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Inventory of Assets and Liabilities

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Casperam View Drop Down
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  Quote Casperam Quote  Post ReplyReply Direct Link To This Post Topic: Inventory of Assets and Liabilities
    Posted: 08/January/2019 at 16:55
Hi all

I am currently trying to do my fathers probate and trying to compile assets and liabilities.

The big question is he lived in an over 55's lifestyle village which had him owning a lease on the property rather than the property itself. Should the value be listed under Real Estate or Personal estate and then, in turn, should the value entered be the expected sale price hence value or the monies expected after settlement and deferred management fees and costs are taken out?
Items held overseas. Should the values entered be in AU$ or in the currency where held?

Now the statement should be at the date of death.
Therefore should I include any utility bills and council rates that were due or have since become due?

Tax return. I am trying to get a final tax return completed should the outcome of this be included under a liability as I would think that there may be some TAX payable

Thanks in advance
Casperam

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  Quote AussieLegal Quote  Post ReplyReply Direct Link To This Post Posted: 08/January/2019 at 18:15
Hi Casperam.

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.

Casperam View Drop Down
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  Quote Casperam Quote  Post ReplyReply Direct Link To This Post Posted: 09/January/2019 at 08:57
Thanks Admin.
I had the thought that if his overseas UK monies were listed then there may not be a need to have a reseal done to access those funds. The total in the UK would be around $8000.
I'm applying in Victoria

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  Quote AussieLegal Quote  Post ReplyReply Direct Link To This Post Posted: 11/January/2019 at 10:57
Hi Casperam.

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.

Cheers.
AussieLegal

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