Value of estate for probate

WobblyDoggy

Applying for probate and the checker tool says there is no inheritance tax to pay. The value of the estate is £580000 and I will use the full proportion of the inheritance tax nil rate band of the pre deceased spouse. So, my question is, what is the gross value of the estate for probate? Is it £580000 or is it £580000 minus the £325000.
Everything from my Father was passed to my Mother and she is passing everything equally to her three children. Thank you 

p00hsticks

my understanding is that it would be £580k, but stand to be corrected....
 

GDB2222

Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.

Keep_pedalling

p00hsticks said:

my understanding is that it would be £580k, but stand to be corrected....
 

Your understanding is correct..

WobblyDoggy

GDB2222 said:

Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.

Yes, house is an average valuation of £500k between 3 estate agents 

GDB2222

WobblyDoggy said:

GDB2222 said:

Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.

Yes, house is an average valuation of £500k between 3 estate agents 

Is there any reason not to take the top valuation?

WobblyDoggy

GDB2222 said:

WobblyDoggy said:

GDB2222 said:

Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.

Yes, house is an average valuation of £500k between 3 estate agents 

Is there any reason not to take the top valuation?

No reason not to take the top evaluation so I'll put that in to save any comeback. Thanks for your input