Print

Against the value of the assets, one can set off a number of debts and liabilities that the deceased had at the time of his death. These include his/her tax liabilities, any outstanding loans, professional liabilities, maintenance payments, the last hospital bills, and the cost of the funeral.

The mortgage can be deducted from the value of the property, but if the mortgage is covered by an insurance policy, the mortgage capital paid out by the insurance company will cancel out that deduction.