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Filling Out Your Probate Forms - Affidavit of assets (form P10)

Affidavit of assets (form P10)

Why do I need to complete this form?

This form tells the probate registry about the assets and liabilities of the deceased. The registry uses this form to calculate the probate fees owing. 

What assets do I need to include on the form?

You must list all of the deceased’s assets that will pass to you as the executor (or administrator). That is, any assets that form part of the deceased’s estate.

This includes:

  • all real estate
  • all physical assets such as vehicles, boats, furniture, antiques, jewellery and personal effects
  • all intangible assets such as bank accounts, investments, and company shares
  • all assets such as retirement funds where the estate is the beneficiary
  • an RESP where no one was listed to take over when the deceased died (called a successor subscriber)

There are certain assets that won’t pass to you. For example, assets held in joint tenancy would have automatically passed to the other joint tenant on the deceased’s passing. 

There are also certain assets that will pass directly to a beneficiary that the deceased specifically named, as in a benefit plan or life insurance policy.  

The deceased had property located outside of BC. Do I need to list this property?

Usually, you must disclose all of the deceased’s property that will pass to you. (If the deceased didn’t ordinarily live in BC, and you’re completing a form P11, you only need to disclose property that’s within BC.)

What value do I use for the deceased’s assets?

The form P10 requires you to list all of the deceased’s assets and the value of each. Wherever possible, you should provide the market value of each asset. The asset should be valued as at the date of death (not at the time you submit the probate application).

What if someone refuses to give me information about the deceased’s assets?

Someone holding the deceased’s assets (such as a bank) may refuse to give you any information. If this happens, you can still apply for probate. 

File all of the other application documents, except for the form P10. At the same time, you can apply for authorization to obtain estate information using form P18. If the court grants your request, third parties must give you information relating to the deceased’s assets.

What liabilities do I need to disclose on form P10?

When you’re listing debts, you only need to list secured debts. These are debts that charge or encumber the deceased’s assets. The most common examples are a mortgage on a home, or a car loan. If someone fails to make payments on a mortgage, the bank has the right to sell the home.

You also don’t need to include expenses or liabilities that arise after death (such as funeral expenses) on the form P10. Note however that these kinds of expenses do reduce the value of the estate, so you should include them in your accounting to beneficiaries.

What if I discover more assets after I’ve already submitted the application?

If the information you provided on the form P10 was incorrect or incomplete, you can let the registry know by filing form P14. If you discover additional assets, you may need to pay additional probate fees.