3 Comments Wills, probate, letters of administration, powers of attorney
If there is a long term lease in your father's name, then it should be listed as an asset that is NOT real estate. It is a 'refundable lease'. Real estate or 'real property' is owned and registered differently.
It should be listed under personal property or personal estate as such.
It should be listed as 'executor's expected net refund of long term lease..."
Outstanding rates, utilities and bills should be excluded unless the due date was prior to the date of death. If there is no ATO assessment prior to the date of death, include this. Otherwise exclude it as you cannot report a liability over which you have no control or information.
As part of the duties of an executor, you may or may not be expected to correspond with the ATO for a final assessment. It depends if the deceased was still filing regular tax returns. Please consult an accountant.
Items / assets held overseas are not subject to Australian / State probate. In most cases they need not be reported (depending on the State in which you are applying).
Keep reporting of assets and liabilities as simple as possible but always reporting information as accurate as possible.
The UK monies can be listed and should be listed. The decision as to whether the bank will accept the Victoria Grant of Representation is theirs. I imagine for such a small amount, they would be fine. It would be mean of them if they required a UK reseal for this amount. Be sure to note the bank name and account number in the non-Victoria asset list.