What is an Affidavit of Assets and Liabilities in BC probate?
This answer covers the law of British Columbia.
An affidavit of assets and liabilities is a sworn document, filed with a probate or administration application, that lists the deceased's property and debts. Before applying, the applicant must make a diligent search and inquiry to find the deceased's property and liabilities. For a domiciled estate it is Form P10, and Form P11 may be used instead if the deceased was not domiciled or ordinarily resident in BC.
Exhibit A, the Statement of Assets, Liabilities and Distribution, lists real property and tangible personal property in British Columbia and intangible personal property anywhere in the world, with their values and the debts charged against them. Assets are valued at the date of death, and secured debts are listed under the asset they charge.
The gross value shown in that statement is also what the probate fee is calculated on. The affidavit may be filed with the other documents or later. If you later find undisclosed property or a mistake, you must promptly file a further affidavit in Form P14. A lawyer or accountant can help with how particular assets should be reported.
Key takeaways
- Before applying, you must make a diligent search and inquiry to find the deceased's property and liabilities.
- Form P10 is used for a domiciled estate grant, and Form P11 may be used instead if the deceased was not domiciled or ordinarily resident in BC.
- Assets are valued at the date of death, and secured debts are listed under the asset they charge.
- If you later find undisclosed property or a mistake, you must promptly file a further affidavit in Form P14.