Complete Executor's Checklist for Valuations
In brief
Personal representatives must take reasonable care over estate values, report and pay any Inheritance Tax, settle liabilities and distribute the estate correctly. This checklist covers identifying valuable assets, choosing a valuer with relevant expertise, what to expect from the valuation itself, and the deadlines that shape the timetable — Inheritance Tax is generally due by the end of the sixth month after death.
Your Role as Executor
Being named as an executor carries significant legal responsibilities. Personal representatives must take reasonable care over the estate values, arrange any Inheritance Tax reporting and payment, settle liabilities, and distribute the estate in accordance with the will and the law.
One important early task is obtaining reasonable values for the estate’s assets. Where an IHT400 is required, the figures submitted to HMRC should have a clear evidential basis. If HMRC substitutes a higher value, additional tax and interest may become due; penalties and any personal liability depend on the conduct and wider circumstances rather than arising automatically from a valuation difference.
This checklist is designed to guide you through the valuation process from start to finish, helping you stay organised and avoid common pitfalls.
Identifying Valuable Items in the Estate
Before you can arrange valuations, you need a thorough inventory of the estate’s contents. This should cover every category of personal property, not just the items that appear obviously valuable.
Work through the following areas systematically:
When compiling your inventory, do not overlook items stored in safety deposit boxes, bank vaults, or with third parties. Check insurance policies and previous valuations for clues about items you may not be aware of.
- Jewellery — rings, necklaces, bracelets, watches, brooches, cufflinks, and loose gemstones
- Art and collectibles — paintings, prints, sculptures, ceramics, and decorative objects
- Antique furniture — period pieces, rugs, clocks, and mirrors
- Coins, stamps, and medals — individual items and complete collections
- Vehicles — classic cars, motorcycles, and boats
- Musical instruments — pianos, violins, guitars, and other instruments of note
- Books and manuscripts — first editions, rare volumes, and signed copies
- Wine and spirits — fine wine cellars and rare bottles
- Clothing and accessories — designer handbags, furs, and vintage fashion
- Digital assets — cryptocurrency holdings and valuable domain names
Choosing a Qualified Valuer
HMRC does not publish an approved list or prescribe a single qualification. When professional input is appropriate, select someone with relevant expertise, a sound Open Market Value methodology and evidence suited to the asset.
Key factors to consider when choosing a valuer:
It is perfectly acceptable — and often necessary — to instruct different valuers for different asset types. A jewellery specialist is unlikely to be qualified to value fine art, and vice versa.
- Professional qualifications — NAJ or IRV registration for jewellery, RICS for property and chattels, Gem-A for gemstones
- Experience with probate work — probate valuations use Open Market Value, which differs from insurance or retail valuations
- Independence — the valuer must have no personal interest in the estate or its beneficiaries
- Methodology and evidence — confirm that the report uses Open Market Value at the date of death and explains its supporting evidence
- Insurance — ensure the valuer carries professional indemnity insurance
- Transparent fees — understand the cost structure before instructing, whether per item, per hour, or a fixed fee for the estate
The Valuation Process
Once you have identified the items and selected your valuers, the process typically follows a standard sequence. Understanding what to expect can help you prepare effectively.
- Arrange access to the property — ensure the valuer can inspect items in situ where possible, or arrange secure transport to their premises
- Provide background information — share any existing insurance valuations, purchase receipts, certificates of authenticity, or provenance documentation
- Physical inspection — the valuer will examine each item, noting condition, maker, age, materials, and any distinguishing features
- Research and analysis — the valuer will consult auction records, trade databases, and market comparables to establish Open Market Value
- Written report — you will receive a formal valuation report detailing each item, its description, and its Open Market Value as at the date of death
- Review the report carefully — check that all items are included, descriptions are accurate, and the date of death is correctly stated
Submitting Valuations to HMRC
The valuations you obtain will feed directly into the Inheritance Tax forms you submit to HMRC. The specific form depends on the size and complexity of the estate.
For an excepted estate, Inheritance Tax details are generally provided through the probate application rather than a full IHT400. Estates outside the excepted-estate rules use IHT400 with the relevant supplementary schedules. Check the current route for the date of death and jurisdiction.
When completing the forms, report the required Open Market Values and follow each schedule’s attachment instructions. For example, IHT407 asks you to attach a professional valuation if one was obtained. Keep copies of all evidence and correspondence for the estate records.
- Probate application — includes the required Inheritance Tax details for many excepted estates in England and Wales
- IHT400 — the full Inheritance Tax account, required for estates above the threshold or with complex assets
- IHT407 — supplementary schedule for household and personal goods, where individual valuations are itemised
- IHT409 — supplementary schedule for pensions
- IHT417 — supplementary schedule for foreign assets
Timeline and Key Deadlines
Probate valuations do not exist in isolation — they are part of a broader timeline with important deadlines. Understanding these deadlines will help you plan effectively and avoid unnecessary stress.
Inheritance Tax must be paid within six months of the end of the month in which the person died. Interest begins to accrue after this date. However, you may need to pay some or all of the tax before the grant of probate is issued, which creates a potential cash-flow challenge.
The overall probate process typically takes between nine and twelve months, though complex estates can take considerably longer. Starting the valuation process as early as possible gives you the best chance of meeting all deadlines comfortably.
- Weeks 1–2 — Begin compiling a full inventory of the estate’s assets
- Weeks 2–4 — Identify items that may require professional valuation and instruct valuers
- Weeks 4–8 — Valuations completed and reports received
- Weeks 6–10 — Complete and submit IHT forms to HMRC
- Month 6 — Inheritance Tax payment deadline (interest accrues thereafter)
- Months 6–12 — Grant of probate issued; estate administration and distribution
Ready to arrange one? Learn more about our estate valuations covering the whole estate.
Frequently Asked Questions
01Can I be held personally liable if valuations turn out to be wrong?
Personal representatives must take reasonable care and should settle estate liabilities before distribution. If a value is revised, additional tax and interest may be payable from the estate; penalties depend on the conduct and circumstances. Personal liability can arise in some situations, particularly after premature distribution, but it is not automatic merely because an estimate changes or because an item exceeded £1,500.
02Do I need to value items that are being kept by the family?
Yes. Every item in the estate must be valued for Inheritance Tax purposes, regardless of whether it will be sold, kept by a beneficiary, or donated to charity. The valuation reflects what the item would fetch on the open market, not what the family intends to do with it.
03How much does a probate valuation typically cost?
There is no standard fee. It depends on the assets, number of items, location, inspection, research and report scope. Obtain a written quote, clarify VAT, travel and extra work, and compare providers on a like-for-like basis before instructing.