Skip to content
Safe HarbourPowered by
Call 01262 310 850WriteStart onlineBook a free call
Safe Harbour Legal01262 310 850safeharbour.legalAuthorised and regulated by the Solicitors Regulation Authority, SRA 598793.

Probate · 8 min read · Published

How to value an estate for probate: a step-by-step guide

Valuing the estate is the first real job an executor faces. This guide walks through what to include and how to value each type of asset. It also covers the mistakes that cause problems later.

By Aaron Johnson, Consultant Solicitor and TEP, a solicitor in Bridlington who writes every guide himself.

Guides · Probate · No. 4 of 21Published · 8 minutes

Before you can apply for probate, you need to know what the estate is worth. That means putting a value on everything the person owned on the date they died (the house, the bank accounts, the car, the premium bonds) and setting their debts against it. Taken step by step, it is a methodical job rather than a difficult one. This guide explains what to include and how to value each type of asset. It also covers the traps that catch executors out.

Open-market value at the date of death

This snapshot matters for two reasons. First, it decides whether inheritance tax is due. The nil-rate band is £325,000, with up to a further £175,000 residence nil-rate band where the home passes to direct descendants, and unused allowances can be transferred between spouses and civil partners. Second, the probate value becomes each asset's base cost for capital gains tax, so an inaccurate figure now can create a tax problem years later.

Step by step: building the valuation

Valuing the estate

  1. Gather the paperworkBank statements, share certificates, pension letters, insurance policies, the property deeds and recent utility bills. The paperwork tells you what exists. Missing paperwork is itself a clue to write to likely institutions.
  2. Write to every institutionEach bank, building society and investment provider will confirm the exact balance at the date of death once they see the death certificate. Ask them at the same time whether any interest had accrued but not been paid.
  3. Value the propertyFor many estates a written estate-agent appraisal (ideally two or three) is acceptable. Where inheritance tax may be due, a formal RICS valuation is far safer. A separate guide covers this in detail.
  4. Value vehicles and belongingsCars can be valued against the trade guides. Ordinary household contents are usually valued realistically as a job lot. Individual items of real worth (jewellery, art, antiques) deserve a proper appraisal.
  5. List the debtsThe mortgage balance, loans, credit cards, outstanding bills and the funeral account are deducted from the gross estate. Funeral costs are payable from the estate before anything is distributed.
  6. Check for gifts within seven yearsSignificant gifts made in the seven years before death usually need to be identified and brought into the inheritance tax assessment. Go through bank statements and ask family members directly.

Jointly owned assets

Joint assets need care. Where a home or account was held as joint tenants, it passes automatically to the survivor, but the deceased's share still counts for the inheritance tax calculation. Where property was held as tenants in common, the deceased's share passes under the will and is valued as part of the estate. Which arrangement applies is not always obvious from the paperwork, and it changes both the valuation and who inherits.

Where the figures go

For most estates, where no inheritance tax is due, the values you have gathered go directly onto the probate application itself. There is no separate tax account to send HMRC for these "excepted estates". Where tax is or may be due, a full inheritance tax account (form IHT400) is needed before the grant can issue, and the evidence behind each figure matters much more. The probate application fee is £526 for estates over £5,000 (from 13 July 2026), and nothing for smaller estates.

When it is worth getting help

Plenty of straightforward estates are valued perfectly well by a careful executor. Help earns its keep when the estate is near or above the inheritance tax threshold. Lifetime gifts or trusts to untangle are another reason. Unusual assets are a third: a business, agricultural land or foreign property. A fourth is family relationships where an independent hand keeps the peace. Getting the valuation right at the start is far cheaper than unpicking it later.

Local, fixed-fee probate help in East Yorkshire

Aaron Johnson is a Consultant Solicitor and TEP (a Trust and Estate Practitioner qualified through STEP). He handles probate for families across Bridlington, Driffield, Filey, Hornsea, Beverley and the wider East Yorkshire area. Whether you want the whole estate handled or a second pair of eyes on the valuation before you apply, the first conversation is free and without obligation.

Written by Aaron Johnson, Consultant Solicitor and TEP · Law of England and Wales as at 13 July 2026 · Ends

Questions

Questions people ask about this.

General answers for England and Wales. What applies to you depends on your circumstances.

How do you value an estate for probate?

List everything the person owned at the date of death (property, bank accounts, savings, investments, vehicles and belongings) and value each at its realistic open-market value on that date. Banks and investment providers confirm exact date-of-death balances. The property usually needs an estate-agent appraisal or, where inheritance tax is in point, a formal RICS valuation. Debts and the funeral account are then deducted to reach the net estate.

Do I need professional valuations for probate?

Not always. For straightforward estates with no inheritance tax to pay, careful executor valuations (bank confirmations, estate-agent appraisals, realistic figures for contents) are usually acceptable. Professional valuations matter where tax is or may be due, where assets are unusual or valuable, or where the figures might be challenged.

What happens if an estate is valued wrongly?

An undervaluation can lead to inheritance tax queries, interest and penalties. Because the probate value becomes the base cost for capital gains tax, it can also mean a larger tax bill when assets are later sold. An overvaluation can mean paying more inheritance tax than necessary. Executors are personally responsible for the figures, which is why a methodical, evidenced valuation matters.

Do gifts count when valuing an estate?

Gifts the person made in the seven years before death usually need to be identified and included in the inheritance tax assessment, even though they are no longer in the estate itself. Small regular gifts are often covered by exemptions, but significant transfers should be listed. Executors are expected to make reasonable enquiries: checking bank statements and asking the family directly.

Is the value of the house included in the estate?

Yes. The home is usually the largest single figure in the estate and is valued at its open-market value at the date of death. If it was owned as joint tenants it passes to the survivor automatically, but the deceased's share still counts for the inheritance tax calculation. Where the home passes to children or grandchildren, the residence nil-rate band of up to £175,000 may also be available.

Next step

Ready when you are.

Get your priceStart onlineTalk to Aaron

Sixty seconds of questions that end on a named plan and a fixed fee, with VAT.

Or call 01262 310 850, Monday to Friday, 9am to 5.30pm.

Appointments are usually available within a few working days, including Tuesday and Thursday evenings, and home visits across East and North Yorkshire.

Important

This guide contain general information about the law of England and Wales as at July 2026. It is not legal advice and should not be relied on in place of advice on your own circumstances. Probate, inheritance tax and intestacy law change often; check any specific point before acting on it. Outcomes for any one person depend on their facts, the documents, and decisions taken by HMRC, the courts and others. Fees shown are fixed once agreed in writing, before any work starts. Safe Harbour Legal and Legal Studio Solicitors are trading names of MDLS Solicitors Limited (company number 08599445), authorised and regulated by the Solicitors Regulation Authority, SRA 598793. The complaints procedure is at legalstudio.co.uk/sra-complaints (Legal Studio's website).