The values in the Inventory section are not adding up correctly

There are a few reasons that the values in the Inventory are not showing up as you'd expect. The article will walk through three commonly-seen issues and provide some context for the calculations. Please review whether any of the following are applicable to your case.

Joint or shared ownership of an inventory item

When an item is owned jointly (selected through the Ownership field), you will have the option to indicate the percentage owned by the deceased or settlor.

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Once you save the item— for example, the pictured $700,000 real estate item at 50% ownership— the value reflected in the Inventory will reflect the only the portion of the value owned by the deceased or settlor.

Based on our example, the real estate item will only be worth $350,000, and that amount will be used for calculations of the inventory's Total Value.

For a variety of reasons, users may still need the total value of the inventory item to be included in the Total Value. In this case, you can simply set the ownership percentage to 100%, and save the changes.

Estates: Item passes outside the estate

For each Inventory item, you can indicate whether they're passing within the estate or outside of it. This allows you to keep a record of all the deceased's items in Estateably, even if they are not subject to probate.

However, when an item passes outside of the estate, its value is not added to the Total Estate Value at Date of Death calculation. 

In the Inventory, you can click on an item to see whether it's labelled with "Through the Estate" or "Outside the Estate". If an item has been entered as passing outside the estate when it shouldn't be, you can click on the three-dot menu to edit the entry.

Estates: Linked mortgage being removed from the Taxable Estate Value (Ontario files only)

In Ontario, the taxable value of an estate is only reduced by a loan secured to a real estate item (i.e. a mortgage.)

Thus, the Taxable Estate Value includes the value of all assets minus the value of a mortgage (if applicable); however, other liability types (tax holdbacks, vehicle loans, outstanding bills, etc.) are not deducted.

Next steps

If you are still having difficulties, please create a support ticket by emailing support@estateably.com, or wait for a response if you've already created one.

If you've created a support ticket but solved your issue using this article, please let us know by responding to the follow-up email.

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