Do I need the value of the Estate to apply to be an administrator

BLUEWKD

I am trying to sort out to apply to be an administrator of my mums estate, which despite will search no will has been found. Everywhere I look it seems like I have to fill in probate forms to apply which asks for the value of the estate. The main value in the estate is the house but we cannot really get a valuation until the house is cleared which will take time. Am I correct I cannot apply until I have a value and how accurate does it need to be? We cannot get a rough estimate from other houses in the area as it’s a unique one not like any around unfortunately.
Once I am appointed administrator then we will be using a solicitors for the probate due to problems between the children more than anything

Linton

One of the first tasks of the administrator is to determine the value of the estate as at the time of death - this includes houses, bank accounts, possessions, investments etc etc. You can get a probate house valuation by paying a professional RICS surveyor or by asking a couple of local estate agents who will do it for free in the hope they get the job of selling the house.


If the house is likely to give rise to significant inheritance tax and/or there is no way of comparing it with other houses in the area then paying a professional surveyor may be prudent. If there are problems between beneficiaries it would also be prudent to get agreement as to the acceptability of your chosen valuation method - you wont want them to dispute the valuation.


You can only apply for probate once you have an initial valuation.

BLUEWKD

How can I apply to be the administrator to sort out the valuation etc without filling in the probate/administrator form and giving a valuation is that the only way. Linton?
Inheritance tax is not a problem as the house and estate will be nowhere near £650,000 which would be hers and my dads as auto passed to her hen he died and I’ve been told can use that as well.

The house will need a few skips to empty and can only do weekends really so gong to take time, would like to be having the rest of estate ongoing as well if possible

Money atm is a problem as hardly any cash in the estate/banks so not the money to pay any significant amount to anyone and the three kids don’t have much spare cash

getmore4less

As there is no will as an intestate estate and prospective administrator you create the inventory of assets and get them valued

Institutions and EA/valuers will provide those.

For houses if you have keys unlikely anyone will ask probing questions.

If we'll under nil rate bands HMRC will be happy with estimates.

You will have the administration from first death to fall back on for transferable nil raye and residential nil rate band if relevant.

The valuation of the house is at DOD not later after clearing and tarting up.

Savvy_Sue

getmore4less wrote: »

The valuation of the house is at DOD not later after clearing and tarting up.

And you ask estate agents to provide such a value.

It doesn't have to be down to the last penny. The only issue which can possibly arise is if you value the estate at, say, £400K, and the house then sells for £1million, or there's a rare stamp collection in the attic. And IF that happens, you deal with it then, rather than worrying about it now.