Before you can apply for probate (if needed), you need to work out what the person owned and what they owed. This is called valuing the estate.
The estate includes everything the person owned at the date of death:
**Assets:** - Property (house, flat, land) - Bank accounts and savings - Investments and shares - Vehicles - Personal possessions of significant value - Life insurance policies (unless written in trust)
**Debts:** - Mortgage - Credit cards and loans - Utility bills - Care home fees
You will need to write to each bank, building society, and financial institution to get a date-of-death valuation. For property, you can use an estate agent's estimate or a professional valuation.
The total value determines whether inheritance tax is due and whether probate is needed.
