Estate Planning Valuations

Deceased Estate & Inheritance Valuation Services 

• Deceased Estate Property Valuations

• Probate Property Valuations

• Date of Death Property Valuations

• Inherited Property Valuations

• Retrospective Estate Valuations

• Beneficiary Buyout Valuations

• Family Property Transfer Valuations

• Estate Administration Valuations

Frequently Asked Questions 

What is a deceased estate property valuation?

A deceased estate property valuation is an independent assessment of a property's market value prepared for the administration or distribution of an estate.

Valuations may be required by executors, beneficiaries, solicitors or accountants to establish the value of estate property, assist with probate or estate administration, support taxation advice, or help beneficiaries decide whether a property should be retained, transferred or sold.

Woods Valuation Services provides deceased estate property valuations across Brisbane, the Gold Coast and South-East Queensland.

Do I need a property valuation for a deceased estate?

This depends on the circumstances of the estate and the advice of your solicitor or accountant.

An independent valuation is commonly obtained where the value of a property needs to be established for estate administration, taxation, distribution between beneficiaries, a proposed beneficiary buyout or other legal and financial purposes.

A formal valuation can be particularly useful where several parties have an interest in the property and require an independent assessment of market value.

What is a probate property valuation?

A probate property valuation establishes the market value of a property for purposes associated with administering a deceased estate.

Depending on the circumstances, the valuation may be required as at the date of death or another relevant valuation date. The appropriate date and purpose should be confirmed with the estate's solicitor or accountant before the valuation is undertaken.

What is a date of death property valuation?

A date of death valuation is a retrospective property valuation assessing what a property was worth at the date the owner died, rather than what it is worth today.

The valuer considers market conditions and comparable property sales relevant to that historical date. Date of death valuations may be required for estate administration, taxation or other professional advice relating to an inherited property.

Can you value an inherited property?

Yes. An independent valuation can establish the current or retrospective market value of an inherited property, depending on why the valuation is required.

This can assist beneficiaries who are considering whether to retain, transfer or sell the property, or where an independent value is required before determining how the asset will be dealt with between family members.

Can you provide a valuation if one beneficiary wants to buy out another?

Yes. This is a common reason for obtaining an independent estate property valuation.

Where one beneficiary wishes to retain the property and buy out another beneficiary's interest, a valuation can establish an independent market value to assist the parties and their professional advisers in determining the proposed transaction.

The valuation does not determine each beneficiary's legal entitlement; it provides an independent value for the underlying property.

Can you value a property for distribution between beneficiaries?

Yes. Where property forms part of an estate being distributed between beneficiaries, an independent valuation can provide a common basis for discussions about the property's market value.

This may be useful where beneficiaries are receiving different assets, one party proposes to retain the property, or an executor requires an independent value before determining how the estate will be administered.

What is a retrospective estate property valuation?

A retrospective valuation assesses the market value of a property as at an earlier date.

For deceased estates, this is commonly the date of death, although another historical date may be required depending on the purpose of the valuation.

The assessment uses property and market evidence relevant to the retrospective valuation date rather than today's market conditions.

Is a deceased estate valuation the same as a real estate agent appraisal?

No. A real estate agent appraisal is generally prepared to provide an indication of a property's likely selling price, often in connection with marketing the property.

A formal property valuation is prepared by a qualified valuer and provides an independent, evidence-based assessment of market value for the stated purpose and valuation date.

Where a value is required for estate, legal, taxation or professional purposes, confirm with your solicitor or accountant what form of valuation is required.

Do I need a valuation before selling an inherited property?

Not necessarily. If the property is simply being sold on the open market, the eventual sale price may provide useful evidence of its value at that time.

However, a separate valuation may be required for a historical date, taxation purposes, estate administration or dealings between beneficiaries. Your solicitor or accountant can advise whether a formal valuation is required for your particular circumstances.

Can an inherited property valuation be used for Capital Gains Tax?

A retrospective property valuation may be relevant to the calculation of Capital Gains Tax (CGT) for some inherited properties, but the applicable tax treatment depends on the circumstances.

Your accountant or tax adviser should determine the appropriate valuation date and taxation treatment. Woods Valuation Services can then prepare the required current or retrospective property valuation based on those instructions.

What information do you need to value a deceased estate property?

We generally require the property address, purpose of the valuation and required valuation date, together with the instructing party's details.

Depending on the property, we may also request information such as leases, plans, property documentation or details of improvements. For retrospective valuations, information about the property's condition and improvements as at the relevant historical date can also be helpful.

Do you provide deceased estate valuations in Brisbane and the Gold Coast?

Yes. Woods Valuation Services provides deceased estate, probate, inheritance and retrospective property valuations throughout Brisbane, the Gold Coast and South-East Queensland.

We can assist with residential, commercial and other property types, subject to the nature and location of the property.

How much does a deceased estate property valuation cost?

The fee depends on the property type, location, complexity, valuation date and purpose of the report. Retrospective valuations or unusual properties may require additional research compared with a straightforward current residential valuation.

Provide the property address, required valuation date and purpose when requesting a quote and we can confirm the scope, fee and expected turnaround before commencement.