The Deceased’s Assets
List all assets and liabilities owned by the deceased:
- Includes anything owned or owed by the deceased at their date of death or subsequently.
- Do not include assets owned in another state, territory or country.
- You must give your honest estimate of value for each asset if no valuation has been obtained.
In the description, you must include a sufficient description to identify the asset/liability:
- For a bank account, the bank, BSB and account number
- For real estate, the address and title details
- For a motor vehicle, the make, model, year and registration
- For a loan, the bank, BSB and account number
- For an aged care Refundable Accommodation Deposit, the aged care facility
- For shares, the number of shares and the company the shares are held in. Each shareholding in each different company should be listed as a separate asset
Include all real estate owned by the deceased (whether as a sole or joint owner) and all other assets owned by the deceased in their sole name, as well as the deceased’s share in any real estate which was owned with another person or persons as ‘tenants in common’ (as opposed to ‘joint tenants’).
Whether real estate is owned as tenants in common or joint tenants may be determined by checking a Title Search. If you are unsure as to whether a jointly-owned property is owned as joint tenants or tenants in common, contact the Titles Registry in your state or territory.
For example, if the deceased owned a half-share of a house worth $1,000,000 as a tenant in common, you should include their half share with a value of $500,000. Do not include joint bank accounts.
Include all non-real estate assets owned by the deceased as joint tenants with other persons (such as any joint bank accounts or shares held by the deceased together with another person as joint tenants).
