Inheritance tax/probate?

szlb

If Inheritance between spouses are exempt from CAT why would a valuation have been needed as part of probate?

Alan Shore

Assets acquired on death are acquired at the valuation on the date of death.

You should seek professional advice.

The_Bot

Probate is part of the legal process of administering an individual's estate and is not just a tax issue. When administering an estate and distributing assets to the beneficiaries, dealing with creditors etc it should be no surprise that the assets of the estate need to be valued.

szlb

The_Bot wrote: »

Probate is part of the legal process of administering an individual's estate and is not just a tax issue. When administering an estate and distributing assets to the beneficiaries, dealing with creditors etc it should be no surprise that the assets of the estate need to be valued.

Thank you, It appears the valuation was done incorrectly at the time so just trying to find out if there could be any consequences of this, There was only one beneficiary which was the spouse so no inheritance tax was due regardless of value but wondered if there might have been some other reason for needing a valuation which could come back and cause problems but if it is just standard part of probate then hopefully it all should be fine

Mr. Incognito

You have already opened a thread on this. Please do not clutter the forum. Thread closed.