the property on the date the deceased passed away.

How is a Probate Valuation carried out?

One of our experienced Valuer’s will meet you at the property to assess it and provide you with a realistic market valuation.

What is the date of the Probate Valuation?

Irrespective of when the probate valuation occurs the valuer will give the property the value it had on the date the deceased passed away.

How can DNG Galvin help

Pre Sales Advice

On inspection our agent can provide advice on preparing the property for sale, obtaining a BER certificate and any works that should be carried out to increase the value of the property.

Property Check

By instructing us, we can arrange to have the property checked on a regular basis until the property is sold prior to going to the market.

Sales Advice and Negotiation

We will advise you, as the executor, of offers made by prospective purchasers. We will guide you on the strength of these offers and advise on the best course of action.

After Sales Advice

DNG Galvin will arrange access with bank valuers or surveyors and liaise directly with both solicitors, on your behalf, until the sale has been completed.

When do beneficiaries receive their inheritance?

Once the Grant of Probate has been issued in Ireland, the beneficiaries of an estate receive their inheritance. This occurs after the Executors have collected and liquidated all assets, settled any outstanding liabilities (including inheritance tax), and completed the necessary administrative tasks. Typically, in uncomplicated cases, it takes approximately 9 to 18 months to finalize an estate and distribute the funds to the beneficiaries.

Capital Acquisitions Tax (CAT)

CAT comprises inheritance tax. This tax is paid on inheritances received over a certain amount. The probate valuation is the value of the property used to work out whether inheritance tax may be owed and what amount might be due.

Capital Gains Tax (CGT)

CGT is the tax paid on the increase in price from the date of acquiring an asset to the sale of the same asset. If inherited property is sold and the price has increased from the probate valuation, the beneficiary will be liable to pay CGT on the difference.

Can a house be sold in Ireland before probate is granted?

Certainly! In Ireland, it is possible to put a house up for sale before probate has been granted. However, it is important to note that the sale cannot be finalized until probate has been obtained. It is recommended to initiate the sale process and the probate application simultaneously, as they often have similar timelines. In fact, having a property under a sale agreement while awaiting probate may sometimes facilitate a quicker probate granting process.

Have you recently been named as an executor or beneficiary in a Will that will require the sale of a property and need expert advice?

Contact DNG Galvin here and we’ll be delighted to help. Alternatively feel free to call us on 023 8844958

Subscribe to our monthly newsletter ‘Property Watch’ for market updates, sellers tips, buyers tips, new properties to the market and much more. Subscribe here

Check out our YouTube channel here