Using the Inventory Section (Overview Video)

Inventory Details

We’ll find the Inventory section in the left hand menu. This is where the user will be able to enter the deceased's/settlor's assets and liabilities.

To add a new item, click "Add New". This will prompt the user to confirm if it is an asset or liability, and then the category of asset or liability in question.

There are a number of categories available. If the user cannot locate it within the dropdown, select Other Asset.

Date of Death/Initial Value

If you enter a value here, the system will automatically assume that the current value is the same. If required, the user can modify the Current Value. This allows the system to track an asset that's value has changed.  

Note: If you are logging a decedent's inventory at the date of death, be sure to always have a date of death value and a current value.

If the date of death value is $0, this asset will not appear on the deceased’s inventory, or in any calculations for the estate administration tax. If the Current Value is $0, we will assume the item has been liquidated and it will not be accounted for in the residual estate value.

Ownership type

Indicate whether the item was solely or jointly owned. If it was jointly owned, indicate the ownership percentage.

Item Passes (for estates)

This is to identify whether the item passes through the estate or outside of it (e.g in the case of a life insurance policy with a named beneficiary). This is useful if you'd like to log certain items, even if they will not be involved in the probate process.

Bequest

This box can be checked off when an item is a gift to one or multiple beneficiaries. 

Note for estates: Any item marked as passing outside the estate will always be excluded from the tax calculation.

Additional fields

Various other fields will appear based on the category of item being added, and the region in which you are filing. 

Note: Most of the additional fields are marked as optional and will allow the user to save the entry.  These can be modified at anytime, and filling them out completely will allow users to fill out the estate information return completely

Types of Inventory Items

Assets

Click on an item type for more details.

Liabilities

Click on an item type for more details.

Item Management

When you click on an Inventory item, the following options will appear:

  • Liquidate/Transfer: liquidating an asset will enable the user to sell it, and move that amount into the estate/trust bank account. It will also mark the item as Realized.
    Note: Make sure to add a bank account to the Inventory before logging liquidations.
  • Distribute: distributing an asset will log an entry to a beneficiary in the Distributions section. It will also mark the item as Realized.
  • For deceased bank accounts (estates): The user will have the option to "Manage." This will convert the deceased bank account into an estate bank account, and you will be able to log estate transactions to it.
  • For bank accounts: The user can View Holdings.

Item Modification

Items can be edited using the three-dot menu on the right of the item.

Note: Once an item has been sold or distributed, it can no longer be edited. By deleting the transaction that sold/distributed the item in the Accounting section, you can regain the ability to edit the item if needed.

Pinned Banner

The banner displays the intital and current values of the estate or trust at the top of the inventory screen. They are dynamically updated as inventory items are entered.

The date of death/intial trust value is its net value, and is net of all liabilities, whether secured or not.

The current inventory value represents the net value of all assets and liabilities still in the inventory.

Inventory Reports

Using the Reports button in the top-right corner, you can generate the following reports from the Inventory:

  1. Inventory list as of today
  2. Asset list (values of all inventory items as of the date of death)
  3. List of Unrealized Liabilities
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