How to value an estate for probate
You must value everything the deceased owned at the date of death, at open-market value, and deduct everything they owed. Banks, pension providers and registrars give written date-of-death figures on request; property and valuable possessions need a defensible market valuation, not a guess.
Jurisdiction: England & Wales. Last reviewed 13 August 2026.
What goes into the valuation
| Category | How to value it | Evidence to keep |
|---|---|---|
| Bank and building society accounts | Written date-of-death balance including accrued interest | The provider's letter |
| Property | Open-market value at the date of death | Estate agent appraisals or an RICS valuation |
| Shares and investments | Quoted price on the date of death | Registrar or broker statement |
| Personal possessions | What they would fetch on the open market, not insurance value | Photographs, valuations for anything notable |
| Jointly held assets | The deceased's share, noting whether it passes by survivorship | Account or title documentation |
| Debts | Balance at the date of death | Statements and the funeral account |
Property valuations get checked
HMRC can refer a property value to the district valuer. Where the estate is taxable or close to a threshold, a formal RICS valuation is worth the fee — a casual estimate that later sells far higher invites a penalty.Gross versus net
The gross estate is everything owned before debts. The net estate is what is left after liabilities. Both figures appear on the application and both must reconcile with your Inheritance Tax position. Nil-rate band is £325,000 and the residence nil-rate band is £175,000 where a home passes to direct descendants.
Do not forget
- Gifts made in the 7 years before death
- Assets held abroad
- Money owed to the deceased, including loans to family
- Premium Bonds, NS&I holdings and dormant accounts
- Pension lump sums, and whether they fall inside or outside the estate
Frequently asked questions
- Do I need a professional property valuation?
- Not always. Three estate agent appraisals can be enough for a small, clearly non-taxable estate. Use an RICS valuation where the estate is taxable or near a threshold.
- What if a value changes after death?
- The probate value is fixed at the date of death. Later movements affect Capital Gains Tax, and there is relief where qualifying shares or land sell for less within set periods.
- Do joint accounts count?
- The deceased's share counts for tax purposes even where the balance passes automatically to the survivor.
Dealing with a straightforward estate yourself?
Our free probate checker helps you work out whether this estate appears suitable for a self-help route. It asks about jurisdiction, disputes and complexity, takes a few minutes, and needs no account.
£349 one-off service fee if you go ahead. Court fee and any Inheritance Tax are paid separately.
Sources
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