Complete Executor's Checklist for Valuations
Your Role as Executor
Being named as an executor carries significant legal responsibilities. You are personally accountable for ensuring that the deceased’s estate is valued correctly, that Inheritance Tax is calculated and paid on time, and that the estate is distributed in accordance with the will.
One of the most important early tasks is obtaining accurate valuations of the estate’s assets. This is not merely an administrative exercise — the figures you submit to HMRC on the IHT400 form (or the simpler IHT205/IHT217 for excepted estates) must be defensible. If HMRC later determines that assets were undervalued, you could face penalties and personal liability.
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
Not all valuers are equal, and HMRC will expect valuations to come from appropriately qualified professionals. Selecting the right valuer for each asset type is essential.
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
- HMRC acceptance — confirm that the valuer’s credentials and methodology are recognised by HMRC
- 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 excepted estates (those below the Inheritance Tax threshold with no complications), you will typically complete form IHT205 or IHT217. For larger or more complex estates, form IHT400 is required, along with supplementary schedules.
When completing the forms, report the Open Market Value for each item or category. Attach or reference the professional valuation reports to support your figures. Keep copies of all valuations and correspondence for your records — HMRC may raise queries months or even years after the initial submission.
- IHT205 — used for excepted estates where the gross value is below the Inheritance Tax threshold
- 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
Frequently Asked Questions
Can I be held personally liable if valuations turn out to be wrong?
Yes. As executor, you have a legal duty to take reasonable care when valuing the estate. If HMRC determines that items were significantly undervalued due to negligence — for example, if you failed to obtain a professional valuation for an item clearly worth over £1,500 — you could be held personally liable for any additional tax, interest, and penalties.
Do 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.
How much does a probate valuation typically cost?
Costs vary depending on the type and number of items. A single jewellery valuation might range from £50 to £150, while a full estate valuation covering multiple categories could run into several hundred pounds. It is advisable to obtain quotes from more than one valuer and to clarify the fee structure before instructing them.