Probate: why it is always worth getting a RICS Red Book Valuation

Probate is the process of dealing with someone’s assets when they pass away. A valuation to assist in calculating Inheritance Tax (often referred to as a probate valuation) due on the money, property and possessions (‘estate’) of the person who has died has to be submitted to HMRC. 

The executor of a will is responsible for ensuring that any Inheritance Tax due on the estate is paid correctly. If HMRC suspect that the Inheritance Tax has been miscalculated, it can have a serious impact on the estate, its beneficiaries and the executor(s). 

The Royal Institution of Chartered Surveyors (RICS ) is the professional body that promotes and enforces the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure. Henry Adams has a number of RICS Registered Valuers that can produce “Red Book” valuations which comply with the strictest RICS standards. 

A “Red Book” report is far more likely to stand up to any scrutiny than a standard “Market Appraisal.”  The report will go into detail on the background of a property and the Valuer will carry out far more research. A Red Book report details how the valuation figure was calculated and puts the Executors in a much stronger position should the valuation be queried by HMRC.