probate value

A valuation of all the assets included in the estate of a deceased person at the date of his or her death, taking account of any restrictions on the use of the assets. A probate value is agreed with the Inland Revenue for the purpose of calculating inheritance tax

Accounting dictionary. 2014.

Look at other dictionaries:

  • probate value — The value of an individual s estate at death. Dresdner Kleinwort Wasserstein financial glossary …   Financial and business terms

  • probate value — The value of the assets at the time of a person s death, agreed with the HM Revenue and Customs for the purposes of calculating inheritance tax …   Big dictionary of business and management

  • probate — pro·bate 1 / prō ˌbāt/ n [Latin probatum, neuter of probatus, past participle of probare to test, approve, prove] 1 a: the process of proving in a court of competent jurisdiction (as a probate court) that an instrument is the valid last will and… …   Law dictionary

  • Probate — Not to be confused with Probation. Wills, trusts and estat …   Wikipedia

  • probate — Court procedure by which a will is proved to be valid or invalid; though in current usage this term has been expanded to generally refer to the legal process wherein the estate of a decedent is administered. Generally, the probate process… …   Black's law dictionary

  • probate duty — noun 1. : a British tax on the gross value of the personal estate of a deceased testator introduced in 1694 and merged in the estate duty in 1894 2. : an estate tax in some United States jurisdictions * * * probate duty noun (historical) A tax on …   Useful english dictionary

  • probate price — In the UK, the price used to assess the value of shares for inheritance tax purposes. The probate price is calculated by dividing the difference between the bid and offer prices by 4 and adding the result to the lower of the 2 prices. Exchange… …   Financial and business terms

  • probate duty — /ˈproʊbeɪt djuti/ (say prohbayt dyoohtee) noun a tax on the gross value of the property of the deceased testator …   Australian English dictionary

  • Calendars of the Grants of Probate and Letters of Administration — or CGPLA [ [http://www.oxforddnb.com/public/abbrev/abbr fullcontent.jsp General Abbreviations] at oxforddnb.com (accessed 1 January 2008)] was an index published in the United Kingdom and Ireland that lists an alpabetical summary of probate… …   Wikipedia

  • summary probate — A relatively simple probate proceeding available for small estates, as that term is defined by state law. Every state s definition is different, and many are complicated, but a few states include estates worth $100,000 or more. Some states allow… …   Law dictionary

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