Why the date of death is the date that matters
Estate administration works from a fixed point. Beneficiaries' entitlements are measured against the estate as it stood when the deceased died, and the capital gains cost base for inherited property is generally set at that date too.
Property values move, sometimes sharply. Where a house is sold eighteen months after death in a rising market, the difference between the date-of-death value and the sale price is not an error — it is a legitimate gain that has to be reported. Without a date-of-death valuation you cannot separate the two.
What executors use the valuation for
Estate accounts
A documented asset value for the accounts provided to beneficiaries and, where required, to the court.
Equitable distribution
Where one beneficiary takes the property and others take cash, an independent value is what makes the split defensible.
Capital gains cost base
Establishing the value at death so any later gain on sale is calculated correctly.
Transfer of title
Supporting a transmission or transfer application where a value is required.
Managing disagreement
An independent figure removes the most common source of dispute between beneficiaries before it starts.
The condition question
Estate properties are frequently in original condition, sometimes with deferred maintenance, occasionally with decades of accumulated contents. All of that is relevant, and all of it is assessed as at the effective date.
Do not renovate, repaint or clear the property before the inspection if you can avoid it — and if work has already happened, tell us and provide photographs of the prior state. We value the property as it was at the date of death, and evidence of that condition is what allows us to do so credibly.
What the report contains
A date-of-death valuation states the effective date prominently, describes the property and its condition at that date, sets out the comparable sales relied on with their transaction dates, shows the adjustments made, explains the methodology, and is signed by a registered valuer.
Where the estate includes multiple properties, each is valued separately with its own evidence. Where a property is part-interest — a half share in a jointly held house, for instance — the report should state whether it values the whole property or the fractional interest, as these are not the same number.
Timing and coordination
Arrange the valuation early. It is easier to evidence condition close to the date of death, access is usually simpler before the property is emptied, and estate administration is rarely improved by waiting.
We work directly with executors, administrators, solicitors and accountants, and can address the report to whichever party requires it. If beneficiaries are in disagreement, we can provide the report to all of them simultaneously so nobody is working from second-hand information.