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Fact sheet 14 September 2014Dealing with an estate About this fact sheet When a person dies, somebody has to deal with their estate, collecting in the money, property and possessions, paying any debts
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How to fill out money, property, and possessions:

01
Start by gathering all relevant financial documents such as bank statements, investment account statements, and property ownership documents.
02
Create a comprehensive inventory of your possessions, including furniture, electronics, jewelry, and other valuable items. Take pictures or videos of these items to document their condition.
03
Determine the value of your possessions by either researching their current market value or contacting appraisers for more valuable items.
04
For money and property, itemize your cash holdings, including savings accounts, checking accounts, and cash on hand. Also, list any real estate properties, including primary residences, rental properties, or vacant land.
05
Assess the value of your property by researching recent sales of similar properties in your area. You may also consider getting a professional property appraisal.
06
Include all your investments, such as stocks, bonds, mutual funds, retirement accounts, and any other financial assets. Make sure to provide accurate details about each investment, including the current balances and any future liabilities.
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If you have any debts or loans, list them separately and indicate the amounts owed, interest rates, and payment terms. This includes any mortgages, car loans, student loans, or credit card debts.
08
Review and update your money, property, and possessions inventory regularly to ensure it remains accurate and up to date.

Who needs money, property, and possessions:

01
Individuals who want to have a clear understanding of their financial status and net worth.
02
People who are considering applying for loans or mortgages, as lenders often require detailed information about assets and debts.
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Those who are planning their estate and need to determine their net worth for inheritance purposes.
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Anyone going through a divorce or separation may need to disclose their assets and debts during the legal proceedings.
05
Individuals who want to track their financial progress over time and assess their financial goals.
In conclusion, filling out a comprehensive inventory of money, property, and possessions is essential for a variety of reasons, including financial planning, legal requirements, and personal awareness of one's financial status.
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Money property and possessions refer to any assets, investments, or items of value that an individual owns.
Individuals who meet certain criteria, such as earning above a certain income threshold or holding specific positions, are required to file money property and possessions.
Money property and possessions can be filled out on specific forms provided by the relevant governing body or tax authority.
The purpose of reporting money property and possessions is to ensure transparency and accountability in financial matters.
Information such as the value of assets, details of investments, and any income earned from these assets must be reported on money property and possessions.
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