How to Do an Estate Asset Stocktake: Inventory of Assets and Liabilities
Have a question about this? Ask the Guide → the chat widget at the bottom-right of this page can answer it. Reading time: 7 minutes | The Executor’s Guide — Plain English. Step by step. Written for the person who just found out.
One of the most important early tasks as executor is building a complete picture of what the estate owns and what it owes. You cannot apply for probate, lodge tax returns, or distribute correctly without it. This guide shows you how to do it systematically.
Step 1 — Gather Documents
Collect every financial and legal document you can find:
- Bank statements (last 12 months for all accounts)
- Tax returns (last 2–3 years)
- Superannuation statements
- Share portfolio and dividend statements
- Loan statements (mortgage, personal loans, car loans)
- Credit card statements
- Insurance policies (life, income protection, home, contents, car)
- Property title documents
- Vehicle registration papers
- Business documents if the deceased was a business owner
Step 2 — Build the Asset List
Real Property
Address, how it was owned (sole/joint tenants/tenants in common), estimated market value, any outstanding mortgage.
Bank Accounts and Term Deposits
Bank name, account type and number, balance at date of death, whether sole or joint.
Superannuation
Fund name, member number, estimated balance, whether there is a valid binding death benefit nomination. Note: super is generally not part of the estate — list it separately.
Shares and Managed Investments
Name of each holding, number of units/shares, value at date of death (look up on ASX or fund website), registry (Computershare, Link Market Services, or other).
Vehicles
Make, model, year, registration number, estimated value, any finance outstanding.
Life Insurance
Insurer, policy number, sum insured, whether paid to a named beneficiary (not part of estate) or to the estate.
Personal Assets
Jewellery, artwork, collectibles with estimated values. Furniture and household contents — estimate total value for probate.
Step 3 — Build the Liabilities List
- Mortgage balances (call lender for payout figures)
- Personal and car loan balances
- Credit card balances
- Tax debts (call ATO for confirmation)
- Council rates outstanding
- Utility bills outstanding
- Any other debts identified from statements or mail
Step 4 — Calculate the Net Estate
Total assets minus total liabilities equals the net estate — the amount available for distribution to beneficiaries. If the result is negative, the estate is insolvent. Do not distribute anything in this situation. Seek legal advice immediately.
Where to Find Hidden Assets
Some assets are easy to miss. Check:
- Email inbox — dividend notifications, investment statements, insurance renewals
- Phone apps — banking apps, investment apps, super fund apps
- Tax returns — income sources listed in previous years that may still exist
- Safety deposit boxes — at banks or in the home
- Crypto currency — hardware wallets, app accounts, digital keys
- Domain names and websites — if the deceased had an online business
- PayPal or other payment platforms — check for balances
- Loyalty points — frequent flyer points may have transferable value
Practical Tips
Use a spreadsheet. Date each entry and note where each figure came from. This documentation protects you if your inventory is later challenged. Get valuations in writing for significant assets — real property, business interests — especially for anything the probate court or ATO will scrutinise. Update the inventory as you discover new assets. Keep a separate log of assets you have dealt with versus those still pending.
The Executor’s Guide provides general information about estate administration in Australia. It is not legal advice. For complex estates with significant business interests or disputed valuations, consult a solicitor or accountant before finalising.
Related guides
- What to Do When Someone Dies in Australia
- What Is an Executor?
- Executor Duties in Australia: The Complete Legal Guide
- Do I Need Probate? A Plain-English Guide
If anyone ever asks how the estate was handled, clear records matter. The Executor’s Documentation Kit gives you the logs and templates to keep everything in order.
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