What happens if the estate value changes after I paid probate fees in Nova Scotia?
This answer covers the law of Nova Scotia.
You correct it when you file the full inventory in Form 29, which is due within 3 months after the grant. The affidavit with that form adjusts the probate tax under s. 87(1) of the Probate Act, and the result is no change, an additional payment, or a refund.
Value is measured as of the date of death. It is the gross value of personal property plus the fair market value of real property less registered mortgages and encumbrances. Unsecured debts are not deducted from personal property. If the court believes the value is higher than the inventory figure, it may inquire into the matter. A mobile home is treated as personal property.
Some assets do not count toward the value on the Form 8 application: real property outside Nova Scotia, real property held in joint tenancy, and insurance. So an asset that passes by survivorship does not add to the fee value. Whether a newly found asset or a changed valuation affects your tax depends on the facts, so confirm the figures with the Registrar of Probate or a lawyer. Keep clear notes of how you reached each figure.
Key takeaways
- The Form 29 inventory, due within 3 months of the grant, adjusts probate tax as no change, an additional payment, or a refund.
- The estate is valued as of the date of death.
- A registered mortgage reduces the land value counted, but unsecured debts are not deducted from personal property.
- Real property outside Nova Scotia, real property held in joint tenancy, and insurance are excluded from the value on the Form 8 application.