How to Value an Estate for Probate in the Northern Territory

One of the most paralysing steps in the NT probate process is completing the Affidavit of Assets and Liabilities (Form 88T). Most executors stall here — not because they lack access to information, but because they are unsure what to include, how to value each item, and what happens if they get it wrong. This guide explains the correct approach to Northern Territory estate valuation.

Why the Valuation Matters

The Affidavit of Assets and Liabilities is a sworn legal document filed with the NT Supreme Court as part of the probate application. It itemises the gross value of everything the deceased owned at the date of death, alongside a list of known debts and liabilities.

The NT Supreme Court requires the gross value of the estate to be disclosed in this affidavit. The filing fee is a flat rate regardless of estate size (currently approximately $1,542 for 2025/2026 — verify the current amount with the registry), but the affidavit still needs to be accurate. Understating assets can constitute a false declaration to the court, which is a serious legal offence.

The valuation also informs the executor's personal liability exposure. If the estate is distributed based on an inaccurate asset picture and an unknown creditor or family provision applicant later makes a claim, the executor may be personally liable.

Use the Date of Death as Your Valuation Date

Every asset in the estate must be valued as at the date of death, not the date you are completing the form. This distinction matters because:

• Share portfolios fluctuate — use the closing price on the date of death
• Real property values change — a professional valuation should be dated as close as possible to the date of death
• Bank account balances are fixed in time — the date-of-death balance is typically available by contacting the institution's bereavement team

Some valuations will take time to obtain. Banks may initially refuse to provide account balances until they see a death certificate. Investment platforms may require a probate grant before releasing detailed statements. In practice, executors often compile valuations incrementally — start with whatever you can access using the death certificate alone, and note in your affidavit the basis on which each valuation was made.

What Counts as an Estate Asset

Include in the Affidavit of Assets and Liabilities every asset that was held in the deceased's sole name, or as a tenant in common with another person. Assets held as joint tenants pass by survivorship to the surviving owner and are generally not estate assets — they do not belong in this affidavit (though they should be noted in your records as they may affect the overall asset picture).

Assets typically included:

• Bank accounts in sole name (use date-of-death balance)
• Shares and managed fund units (use date-of-death closing price)
• Real property held in sole name or as tenant in common (use date-of-death market value)
• Motor vehicles (use current market value as a proxy for date-of-death value where formal valuation is impractical)
• Business interests, including sole trader assets and partnership shares
• Outstanding loans owed to the deceased (money others owed the deceased)
• Life insurance policies where the estate is the named beneficiary
• Superannuation if it is directed to the estate (most super bypasses the estate — see below)
• Valuable personal property: jewellery, artwork, antiques (use a professional appraisal where items are significant)

What typically does not belong in the affidavit:

• Jointly held assets passing by survivorship (handle these separately at the Land Titles Office)
• Superannuation with a binding death benefit nomination to a specific dependant — that money goes directly to the nominated beneficiary and does not form part of the estate
• Life insurance with a named beneficiary (not the estate) — same principle

If you are unsure whether an asset forms part of the estate, check the ownership structure and any binding nominations before including or excluding it.

How to Value Real Property in NT

Real estate is typically the largest asset in any estate and requires the most care. The NT Supreme Court and the NT Land Titles Office (LTO) both require real property to be properly identified in estate documents.

For valuation purposes, use a date-of-death market value. If the property is being transferred to beneficiaries rather than sold, this can be established through:

• A licensed real estate agent's written market appraisal
• A formal valuation by a registered property valuer

A formal registered valuation carries more weight if the estate is contested or if there are multiple beneficiaries who may disagree about asset values. For straightforward estates where there is no dispute, a written agent appraisal is generally sufficient.

Be aware that NT has unique property types — Darwin suburban homes, Alice Springs residential property, pastoral leases, and interests in Aboriginal land are all treated differently under NT land law. If the deceased held a pastoral lease or interest connected to Aboriginal land, seek specialist legal advice before completing the valuation.

What Counts as a Liability

The Affidavit also requires a list of known debts and liabilities. These reduce the net value of the estate available for distribution, but for the affidavit itself, you list liabilities separately from assets rather than subtracting them to produce a single net figure.

Common liabilities to list:

• Mortgage debt outstanding at date of death (contact the lender for the exact payoff figure)
• Credit card balances
• Personal loans
• Utility bills accrued before death
• Outstanding tax obligations (including any income tax that will be assessed for the final tax year)
• Funeral expenses (if paid or to be paid from the estate)
• Any legal or accounting fees incurred for estate administration

Do not include contingent liabilities — potential claims that have not yet been made. If a family provision application is later filed, that becomes a liability at that point, not at the time you complete the affidavit.

Superannuation: A Common Point of Confusion

Most superannuation does not form part of a deceased estate. Superannuation is held in trust by the fund and is distributed according to the trustee's discretion or the member's death benefit nomination — it does not automatically pass through the will.

However, superannuation does form part of the estate in some circumstances:

• The member nominated the estate (or the legal personal representative) as the beneficiary
• There is no valid binding nomination and the trustee exercises its discretion to pay to the estate
• The fund's rules direct payment to the estate in specific circumstances

If super is payable to the estate, include it in the Affidavit of Assets and Liabilities at the date-of-death balance. Contact the super fund directly and request confirmation in writing of whether the death benefit will be paid to the estate or directly to a dependant.

Completing the Affidavit: Practical Notes

Form 88T must be printed single-sided on standard A4 paper. It must be signed and sworn before a Justice of the Peace or Commissioner for Oaths after being printed, not before. All values should be expressed in Australian dollars.

Present each asset category as a subtotal, with individual items listed beneath. The court expects a logical, readable structure — a clear list of assets followed by a clear list of liabilities, each with values and the basis for each valuation noted.

If you discover additional assets after filing, you will need to file a supplementary affidavit correcting the original. This is not uncommon, particularly with complex estates. Notify the Probate Registry as soon as you become aware of the discrepancy rather than waiting until the end of the process.

Getting Valuations When Institutions Won't Cooperate

A frustrating catch-22 affects many NT executors: financial institutions won't release detailed account statements or investment valuations without the grant of probate, but the probate application requires those valuations to be completed. Banks may also freeze accounts, making balances difficult to confirm without formal access.

The solution is to request written confirmation of the date-of-death balance from each institution's bereavement team. You do not need the account to be unfrozen to get this information — you need a death certificate and, usually, evidence of your identity as the executor. Most major Australian banks have dedicated bereavement teams that can provide this.

For share registries, contact the registry directly with a certified copy of the death certificate and a copy of the Will showing your appointment as executor. Most will provide a statement of holdings and date-of-death values for probate purposes without requiring a grant first.

The Northern Territory Probate Process Guide includes templates and exact contact scripts for dealing with banks and registries, as well as a walkthrough of Form 88T to help you structure the affidavit correctly.

See more Northern Territory guides →