This sub-section of the inventory is the jumping off point for the user. All assets and liabilities that existed up until the date of death should be added here.
- Clicking "Add New" will initiate a box where you can select assets or liabilities to add into the final inventory.
- Fill in the required fields for the select asset/liability (in this case a bank account belonging to the deceased person)
- Current value is pre-filled as the date of death value but that can be changed if necessary, as expected, an identical record of the item is published to the Current Inventory
- Selecting Probate or Non-Probate will determine whether the value of the item is factored into the total estate value at the date of death calculation
- Once assets/liabilities are added, the estate will calculate a total estate value at the date of death for which all non-probate items are excluded from
- You can switch to a list view by clicking the lines icon next to the search bar
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
Final Inventory Investment Accounts
Investment account asset types behave a bit differently than other asset types. There is a two-step process to creating an investment account. The second step is optional but highly recommended to provide an accurate picture for the estate accounting purposes.
After you add your investment account to the final inventory, you will see a card appear for it that looks just like how the other asset types appear:
When the investment account gets to the stage where there is a value associated to it but no details regarding what is held within the account are showing yet, you can start adding holdings to that account by clicking "Add Holdings" to get started.
Note: If you have already associated a value to the account (e.g. $50,000 as seen above), the moment you add a single holding to the account, that initial “container” level value will be overwritten by the value of that newly added holding. The purpose for this logic is so that users can add all the holdings found in the account portfolio at the date of death to provide executors/beneficiaries/3rd party with an accurate picture of the account holdings.
There are multiple methods to creating holdings in the investment account. By clicking the ellipsis icon (3 dots) on the card, you will find an option to import an .XLS file or you can add them one by one by clicking the add holding button:
- The Asset Class field will include stocks, bonds, ETFs, mutual funds etc.
- When adding stocks, Estateably has a 3rd party API that provides ticker symbols. When a ticker is selected, it will pre-fill the price of the stock at the date of death, as well as the current day price. If a stock's currency is in USD, Estateably will also apply a conversion rate to the holding into CAD based on the rate at the date of death.
- To add more than one holding, click “Save and Add New” to reset the entry for another new one or click “Save” to go straight to the holdings table.
Once a holding has been added, you will see that the investment account value has been changed to reflect the single holding within it:
To view the contents, select "View Holdings