By Joshua Jason Ng

 

During the process of applying for a Grant of Probate, one of the documents that you will be required to prepare for your solicitor to file into court is a list of assets and liabilities of the deceased.

While the deceased’s Will might lay out the assets he or she might have had at the time of the will being made, the list might not be indicative of the assets that were acquired post-execution.

Hence it is up to the Executor(s) to prepare an up to date list of the current assets and liabilities that have been accumulated since the will was created.

Some of the most common assets are monies in banks, vehicles, real estate, shares and securities, and jewellery. While common liabilities would include funeral expenses, credit card debt and remaining loans.

While its is prudent to ensure the list is as comprehensive as possible, it is also important to note that not every assets is required to be listed for the purposes of a probate application. A few examples of the exceptions are trust assets and certain funds held in a pension plan that have already named nominees.

Should you require any further assistance in applying for a grant of probate, feel free to contact us anytime.

Feel free to save the following infographic for the ease of your future reference.

 

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