Probate & Deceased Estate Valuation
At Valuations VIC, we understand the sensitive nature of handling a deceased estate. For anyone who requires a probate/deceased estate valuation in Melbourne, we offer our service with the aim to make the process easier. We can provide a quick turnaround, advice, and customised deceased estate valuations.
A deceased estate valuation is a document that reports on the value of the deceased’s entire estate. This includes property, assets, and liabilities. All valuations for a deceased estate in Melbourne must report these values as they were at the Date of Death (DOD).
Do I need a Property Valuation for Probate?
A probate valuation is the same as a deceased estate valuation, as it is evidence of the estate’s total value. Valuations for probate are necessary for the application as all assets and liabilities must be disclosed. This must be completed by the executor of the will. If the deceased has died intestate, that is, without a will, then the next of kin may also need a valuation when applying for letters of administration.
The Grant of Probate or Letters of Administration is what allows the next of kin to allocate or distribute the assets amongst all beneficiaries. The valuation aids in ensuring a fair and equitable distribution whether a will is available or not. Without these valuations for probate, there are more opportunities for disputes to arise amongst the beneficiaries. If there is a property dispute, then you may require a family law property valuation which is a proper form of valuation for Court use.
How to Get a Valuation for Probate
The best way to get a valuation for probate is to hire a professional. Some may avoid this by getting three separate free appraisals from real estate agents and calculating the average, but this will not provide accurate results.
By hiring certified deceased estate valuers, you can ensure the valuation is correct and accurate. It can also prove to be useful when it comes time to pay any taxes including duty tax. When a valuer conducts a property valuation for deceased estate purposes, they examine the property for all relevant details that contribute to its value. This may include:
- The size of the deceased estate property – which may include access to floor plans or taking measurements
- The condition of the property – its maintenance over the years, structural issues or recent renovations or improvements
- The location of the property – the distance to the Melbourne CBD and local amenities such as shops, schools, and transport
- The number of bedrooms, bathrooms, living spaces, and parking availability
- The surroundings, environment, and topography of the property
- Recent sales or current listing values of comparable properties
Melbourne Probate/Deceased Estate Valuers
Valuations VIC is a trusted and well-regarded valuation company, with the most experienced probate/deceased estate valuers in Melbourne. Our deceased estate valuers have each had over 20 years of experience. These years have given our valuers a great amount of expertise that lends to their efficiency. We can get your valuation completed in a timely manner, making the handling of the deceased estate just a bit easier.
The valuers of Valuations VIC are fully accredited by the Australian Property Institute (API) and regulated by the Royal Institution of Chartered Surveyors (RICS), with many also holding AVI qualifications. This robust accreditation framework guarantees a high level of professionalism in our conduct and ensures that every valuation report we produce meets exceptional quality and reliability standards.
To request a quote or for more information about having a deceased estate valuation in Melbourne, please don’t hesitate to get in touch. Our staff will assist to the best of their ability. You can write to us via our online contact form, or you can call us on (03) 9021 2009.