What Is an Estate Inventory and When Is It Filed in Alberta?

If you are applying for a grant of probate in Alberta, you will need a clear list of what the person owned and owed. That list is the estate inventory. It is also the starting point for every later accounting.

This article explains what the inventory is, how it fits into the application, who receives it and how to approach valuing items. Specific valuation questions depend on the asset, so a lawyer or accountant can confirm the details.

This article covers the law of Alberta.

What an estate inventory is

An estate inventory is a statement of the estate's assets and liabilities. A personal representative's four core tasks are to identify the estate assets and liabilities, administer and manage the estate, satisfy the debts and obligations of the estate, and distribute and account for the administration of the estate. The inventory is the written result of the first task.

The Government of Alberta describes the same main tasks for personal representatives.

When it is filed and served

The inventory is tied to the grant application. The notice of application must be accompanied by the application in Form GA1, and an inventory in Form GA2 must be served on residuary beneficiaries, beneficiaries on intestacy and persons described in s. 11 of the Estate Administration Act. An affidavit of service in Form GA5 must be filed within 30 days after service.

After the grant is issued, the applicant must serve a notice of grant issuing in Form GA7 within 30 days on each person listed in Form GA1 who requires notification. That 30-day period is for the notice of grant, not the inventory.

Who receives it

Section 11 covers people who must be served with the application and a notice of rights under Part 5 of the Wills and Succession Act. They include:

• a spouse or adult interdependent partner who is not the sole beneficiary
• an adult child unable to earn a living because of physical disability
• a child aged 18 to 21 in full-time school and under parental charge
• the Public Trustee and guardian where a minor is affected

A grant must not issue until the Court is satisfied that s. 11 was complied with. Where a minor, a person who was a minor at the date of death, or a missing person is interested in the estate, notice must go to the Public Trustee, and the application cannot proceed until the Public Trustee is represented or says it will not be.

Valuing and documenting items

Records should show the contents of any safe-deposit box and the value of property and debts as of the date of death. Ownership is shown by documents such as certificates, bank or dealer letters, company letters and statements of account, and for land a current certified copy of the certificate of title.

How to value a particular item, such as a business, art or a home, depends on the asset. An appraiser, accountant or lawyer can help you choose a sound method and keep support for it.

The inventory also carries forward. Later financial statements must include an inventory at the beginning and end of the period.

What to do next

• List every asset and debt, including any safe-deposit box contents.
• Collect ownership documents such as account statements and a certified copy of the certificate of title for land.
• Record values as of the date of death and keep the support for each.
• Identify who must be served, including any s. 11 person and the Public Trustee where a minor or missing person is involved.
• Confirm current form numbers and requirements with a lawyer before filing.

Frequently asked questions