I have a question about the value to be used when appropriating property to yourself as executor. I have been instructed to draw up a memorandum of appropriation by an executor of a share of a property which the executor owned with the deceased (her mother).
My query concerns the valuation. The valuation she is asking me to state in the memorandum includes a 10% discount for the jointly owned property as stated in the IHT forms submitted to HMRC and not the market value before the discount. There are other residuary beneficiaries.
I wonder if the appropriation value should be the full market value not the discounted value. The executor, an accountant, is sure that she is correct and that she should get the property at the discounted value but I just want to be sure of the position before I proceed.
Phoenix Legal Group