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calendar    Nov 15, 2016

Probate Documents (3) Inventory of Property

An inventory of property is another document that is required when filing an application for Probate with the Supreme Court. An inventory of property is exactly what it sounds like – it is a list of all the property owned by the deceased.

An inventory of property is another document that is required when filing an application for Probate with the Supreme Court. An inventory of property is exactly what it sounds like – it is a list of all the property owned by the deceased.

 Property has a much broader meaning in law than just a house or land. Property includes bank accounts, loans, shares as well as specific items such as a piano and/or jewellery.

An inventory of property also clearly identifies how each asset was owned; i.e. solely or jointly owned with another person. It also identifies whether the asset was outside of NSW or held on trust for another person. This distinction is important because any asset owned jointly automatically reverts to the joint owner and is not technically part of the deceased persons Estate.

The inventory of property also assists in summarising the total value of the Estate, which in turn determines the fee charged by the Supreme Court to make the application for Probate. The bigger your Estate, the higher the Court fee.

If you have further questions, please contact us at frank@franklaw.com.au 

This is not legal advice. 

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