The Final Inventory is used to itemize all of the deceased's assets and liabilities, recording their value at the date of death.
1) To add an item, click Add New, then select whether you wish to add an Asset or a Liability, and the type of item you are adding.
Below is a list of the Assets that can be added. Click on an item type for more information:
- Cash on Hand
- Bank Account
- Income Receivable
- Real Estate
- Investment Accounts
- Life Insurance
- Loans Due to the Deceased
- Stake in Private Company
- Personal Effects
- Household Items
Below is a list of Liabilities that can be added. Click on an item for more information:
- Loans Payable
- Spouse and Dependents (Alimony)
- Civil Liability
- Outstanding Bills
- Business Debts
- Contracts for Services
2) Or, a list of items can be imported using a spreadsheet. Note that when importing an inventory spreadsheet, the new import will replace any existing items. Therefore, if you would like to update the inventory, make sure to first export what is currently in the platform before re-importing.
Refer to our sample import spreadsheet.
For all item categories, the following fields are required:
- Value (CAD)
- Original Currency
- If USD, Value (USD) is required
- Ownership Type
- Ownership Percentage
- Whether the item passes through the estate (Yes or No)
For every other field, refer to the column names in the sample spreadsheet for information on whether the field is required or optional, as well as the options that are available for each. For example, certain items can only be added with ownership type "Separate Property (SP)", while others may have additional options such as Joint Ownership or Undivided Co-Ownership. All options for each item type are listed as a sample item; all required fields have been filled with sample data.
Other notes to consider when importing:
- To mark an item as a bequest and attribute it to a specific beneficiary, that beneficiary must have been created in the platform first
- Dollar signs and formatting are ignored
- To link a liability to an asset (eg. a mortgage to a house), add the asset and the liability in the spreadsheet and import. Then, in the platform, the two can be linked by editing the Liability
- The system does not accept fields with formulas. Please make sure to enter values only
- If an item can be added as a quantity of more than 1 (eg. stock), and is a bequest, the value for the Beneficiary Interest field should be a numeric value (eg, the number of stocks each beneficiary beneficiary will receive)
- Otherwise, if the quantity of the inventory item is 1, the Beneficiary Interest should be entered as a percentage