When creating your Will you can include any savings, share holdings, property, vehicles, intellectual property or even collectibles as part of the assets for your Estate. Liabilities may include mortgages, HECS (university debt) or credit card debts you have accrued in your lifetime. How you determine what constitutes an asset or liability in your own name is a personal decision.
It is recommended to record the current market value of your assets, such as properties, to provide the most accurate and up-to-date information. Additionally, while it is not necessary to list the value of mortgages in the Liabilities section, you may choose to include them for additional detail.
After you pass away the items you include under the assets and liabilities module will be used as a guide to help your executor locate and distribute your deceased estate.
While it is not legally required to list liabilities, doing so can help your executor understand your debts and ensure they are paid from estate funds before distributing assets to beneficiaries.
Your executor is responsible for paying any outstanding debts, including personal and business loans, from the estate funds before distributing the remaining assets to beneficiaries. Even if liabilities are not listed in your will, they can be identified through other means during the estate administration process.
If you do not list your assets and liabilities then your executor may need to use the Australian Death Notification Service to notify various organisations about the your passing.