To value an estate for probate in England and Wales, you add up everything the person owned at the date of death — property, savings, investments, vehicles and personal possessions — and subtract everything they owed, such as a mortgage, loans, bills and funeral costs. The result is the net value of the estate. That figure decides whether Inheritance Tax is due and what you report when you apply for the grant. Doing it thoroughly, one category at a time, is the key to getting it right.
Step one: list every asset
Go through the estate methodically and write down each item with its value at the date of death:
- Property — get an estimate from an estate agent or a professional valuation for the home and any other land.
- Bank and building society accounts — ask each provider for the balance and any interest owed at the date of death.
- Investments, shares and premium bonds.
- Vehicles, and any valuable personal possessions such as jewellery or art.
- Money owed to the person, such as a final pension payment or a tax refund.
Before you can list assets confidently, make sure you have completed the earlier steps, including ordering enough death certificates so each institution will speak to you.
Step two: list every debt
Next, record everything the estate owes:
- Mortgage or secured loans.
- Credit cards, personal loans and overdrafts.
- Outstanding utility bills, council tax and rent.
- Funeral costs, which the estate normally pays.
Contact each lender for the exact balance at the date of death rather than estimating from old statements.
How do I get accurate values?
Use the value at the date of death, not today's value. For property, a written estate agent estimate is usually acceptable for a straightforward estate, though a formal valuation carries more weight if the estate is near a tax threshold. For accounts and investments, always ask the institution in writing for the date-of-death figure — that gives you a record to rely on.
Do I need to worry about Inheritance Tax?
Most straightforward estates fall below the tax threshold and no Inheritance Tax is due, but you often still have to report the value. If the net estate is close to or above the threshold, the exact figures matter a great deal, so keep every valuation letter. This is the stage where careful listing pays off, because the totals feed directly into your probate application.
How do I keep the numbers straight?
The hardest part is not the arithmetic — it is making sure nothing is left off the list. A single forgotten account or debt can throw out your figures and mean redoing the application. Keep one master list of assets and one of debts, update it as replies come in, and note the source of every figure. Our step-by-step probate plan includes fillable inventory and valuation worksheets that total the estate for you and flag when a category is still incomplete, with done-when checks so you know the valuation is truly finished before you apply.