How to value an estate for probate

Build a complete asset and debt profile

You’ll need to create a list of all the assets and debts in the estate with their date of death values. You can do this by contacting all the organisations the deceased had a financial relationship with. You’ll usually need to show them a death certificate; some companies will require a hard copy in the post. 

How is property valued for probate?

If there isn’t any Inheritance Tax to pay, and you’re far away from the limit, an estimate based on recent sales of similar properties in the area is fine. Get a free valuation from an estate agent. Recent sale price information is also available online.

If nobody is living in the property, it’s recommended to use the highest justifiable valuation. This is because if the property is sold for more than the value you submit for probate, you might have to pay Capital Gains Tax on the difference in value. 

If you have Inheritance Tax to pay, or the estate is very near the limit, it’s recommended to use a chartered surveyor to produce a valuation for this purpose. HMRC may still want to send their own surveyor.

How are personal belongings valued for probate?

The value of items is based on what they would get on the open market in their current condition, not any kind of insurance value. For cars, we recommend using We Buy Any Car to get a free online valuation.

If there isn’t any Inheritance Tax to pay, and you’re far away from the limit, you can just group everything together and make a guesstimate yourself. It is recommended to get any individual items worth more than £1,500 valued professionally.

If you have Inheritance Tax to pay, or the estate is very near the limit, it’s recommended to get a local auctioneer to come and value the personal belongings and house contents, even if you’re planning to throw everything away.

How are shares valued for probate?

For stocks and shares listed on the stock exchange, you should calculate the value using the highest and lowest prices on the date of death. If the person died at the weekend, you can use the price from Friday or Monday, usually whichever is lower. 

Use our share valuing guide for listed stocks and shares

For shares in private companies, you’ll need to ask the company or an accountant to calculate the value of the shares. There are exemptions that can be used to avoid paying inheritance tax on this type of shares.

Can I get help contacting the companies for probate?

Yes. A company called Settld provides a service that contacts all the companies on your behalf to notify them of the death and request the date of death values for all the accounts (these are the values you need for your probate application). From your own personal dashboard, you can check on progress and instruct the accounts to be closed or supply further information, if required.

Find out more about Settld’s service

How to find out which forms to use for probate in Scotland

Use our free Smart Estate Analysis tool to find out how to apply and get a free quote