Asset Valuation Guide

When valuing assets for probate, you must use the date of death as the valuation date. This is the value the asset would have fetched if sold on the open market on that specific date.

For most assets, you'll need to provide evidence of the valuation. This could be bank statements, property valuations, or professional appraisals. Keep all documentation safe as you may need to submit it with your application.

If the total value of the Estate is close to the inheritance tax threshold (currently £325,000), it's particularly important to get accurate valuations, as this could affect whether inheritance tax is payable.

How to Value Property

Property is usually the most valuable asset in an estate. You have several options for obtaining a valuation:

• Estate agent valuation: Most estate agents will provide a free market appraisal. We recommend getting valuations from at least three different agents and using the average.
• Professional surveyor: For more complex properties or where accuracy is critical (e.g., estates close to the IHT threshold), consider hiring a RICS-qualified surveyor. This typically costs £200-£500.
• Online valuation tools: Websites like Zoopla or PropertyPal can provide estimates, but these should only be used as a rough guide, not as your official valuation.

What to Include

The valuation should reflect the property's condition on the date of death. Include:

• The main residential property
• Any rental or investment properties
• Land or development sites
• Any share of jointly owned property (usually 50% unless specified otherwise)

Deductions

You can deduct any outstanding mortgage or secured loans from the property value. For example, if a property is valued at £200,000 with a £50,000 mortgage, the net value is £150,000.

How to Value Bank Accounts

Bank accounts are straightforward to value. You need the balance as at the date of death, including any interest accrued up to that date.

Steps to Obtain Valuations

1. Write to each bank or building society requesting a "date of death balance" or "probate valuation." Use our sample letter template available on the Valuation Guidance page.
2. Include a copy of the death certificate with your letter (most institutions require this).
3. Request confirmation in writing showing the account number, balance, and any interest accrued.
4. Allow 2-4 weeks for the bank to respond with the official valuation.

Types of Accounts to Include

• Current accounts
• Savings accounts
• ISAs (Individual Savings Accounts)
• Fixed-term deposits
• Premium Bonds (use the current value, not potential winnings)
• Cash found in the home

How to Value Vehicles

Cars, motorcycles, and other vehicles should be valued at their market value on the date of death.

Valuation Methods

• Online valuation tools: Use websites like Parkers, Auto Trader, or Glass's Guide. Enter the vehicle's registration, mileage, and condition to get an estimate.
• Dealer valuation: Visit a car dealer and ask for a trade-in valuation. This gives you a realistic market value.
• Private sale listings: Check what similar vehicles are selling for on Auto Trader or Gumtree in your area.

What to Include

• Cars and vans
• Motorcycles and scooters
• Caravans and motorhomes
• Boats and watercraft

Deductions: If there's outstanding finance on the vehicle, deduct this from the market value.

How to Value Personal Items

Personal possessions include furniture, jewellery, clothing, and household items. For most estates, you can provide a reasonable estimate of the total value.

General Household Contents

For ordinary household furniture and effects, you can usually provide an estimated total value based on what these items would fetch at auction or in a house clearance sale (not replacement value). A typical modest household might be valued at £5,000-£15,000.

Valuable Items Requiring Professional Valuation

Certain items should be professionally valued by a qualified appraiser:

• Jewellery worth over £500
• Antiques and collectibles
• Artwork and paintings
• Rare books or manuscripts
• Valuable watches
• Musical instruments (especially vintage or professional-grade)

How to Value Investments

Investments must be valued at their market value on the date of death. This can be more complex than other assets.

Listed Shares and Unit Trusts

For shares listed on the London Stock Exchange or unit trusts:

1. Find the closing price on the date of death (or the nearest trading day if the death occurred on a weekend or bank holiday)
2. Use the "quarter-up" rule: take the lower quoted price and add one-quarter of the difference between the lower and higher price
3. Multiply by the number of shares held

Most stockbrokers or investment platforms will provide a date of death valuation if you contact them with a copy of the death certificate.

Pensions

Contact the pension provider to ask if the pension forms part of the estate. Many modern pensions pass outside the estate to nominated Beneficiary and don't need to be included in the probate valuation.

Life Insurance Policies

If the policy was written in trust, it passes directly to beneficiaries and doesn't form part of the estate. If not in trust, include the payout value in the estate valuation.

Other Investments

• National Savings & Investments: Contact NS&I directly for a valuation
• Bonds and gilts: Use the market value on the date of death
• Cryptocurrency: Use the GBP value on a reputable exchange on the date of death