OverviewUnderstanding the deceased estate value and what it is made up of is one of the main objectives of the deceased estate administration process. By the time you reach this step, you have worked through all the individual Steps that helped you to determine a complete view of assets and liabilities that form part of the estate. To finalise the inventory, you will need to:
- review all items captured;
- ensure no items were missed or noted twice;
- check that all pending items were finalised and have been noted; and
- sense check that the total value seems reasonable.
26.1 Review the Inventory
Since Step 15 – Prepare an Assets & Liabilities Inventory, you should have been capturing all assets and liabilities of the deceased estate.By now you should have developed a solid understanding of all the various items that make up the deceased estate including but not limited to:
- bank account(s)
- saving account(s)
- term deposit(s)
- investment account(s)
- share portfolio(s)
- real estate(s) (home and investment)
- any other valuables
- personal loan(s)
- other debts
You should have captured all the items that apply to your situation and you should now review each. You should also ensure that everything is noted with sufficient detail and you have a statement, valuation or other documented proof of the value at the date of death of the deceased person.
If you have missed an item or find any new evidence of an asset or liability, you should capture it and get official confirmation of its value as at the date of death.
26.2 Review Pending Claims and Other Payments
If you have worked through the previous steps and were still waiting for statements or other evidence of the value of the assets and liabilities, you should:
- update the inventory if you have in the meantime received the necessary documents;
- contact the relevant organisation(s) to check on the progress and an estimated date by when the necessary documents should reach you; and
- keep track of these conversations so you can check on them again after expiry of that date.
26.3 Request Someone to Review
Once you are confident that you have captured all assets and liabilities to the best of your knowledge, you should request a family member, Next of Kin or Beneficiary to review the inventory. It would be best to request a review by one or more persons who knew the deceased person well and who can judge the listed items and check if the total value you derived at seems reasonable.
If you have used the simplyEstate Assets & Liabilities Inventory you can either provide the reviewer(s) with an electronic copy or print it out. A print-out will avoid them from making any changes directly in the inventory that you may not notice and is a safer option. You may also want to provide them with copies of the supporting documents such as bank statements and other documents proving the values.
If a Beneficiary or reviewer claims that the valuations are incorrect, think that items should not be listed as they are already assigned to a Beneficiary or an asset owned jointly with another person should be added, you should verify their claims to determine if these were correct or not and hence should be included in the inventory or not.
Remember that only assets held in the deceased person’s sole name, or the share held as tenants in common will generally form part of the estate and should be listed. Also, Superannuation Death Benefit payment and life insurance benefit payment may not form part of the estate and may only be listed if confirmed.
26.4 Prepare Assets & Liabilities Inventory for Lodgement
- need to apply for a Grant of Probate or Letters of Administration as outlined in detail in Step 27 – Apply for Grant of Probate or Letters of Administration;
- need to update the Assets & Liabilities Inventory on file with the Supreme Court if the inventory changes after you have applied for Grant of Probate or Letters of Administration; or
- when you apply to the Supreme Court for commission for your time and effort as Executor or Administrator as described in detail in Step 31 – Pay Reimbursements & Executor Services.
Actions and Decisions to Complete Step Yourself
If you have decided to tackle this Step yourself after reading and understanding the above, you may want to:
- Complete a final review of all items captured
(see Step 26.1 above);
- Verify no items were missed or noted twice;
- Follow-up with each organisation which you are still waiting for necessary information and values
(see Step 26.2 above);
- Request that a family member review and sense check the inventory and the values for completeness and reasonableness
(see Step 26.3 above); and
- Prepare the Assets & Liabilities Inventory for lodgement
(see Step 26.4 above.
Click for supporting:
Cost & Effort
Reading: 20 mins
Preparing: 1-2 hrs
Completing: 1-3 hrs
Waiting: 2 days
Total: 2.5 days
Effort and cost are general estimates only and are based on the assumption that you complete this step without experienced support.
To find out how this Process Guide works, access the instructions here.
To find out what the capitalised words mean, access the glossary here.
Other forms not listed here may be required based on your specific circumstances.
Checklists & ToolsUse Australia’s smartest Assets & Liabilities Inventory to automatically calculate the estate value for Grant of Probate.
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