I’m the executor of my brother’s will. Do I need to include RRSPs as an asset on probate form P10?
My brother named me as the beneficiary of his RRSPs. I also have a joint chequing account with him. I’m applying for probate. Do I need to list the RRSPs and the joint bank account on the affidavit of assets and liabilities?
Applying for probate involves filling out a number of court forms. One is form P10, the affidavit of assets and liabilities. This form tells the probate registry about the assets and liabilities in the deceased’s estate. The probate registry uses this form to calculate the probate fees owed by the estate. You can download form P10 here.
On the form, you must list all of the assets that form part of the deceased’s estate. These will pass to you as the executor (or administrator) of the estate.
real property owned by the deceased (except real property they owned in joint tenancy; see below)
physical assets located in BC with marketable value, such as vehicles, boats, furniture, antiques, jewelry, and artwork
all intangible assets such as bank accounts, investments, and company shares
all assets such as retirement funds or life insurance where the estate is the beneficiary
an RESP where no one was listed to take over when the deceased died (called a successor subscriber)
But there are two key exceptions. On form P10, you don’t have to list:
Assets held in joint tenancy. Examples include real property owned in joint tenancy and a joint bank account. These typically pass directly to the surviving joint tenant when the deceased passes away.
Assets with a designated (that is, named) beneficiary. Common examples are registered retirement plans (RRSPs) and life insurance policies. These assets pass directly to the beneficiary, without the need to go through probate.
So if your brother designated you as a beneficiary in his RRSPs, you wouldn’t need to list those on the P10 form. Nor would you need to list any joint bank account you held together with him.
For more help with completing the probate forms, see this guidance on filling out the forms.