RETIREMENT, DECEASED ESTATE & PROBATE VALUATIONS
The valuation of assets for retirement in Australia is determined by the superannuation fund trustees. The valuation is conducted at regular intervals and takes into account several factors, including the age and health of the member, the type of investment, and the current market conditions. The valuation is used to calculate the lump sum benefit that will be paid to the member upon retirement. It is also used to determine the number of contributions that must be made by the member to maintain their specified level of benefits.
VALUATION OF RETIREMENT UNITS
Valuations of retirement village units include detached or semi-detached residential dwellings with car parking and small private yards.
Residents pay an amount on entry for a license granting the right of occupation. On departure from the village, an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident.
We provide two figures; a current value of the unit as is and the other figure based on small improvements, ie paint, new floor coverings etc.
Valuations figures are based on comparable units sold in the same establishment and similar establishments and may also including sales of similar non retirement village units.
VALUATIONS FOR PROBATE
In Australia, a valuation for probate is the legal process of administering the estate of a deceased person. The main purpose of probate is to ensure that the deceased person's assets are distributed in accordance with their wishes. Valuation for probate also provides a legal mechanism for resolving any disputes that may arise concerning the estate. To obtain a grant of probate, the executor of the estate must file an application with the court.
The application must include a valuation of the deceased person's assets. The valuations for probate must be conducted by a qualified professional, like the team at McLean Gladstone, and must be based on current market conditions. The valuations must be completed within six months of the date of death.
Once the valuations for probate have been approved by the court, the executor can proceed with distributing the assets per the deceased person's wishes. Probate can be a complex and time-consuming process, but it is essential in order to ensure that the assets of the deceased are properly administered.
WHAT IS A PROBATE VALUATION?
To begin the process of administering a deceased estate, an accurate valuation of all the assets within the estate must be obtained. This valuation is known as a probate valuation. Probate valuations are generally required in order to settle the final tax obligations of an estate and to divide assets among beneficiaries.
In Australia, probate valuations are usually conducted by professional valuers who have experience in assessing the value of property for probate purposes. The valuer will consider a range of factors when assessing the value of a property, such as its location, condition, and recent market trends. Once the probate valuation has been completed, the valuer will provide a report detailing their findings. This report can then be used by the executor of the estate to begin the process of distributing assets among beneficiaries.
A valuation for probate is an important first step in ensuring that a deceased estate is administered accurately and fairly. By engaging a professional valuer to complete a comprehensive assessment of all assets within an estate, executors can be confident that they are making decisions based on accurate and up-to-date information. This ensures that beneficiaries receive their fair share of the estate and that any outstanding tax obligations are properly settled.
DECEASED ESTATE PROPERTY VALUATION: PROBATE, WILLS
Probate Property and Deceased Estate valuations should be dealt with professionally as they can be sensitive matters.
Deceased estate valuation is required to assist in managing Estate's assets appropriately and can eliminate misunderstanding and disputes between beneficiaries (generally family members) as well as allow for tax liabilities to be assessed.
In the case of a deceased estate valuation, an executor must obtain a "Grant of Probate", allowing the property title to then be amended at the Land Registry office.
An independent deceased estate valuation will determine the fair market value of the property as at the date of death or for pre-sale purposes. Knowing what the subject property is worth is fully advisable before entering into negotiations with family or real estate agents.
Therefore, it is recommended that prior to selling or transferring the subject property, a Valuer should be engaged to determined fair market value.
PROPERTY VALUATION FOR DECEASED ESTATE PURPOSES
McLean Gladstone is experienced in Adelaide property valuation for deceased estate purposes. We understand the importance of providing an accurate valuation to ensure that the estate is distributed correctly and efficiently. Our team of professionals are qualified and experienced in all aspects of property valuation, and we utilise the latest technology and methods to ensure that our valuations are accurate and up-to-date. We understand the sensitivity surrounding deceased estates, and we endeavour to provide prompt, efficient and respectful service at all times. If you require a property valuation for deceased estate purposes, please do not hesitate to contact us.