How do I value an estate for probate?
Add up the date-of-death value of everything the person owned — property, bank and savings accounts, investments, pensions that fall in the estate, vehicles and valuable possessions — then subtract their debts (mortgage, loans, bills, funeral). The net figure is the estate's value, which determines both the inheritance-tax position and the probate application.
Detailed explanation
An accurate valuation underpins everything that follows, so take care and keep evidence.
Assets to include
- Property (get an estate agent or RICS valuation; for tax, an open-market figure).
- Bank, building society and savings accounts (ask for date-of-death balances).
- Investments, ISAs and shares (date-of-death prices).
- Pensions and life policies that form part of the estate.
- Vehicles, jewellery, art and other valuable possessions.
- Money owed to the deceased.
Debts to deduct
- Mortgage and secured loans, credit cards and personal loans.
- Outstanding bills and tax.
- Reasonable funeral costs.
Why accuracy matters
The value sets the inheritance-tax bill and goes on the probate application. Under-valuing risks penalties; over-valuing can mean overpaying tax. Keep written evidence of every figure.
An executor lists a house (£350,000), two accounts (£40,000), an ISA (£20,000) and a car (£8,000) = £418,000, then deducts a £90,000 mortgage and £4,000 of bills and funeral = a net estate of £324,000. That figure drives both the tax check and the probate application.
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Sources
- GOV.UK — Applying for probate (application fee £300; estates over £5,000)
- GOV.UK — Probate fees and additional copies (£16 per copy)
- HM Courts & Tribunals Service — probate timeliness statistics, 2025
- GOV.UK — Valuing the estate of someone who's died
- Reviewed by
- ClearLegacy editorial team
- Last reviewed
- June 2026
- Next review
- December 2026
- Jurisdiction
- England & Wales
Frequently asked questions
How do I value an estate for probate?
Total the date-of-death value of all the deceased's assets — property, accounts, investments, pensions in the estate, and valuable possessions — then subtract their debts and funeral costs. The net figure determines the inheritance-tax position and the probate application.
Do I need a professional valuation for probate?
For property and valuable items, a professional (RICS or specialist) valuation is advisable, especially if inheritance tax is due, because HMRC can challenge figures. Bank and investment values come from date-of-death statements.
What value do you use for probate — the date of death or sale?
You use the open-market value as at the date of death. If assets later sell for more or less, separate rules (and possible adjustments) can apply, but the starting valuation is the date-of-death figure.
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