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Step 26 - Finalise Assets & Liabilities Inventory

Last updated: June 2019

Why is this important?

This step’s objective is to help you finalise the inventory stating all assets and liabilities to determine the total value of the deceased estate before applying for Grant of Probate or Letters of Administration with the Supreme Court.

 

simplyEstate is here to help with the process. Contact us via email or book a first free phone appointment.

Approximate Effort & Cost

Reading: 20 mins
Preparing: 1-2 hrs
Completing: 1-3 hrs
Waiting: 2 days
Total: 2.5 days
Cost: $0

Effort and cost are general estimates only and are based on the assumption that you complete this step without specialist help.

Instructions

To find out how this Process Guide works, access the instructions here.

Glossary

To find out what the capitalised words mean, access the glossary here.

26.1 Overview

Understanding 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.

Contents
26.2 Review the Inventory
26.3 Review Pending Items and Other Payments
26.4 Request Someone to Review
26.5 Prepare the Assets & Liabilities Inventory for Lodgement
26.6 Actions and Decisions to Complete Step

26.2 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)
  • shares
  • real estate(s) (home and investment)
  • vehicle(s)
  • furniture
  • collection(s)
  • artwork(s)
  • business(es)
  • trust(s)
  • jewellery
  • any other valuables
  • mortgage(s)
  • 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.

26.3 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.

simplyEstate is here to help.

Contact us via email or book your free first phone appointment.

26.4 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. Refer to Steps 24 and 25 again to confirm or seek legal advice where in doubt.

26.5 Prepare Assets & Liabilities Inventory for Lodgement

You may be lodging the Assets & Liabilities Inventory with the Supreme Court. This may be the case when you:

  • 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.

Steps 27 and 31 explain how the inventory should be lodged.

26.6 Actions and Decisions to Complete Step

If you would like a little help from us at simplyEstate with this Step, you can email us or book your free first phone appointment. If you would like specialist help, get in touch with one of our Specialist Partners listed in the yellow section to the right or below and see how they can help.

 

If you have decided to tackle this Step yourself after reading and understanding this Step, you may want to:

  1. Complete a final review of all items captured;
  2. Verify no items were missed or noted twice;
  3. Follow-up with each organisation which you are still waiting for necessary information and values;
  4. Request that a family member review and sense check the inventory and the values for completeness and reasonableness; and
  5. Make final amendments to the simplyEstate Assets & Liabilities Inventory if necessary to show the final value of the estate.

Congratulations, you have established the total deceased estate value, which is a huge milestone. You can now proceed with the Grant of Probate or Letters of Administration application before transferring all assets and liabilities to the estate for distribution.

You can move on to the next Step by clicking below or save progress at the top.

Do you need specialist help?

simplyEstate has partnered with select Specialists across Australia to assist you.

 

You can click on your State/Territory to find a suitable Specialist and get in touch to discuss how they can help you.

Estate Lawyers

 

simplyEstate Specialist Partner Listings coming soon in 2019.

 

simplyEstate Specialist Partner Listings coming soon in 2019.

 

simplyEstate Specialist Partner Listings coming soon in 2019.

 

simplyEstate Specialist Partner Listings coming soon in 2019.

Get in Touch

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If you would like to speak to us about this Step, discuss how to engage a Specialist Partner or need support, book a Phone Appointment now.

simplyEstate is here to help.

 

Help us improve this step

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What other users say

“This is a very useful guide! As the Executor of a family friends estate, this was my go-to place for information and the services provided by the recommended tax accountant and removalists was great.”

Andrew Zhao
Melbourne
“It is a lot of materials at first but I quickly understood why. estate administration can be tricky but thanks to simplyestate, we were able to deal with my brother’s affairs in a a few months. Thank you for your help…”

Maria Stamoulis
Sydney
“simplyEstate has helped me and my family during a very difficult time after the loss of my mother. We were lost initially and don’t know how we could’ve managed without this excellent resource, thank you very much!”

Jane Winters
Perth

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