How to create a list of assets when someone dies?

When someone passes away, one of the first jobs for the Executor or next of kin is to make a list of the assets they owned. This is a key step in applying for probate and working out whether Inheritance Tax (IHT) is due. But knowing where to start can feel overwhelming, especially at an emotional time. This guide will walk you through what counts as an asset, what to look out for, and how to create a clear and complete asset list when someone dies. 

Template checklist 

Creating a clear list of assets helps ensure nothing is missed and makes the probate process much smoother. Here’s a simple checklist you can use: 

Banking and savings 

• Current and savings accounts;
• Cash in the home or a safety deposit box;
• ISAs (cash and stocks & shares);
• Premium Bonds or NS&I accounts.

Property and land 

• Main home (owned fully or jointly);
• Second homes or holiday lets;
• Buy-to-let or rental properties;
• Land or agricultural assets.

Investments 

• Shares or stocks;
• Investment funds or portfolios;
• Bonds or gilts;
• Cryptocurrency or online investment platforms.

• Private or workplace pensions (especially those not already in payment);
• Life insurance policies (unless written in Trust);
• Pension lump sums that were due but unpaid.

Valuable possessions 

• Cars or vehicles;
• Jewellery;
• Artwork, antiques, or collectibles;
• Electronics or high-value furniture.

Business interests 

• Sole trader businesses;
• Partnership stakes;
• Company shares or director positions.

Debts owed to the deceased 

• Personal loans made to others;
• Final wages or benefits that have not yet been received;
• Refunds due from service providers (e.g., utilities or taxes).

Remember, you’ll also need to list any debts or liabilities, but those go in a separate section of the probate application. Here is a downloadable version of this checklist. 

Types of financial, investment, and property assets 

While the main categories of assets are fairly standard, the value and complexity can vary widely from estate to estate. 

Financial assets 

These include anything that holds monetary value, such as: 

• Bank balances;
• Savings bonds;
• Uncashed cheques;
• Money stored digitally (e.g., PayPal).

Investment assets 

Even if investments aren’t earning income at the time of death, they still need to be valued. Common types include: 

• Individual shares;
• Investment portfolios;
• SIPPs (Self-Invested Personal Pensions).

A Financial Adviser may be needed to help with valuations, especially for more complex investment structures. 

Property assets 

If the deceased owned property, you’ll need to: 

• Find the title deed or Land Registry document.
• Get a professional valuation (especially if Inheritance Tax might be due).
• Check how the property was owned, sole ownership or joint tenants/tenants in common.

What to look for: Paperwork and proof 

Finding all the information needed for the asset list can feel like a treasure hunt, but the right paperwork can speed things up. 

Here are common places to check: 

• Bank statements and passbooks;
• Letters from financial providers;
• Recent council tax or utility bills (can help confirm property ownership);
• Insurance policy documents;
• Online accounts and digital banking apps (check emails or saved logins);
• The Will - sometimes specific assets are mentioned;
• HMRC letters about savings interest or pension income.

In summary: How to create a list of assets when someone dies 

Putting together a list of assets when someone dies is a key step in sorting out their estate. It helps: 

• Apply for probate.
• Value the estate for tax purposes.
• Make sure beneficiaries receive what they’re entitled to.