How to Value Property in a Deceased Estate (Master’s Office Requirements)

Valuation for Deceased Estates – When someone passes away, their assets must be valued and accounted for — especially immovable property. As an executor, fiduciary, or estate administrator, it’s your legal duty to ensure accurate figures are submitted to the Master of the High Court.

In South Africa, property must be valued at market value as at the date of death. Here’s what that means, why it matters, and how to get it right.

The Role of Property Valuation for Deceased Estates

The purpose of valuing property in a deceased estate is to:

Finalise the Liquidation & Distribution (L&D) Account
Calculate potential estate duty
Assist in fair division of the estate
Determine tax liabilities (e.g. CGT if sold)
Support decisions around selling, transferring, or retaining property

A correct valuation keeps the estate compliant and helps avoid delays, objections, or tax issues.

What the Master of the High Court Requires for Valuation for Deceased Estates

According to the Administration of Estates Act, executors must submit a Liquidation & Distribution Account that includes:

A full schedule of assets and liabilities
The market value of each fixed property as at the date of death
Supporting documentation for major assets

If the value is contested, unclear, or appears inflated/deflated, the Master may request a formal valuation from a qualified professional.

What Is “Market Value at Date of Death”?

This means the price the property would likely have fetched in a fair market transaction, had it been sold on the day the deceased passed away.

It takes into account:

Recent comparable sales in the area
The physical condition of the property
Location, zoning, and demand
The broader economic and property market context at that time

A municipal valuation or bank estimate is not acceptable for this purpose.

Why Municipal Values Are Inadequate for Valuation for Deceased Estates

It’s common for heirs or executors to default to using the municipal valuation — but this creates problems:

Municipal values are not current and may be 3–5 years outdated
They are based on mass valuation methods, not specific sales
SARS and the Master may challenge them if they appear inaccurate
Heirs may dispute the figures, especially in high-value estates

If the estate is audited or contested, only a professional, defensible valuation will hold up.

Who Can Provide a Valid Valuation?

For estate purposes, you need a registered professional valuer with relevant experience. Ideally, choose someone:

Registered with the South African Council for the Property Valuers Profession (SACPVP)
Familiar with the area and recent local sales
Able to produce a clear, signed, and dated valuation report

My reports are designed specifically for estate use and include all required details for submission to the Master’s office.

What to Include in the Valuation Report

A proper estate valuation report should contain:

Market value as at the date of death
Property description and address
Physical condition, improvements, and relevant features
Comparable sales used
Methodology and justification
Professional signature and registration number

This ensures that the executor has all documentation needed for SARS, beneficiaries, and the Master’s Office.

When Should the Executor Get the Property Valued?

As early as possible, ideally immediately after receiving the Letters of Executorship. This allows:

Accurate preparation of the L&D account
Quicker estate administration
A fair reserve price if the property is to be sold
Beneficiaries to understand the asset value early on

Case Study: Coastal Properties. Valuation for Deceased Estates in practice

In a recent estate I assisted with, in Plettenberg Bay, there were 4 properties in a Deceased Estate. The executors required a valuation and the associated SARS form in order to pay the transfer duty and allow the properties to transfer out of the estate.

The properties were specialised and a great deal of consideration was applied. The valuations were provided in a timely manner, the executors and heirs were satisfied and they were able to proceed with their process.

Need a Valuation for Deceased Estates?

When property is involved in a deceased estate, accurate valuation is not optional — it’s essential. The Master’s Office, SARS, and beneficiaries all rely on a figure that’s defensible, current, and correct.

As a professional associated valuer, I help estate practitioners navigate this process with confidence. My valuation reports are accepted by the Master’s Office and tailored to meet estate administration requirements.

If you’re an executor, estate attorney, or family member needing support, I’m here to assist — professionally, promptly, and with sensitivity.

et in touch to discuss your needs and receive a quotation.

Contact Claire King 0732324407

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