Inherited assets in Melbourne? Our guide covers the essential first steps: from understanding probate to seeking expert financial advice.
So, you’ve just inherited some assets. Maybe it’s the family home in Footscray, Aunt Margaret’s vintage jewellery collection, or even a stash of gold coins you never knew existed. First off – breathe. This moment can feel equal parts overwhelming, confusing, and maybe even a little surreal. You’re not just dealing with paperwork; you’re navigating memories, legal hoops, and big financial decisions, all while processing loss.
As a Melburnian who’s seen friends walk this path, I get it. That mix of “What now?” and “Where do I even start?” is completely normal. Let’s walk through those first, crucial steps together – calmly and clearly.
Before you Google “probate” at 2 a.m. or stress-sort through paperwork, pause. Grief and logistics make terrible roommates. There’s no trophy for rushing. Give yourself space to process. When you’re ready, start simple:
Probate sounds like something from a Dickens novel, but it’s just the court’s stamp of approval for the Will. If the estate includes property or significant assets, it’s almost always needed. The Executor handles this (with a solicitor’s help, ideally). It involves forms, the original Will, a death certificate, and patience – lots of it. Assets usually stay put until probate’s granted. Think of it as the legal “key” before anything moves.
Inheriting a Melbourne property? First priority: keep it safe. Change locks if spare keys are floating around. Call the insurer – update them immediately. An empty house in Coburg or a unit in St Kilda needs protection.
Now, the big one: what’s it actually worth? Online estimates won’t cut it. You need a rock-solid valuation for:
→ Here’s the non-negotiable bit: Get an independent expert. Melbourne’s property scene is its own beast – a cottage in Eltham isn’t valued like a CBD apartment. You need someone who knows local streets, not just algorithms. For absolute peace of mind, a proper Melbourne property valuer is worth every cent. Their report speaks the language of courts, tax folks, and banks.
Jewellery, art, grandad’s mysterious coin collection… Sentimental value is one thing. Market value? That’s another. Secure these items now – a bank safety deposit box is your friend.
For jewellery or art, a trusted local jeweller or auction house can appraise it. But if you’ve inherited actual bullion – gold bars, silver coins, that kind of thing – it gets specific. Its value dances daily with global markets. Getting a fair, accurate price isn’t a job for the local pawn shop.
→ My two cents? Find specialists who live and breathe this stuff. Established bullion dealers in Melbourne have the scales, the know-how, and the market pulse. They’ll tell you exactly what you have and what it’s worth today. No pressure to sell – just knowledge is power.
The Executor needs to track down all financial bits: bank accounts, shares, super (super often bypasses the Will, going straight to beneficiaries). Debts come next – mortgages, credit cards, taxes. These get paid from the estate before anyone inherits. (Don’t dip into your own savings!).
This is where things can feel tangled. A chat with an estate lawyer helps the Executor navigate. For beneficiaries? Talking to a financial advisor – especially one who’s guided folks through inheritance – is brilliant. They’ll unpack things like:
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