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.

How do I value an estate for probate?

Q: 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.

England & Wales · Probate · Valuation

Quick answer

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.

Example scenario

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.

What happens next?

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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

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