How do I value an estate?

In simple terms, in order to work out the value of the estate at the date the person died, the value of all the assets (cash, bank accounts,  investments, personal effects, property, cars and anything else owned by the deceased or which they had an entitlement to, such as income from a Trust) needs to be ascertained. Any debts owed by the deceased also need to be taken into consideration, such as mortgages, credit card debt, funeral costs and loans. An Executor also needs to investigate any large financial gifts (in excess of £3,000) that may have been made in the last seven years before the person died and what the person's marital situation was – all these factors can play a part in correctly calculating the value of an estate.