Is the probate fee in Nova Scotia based on the gross or net value of the estate?
This answer covers the law of Nova Scotia.
It is a mix of both. Personal property is counted at its gross value, while real property is counted at fair market value less registered mortgages and encumbrances. So a registered mortgage on a house reduces the land value counted, but unsecured debts are not deducted from personal property.
The estate is valued as of the date of death, and a mobile home is treated as personal property. If the court believes the value exceeds the inventory figure, it may inquire into the matter. On the Form 8 application, the value of assets passing under the will excludes real property outside Nova Scotia, real property held in joint tenancy, and insurance. Joint property passing by survivorship therefore does not add to the value used for the fee.
After the grant, you file a full inventory in Form 29 within 3 months, and its affidavit adjusts the probate tax with no change, an additional payment or a refund. The current fee amounts should be confirmed with the Probate Court's fee table or a lawyer, because rates can change.
Key takeaways
- Personal property is counted at its gross value, so unsecured debts are not deducted from it.
- Registered mortgages and encumbrances reduce the value of real property that is counted.
- The estate is valued as of the date of death, and the court may inquire if it believes the value exceeds the inventory figure.
- On Form 8, real property outside Nova Scotia, real property held in joint tenancy and insurance are excluded, and the Form 29 inventory can adjust the tax later.