Valuation for Probate
For the purposes of probate a vehicles's value is based on the 'open market value.' This is defined as the price that a vehicle might reasonably fetch if it was sold on the open market to a willing buyer on the date of the transfer.
Starting point for valuation
The transfer date is usually the date of the deceased's death.
In determining the value of a vehicle any peculiarities, for example specific adaptations that a buyer desperate for a vehicle with a particular lift is willing to pay a premium for should be ignored.
Valuation by Personal Representatives
As the vehicle is likely to be specifically adapted, the Personal Representatives (this term includes both Executors and Administrators) will need to seek professional assistance with the valuation.
Our Personal Representation will take all reasonable steps to put a correct value on the vehicle as per HM Revenue & Customs recommendations.
Account will be taken of the state of repair of the vehicle as this may reduce the value. At the same time, account must also be taken of the features and fittings.
For more information or to discuss further call us today on 0845 1259 752 or visit our Contact Us page.