The process of valuing the estate can take 6 to 9 months, or longer for big or complicated estates (for example if they involve trusts or there’s tax to pay).
If you feel you would like some help or instruct a professional to help, please contact us.
Deadlines
You don’t need to value the estate straight away after someone dies. There are only deadlines if the estate owes Inheritance Tax.
If it does, you’ll need to:
- send Inheritance Tax forms within one year
- start paying tax by the end of the sixth month after the person died – you can make a payment before you finish valuing the estate
Valuing an estate incorrectly – Penalities
If you submit an incorrect valuation to HMRC, you may receive a penalty. The table below shows the penalties for incorrect submissions.
Please contact us with any queries.
- send Inheritance Tax forms within one year
- start paying tax by the end of the sixth month after the person died – you can make a payment before you finish valuing the estate
Getting help
You can hire a professional (for example licensed Probate practitioner) to help with some or all of the tasks involved with valuing an Estate and taking out the grant of Probate.