How to Value a Deceased Estate in Australia

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Valuing the estate is a mandatory step in every administration. You need the values for the probate inventory, for calculating court filing fees, for the estate’s tax returns, and as the starting point for fair distribution. This guide explains how to value each category of asset correctly.

What Date Do You Value the Estate?

All estate assets are valued at the date of death. Not the date you find out about them. Not the date you compile the inventory. The date of death. This matters because asset values change over time — property markets move, share prices fluctuate, bank balances accrue interest. The date-of-death value is the legally required figure for all purposes.

Real Property (Houses, Land, Units)

Real property is typically the most significant estate asset and requires the most care in valuation.

For probate purposes: you need the market value of the property at date of death. You can use: a formal written valuation from a licensed property valuer (most defensible, recommended for higher-value properties); a formal appraisal from a licensed real estate agent (widely accepted by courts for probate); state government valuation data as a reference only.

Do not use online estimates (CoreLogic, Domain, REA automated estimates) for official purposes — they are not considered sufficiently reliable for probate inventories.

For CGT purposes: the valuation date is the date of death. If the property is later sold at a different price, the difference between the probate value and the sale price may trigger a capital gain or loss — get tax advice.

Bank Accounts and Cash

Contact each bank’s deceased estates team and request a statement of the balance as at the date of death. Most banks can provide this within a few days. Include all accounts: savings, transaction, term deposits, offset accounts, and any foreign currency accounts.

Shares and Listed Investments

For ASX-listed shares: the value is the closing price on the date of death, or if the person died on a non-trading day, the last trading day’s closing price. You can obtain historical ASX prices at asx.com.au or through the share registry.

For managed funds and ETFs: request a unit price as at the date of death from the fund manager. They are obliged to provide this.

For unlisted investments (private company shares, unlisted trusts): valuation is more complex and may require engagement of a specialist valuer. Seek advice.

Superannuation

Request the member balance as at the date of death from each superannuation fund. Note: superannuation generally does not form part of the estate (it passes separately via the fund trustee), but you still need the balance for your records and for any probate inventory that includes super payable to the estate.

Vehicles

Use the estimated market value at date of death. Red Book (redbook.com.au) and Carsales market data provide reasonable estimates for standard vehicles. For speciality vehicles, motorcycles, caravans, or collectibles, a formal written appraisal from a specialist is more appropriate.

Personal Property (Furniture, Jewellery, Collectibles)

For ordinary household contents, a reasonable estimate of secondhand market value is acceptable for probate purposes. For jewellery, art, antiques, or collectibles with significant value, a written appraisal from a specialist appraiser is required. Do not use insurance replacement values — these overstate market value and are not appropriate for estate inventories.

Life Insurance

Include only life insurance policies where the estate is named as beneficiary (not policies with a nominated individual beneficiary — those pass directly outside the estate). Contact the insurer and obtain the confirmed benefit payable to the estate as at date of death.

Debts Owed to the Estate

Include any money owed to the deceased: outstanding loan repayments, unpaid wages, tax refunds owing from the ATO, security deposits, or other receivables. Use the amount outstanding at date of death.

Compiling the Inventory

The formal estate inventory lists: all assets with their date-of-death values; all liabilities with their date-of-death balances (mortgage outstanding, credit card balances, personal loans, ATO debt); the net estate value (gross assets minus liabilities).

The net estate value determines the court filing fee for probate. The gross estate value is used in some states. Check the fee schedule for your state.

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The Executor’s Guide provides general information about estate administration in Australia. It is not financial or tax advice. For complex valuations — particularly unlisted business interests, significant property portfolios, or large investment holdings — engage a qualified specialist.

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• 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