A market valuation for inheritance tax calculation purposes. Prepared to a standard suitable for submission to the Inland Revenue and Valuation Office Agency.
Valuing the estate of someone who has died is one of the first things to do if you’re acting as the executor or personal representative for that estate.
You normally can’t get access to the assets in the estate until you’ve received a grant of probate.
You need to know the estate’s worth to fill in the probate application forms and show whether or not Inheritance Tax is due.
To make sure you get an accurate valuation, you should use a professional RICS registered valuer. The valuation should reflect the value at the time of death.
Source: HMRC Website