Probate
6. List of Assets
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 16 Aug 2015
- You or your lawyer will need to prepare a complete list of the assets of the deceased person. This is also more commonly referred to as an inventory of assets.
- Preparing a list of assets allows interested parties to obtain a clearer idea about the contents of the estate in question. It will also need to be attached to your application for probate.
- For probate applications in NSW assets held as joint tenancies and assets held outside NSW do not form part of the value of the estate. They do not need to be disclosed in the inventory of property but their existence should be noted in a separate table on the inventory.
- You should do your best to form a realistic estimation of the value of all assets. For real estate you may be able to ask a real estate agent to do a curb-side appraisal or use a website that provides estimated values such as:
- The asset value for personal belongings is the amount the asset might be expected to fetch in a private sale as a second-hand item rather than the amount that was paid for it or the cost of replacing it.
- You must also make sure that you compile or provide your lawyer with a complete list of all liabilities of the deceased person.
- This will refer to any encumbrances such as mortgages with the bank secured over the deceased person’s home and other debts owed to creditors of the deceased person.
- Liabilities of the estate also include the funeral fees and any bills you have paid on the deceased’s behalf between the date of their death and the probate application. This may include electricity, water, council rates and insurance.
- You will need to add up the gross and net value of the estate.
- The gross value is the amount you get when you add up the value of all the deceased’s assets.
- The net value is the amount you get when you deduct the total liabilities of the deceased from the gross value.
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