Find and protect assets
An executor’s responsibility includes finding and protecting the assets of the estate. Information on how to do this and listing assets for a grant of probate.
Finding assets and debts
As an executor, you will need to find all assets and debts that belong to the person that has died.
Assets can mean:
- real estate property
- money, shares, bank accounts
- other property such as car, clothing, household furniture and pets.
Debts are what a person owes, such as:
- loans (home, personal, credit cards)
- wages and other business debts.
Once you have gathered all the information, you will need to work out the value of the assets owned by the deceased.
Protecting assets
Executors are responsible for protecting the assets of the estate.
This may involve:
- storing valuables
- investing surplus funds
- getting insurance for property
- protecting business interests.
As an executor you can be held personally liable for any damage to property which has not been secured or insured.
Listing assets for a grant of probate
When you apply for a grant of probate, you need to provide a complete list of assets and liabilities for the person at the date of their death.
This only includes assets and liabilities that are solely owned by the person that has died.
It does not include:
- assets that are jointly held with another person (which pass to the surviving joint owner)
- assets that are held in trusts, such as a family trust (which continue on after death)
- superannuation death benefits (unless they were left to the estate, executor, or administrator)
- life insurance death benefits (unless they were left to the estate, executor, or administrator).
Learn more about working out assets and debts for probate at LawAccess NSW.