What this stage is for
You are building the financial picture of the estate.
Two rules matter most:
- Record everything owned and owed.
- Keep estimated values separate from confirmed values.
A date-of-death value means the value on the day the person died.
Step-by-step in Estate Suite
- Open Assets and add every known asset, even if the value is only an estimate.
- Open Liabilities and add all known debts and costs (including funeral and admin costs).
- For each item, record where the figure came from and whether evidence is pending.
- Use Correspondence to request formal date-of-death balances and valuations.
- Upload replies and valuation evidence in Documents as they arrive.
- Update each asset and liability to confirmed values when evidence is received.
- Add follow-up tasks for anything still unresolved.
- Review totals in IHT after major updates.
What good evidence looks like
- Bank or provider confirmation with date-of-death balance
- Written property valuation with valuation date
- Share or investment valuation statement
- Creditor final balance or settlement confirmation
Common mistakes to avoid
- Leaving estimated figures in place right before filing
- Tracking assets but missing debts
- Not storing valuation evidence with the record
- Forgetting to chase non-responding institutions
FAQ
Do I need exact values before I can begin?
No. Start with best-known figures, then replace with evidence-backed values.
Why is this stage so important?
These figures drive tax, probate, and final beneficiary calculations. Weak data here causes delays later.
What if I cannot get one final figure in time?
Record the best available evidence, explain the gap clearly, and keep a follow-up task open.