Evaluating A Vehicle In An Estate
Question
My son passed away leaving behind a motor vehicle. How should we determine the correct valuation of the vehicle?
How should the funds from the sale of the vehicle be distributed?
Answer
The executor is required to acquire the current market value of the vehicle from two independent valuators. This is merely to get a guideline as to what a suitable purchase price will be, as it would be in the best interest of the heirs to sell it at a price that is as close as possible to the market value.
The vehicle may then be purchased at a mutually-agreed price by any one of the heirs or it could be sold to any other interested buyer if not required by the heirs. The funds accrued from the sale of the vehicle should then be distributed amongst the heirs according to the percentages.
- Approved by
- Mufti Muhammed Saeed Motara Saheb D.B.
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