How to Value an Estate for Probate in Tasmania

Every probate application to the Supreme Court of Tasmania requires a Form 10 — the Inventory of Assets and Liabilities. This form lists every asset and debt in the deceased's name, valued as at the date of death. It is not a rough estimate. The Registrar uses it to calculate the correct filing fee tier, and inaccurate valuations can trigger a court requisition ($61.12 penalty) or, worse, expose the executor to claims of misrepresentation.

The form separates Tasmanian assets from out-of-jurisdiction assets. This distinction matters because the filing fee is calculated solely on the gross value of Tasmanian assets — listing an interstate property in the wrong column overpays the fee by hundreds of dollars.

Real Estate

For Tasmanian property, the Registrar expects a reasonable market valuation as at the date of death. Acceptable methods:

Council rates notice: The capital value listed on the most recent rates notice provides a defensible baseline. It is not a market valuation but is accepted by the court as a reasonable approximation for modest properties.

Licensed valuer's report: For high-value properties, properties with unusual features (waterfront, heritage listing, agricultural land), or where beneficiaries are likely to dispute the valuation, a formal appraisal from a licensed valuer ($300–$600) provides the strongest protection against challenge.

Real estate agent appraisal: A free comparative market analysis from a local agent can supplement the council valuation. While not formally binding, it demonstrates the executor took reasonable steps to determine value.

For properties held as joint tenants, only include them on the Form 10 if the deceased was the sole owner or a tenant in common. Joint tenancy property passes by survivorship outside the estate and is excluded from the inventory.

Bank Accounts and Cash

Contact every financial institution where the deceased held accounts and request the balance as at the date of death. Banks will provide this in writing — keep the letters as supporting evidence for the Form 10. Include:

• Savings and transaction accounts
• Term deposits (list maturity value including accrued interest to date of death)
• Credit union accounts
• Cash found in the home (estimate honestly)

Shares and Investments

For listed shares, use the closing price on the Australian Securities Exchange on the date of death multiplied by the number of shares held. Share registries (Computershare, Link Market Services) will provide a holding statement if you present the death certificate.

For managed funds and unlisted investments, request a unit price statement as at the date of death from the fund manager.

Superannuation

Superannuation is complex. If the deceased had a binding death benefit nomination directing payment to a specific person, the super fund pays that person directly — the money does not enter the estate and should not appear on Form 10.

If there is no valid nomination (or a non-binding nomination), the super fund trustee decides who receives the benefit. If the trustee directs payment to the estate, it becomes an estate asset and must be included on Form 10.

Contact each super fund to confirm: (a) the death benefit amount, (b) whether a binding nomination exists, and (c) whether the benefit will be paid to the estate or directly to a nominated individual.

Vehicles

Use market value as at the date of death, not the purchase price. For common vehicles, online valuation tools (carsales.com.au, RedBook) provide defensible estimates. For classic, modified, or unusual vehicles, a written valuation from a dealer is prudent.

Household Contents and Personal Effects

The court does not expect an item-by-item inventory of every piece of furniture and clothing. A reasonable lump-sum estimate of the replacement value of household contents is standard practice. For most estates, $5,000–$15,000 covers typical household effects.

Exceptions: valuable collections (art, antiques, jewellery, wine) should be separately valued and listed individually. If a single item is worth more than $1,000, list it separately with supporting evidence.

Debts and Liabilities

The liabilities section of Form 10 must include all known debts as at the date of death:

• Mortgage balance (request a payout figure from the lender)
• Credit card balances
• Personal loans
• Outstanding utility bills
• Medical bills
• Funeral expenses (even if not yet invoiced, include an estimate)
• ATO tax obligations (request a final assessment from the ATO)

Debts reduce the net estate value but do not reduce the gross value used to calculate the filing fee. The filing fee is based on gross Tasmanian assets before debts are subtracted.

Common Mistakes

Listing joint tenancy property. Property held as joint tenants passes by survivorship and is not an estate asset. Including it inflates the gross value and overpays the court fee.

Confusing gross and net value. The filing fee tier is based on gross value (assets before debts). Executors who subtract debts before looking up the fee tier underpay and face a requisition.

Omitting superannuation paid to the estate. If the super fund trustee directs the death benefit to the estate, it must appear on Form 10 — many executors assume all super bypasses the estate.

The Tasmania Probate Process Guide includes a complete asset and liability tracker template designed around the Form 10 requirements, with prompts for every common asset category and space for recording institution responses and reference numbers.

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