How to Value an Estate for Probate in Newfoundland and Labrador

The inventory is the number the Supreme Court of Newfoundland and Labrador uses to calculate your probate fee. Get it wrong — whether by undervaluing assets, including the wrong assets, or applying the wrong valuation date — and you face either an underpayment that triggers rejection or an overpayment that costs the estate money unnecessarily.

Here is exactly how estate valuation works in Newfoundland and Labrador probate proceedings.

The Document: Form 56.10A

The legal instrument for estate valuation is Form 56.10A — Inventory and Valuation of the Property of the Estate. This form must be completed as part of the petition package and is marked as an exhibit to the main affidavit (Form 56). The total from Form 56.10A feeds directly into the probate fee calculation.

The form is available as a PDF at supreme.efile.court.nl.ca/?page=forms_sup.

The Valuation Date: Date of Death, Not Filing Date

A common error is valuing assets at the time of filing rather than at the date of death. The court requires fair market value as of the date the person died, not the date you are completing the paperwork.

This matters in practical terms. If a property was worth $320,000 when the deceased died but the market has shifted in the months it took to prepare the petition, you use $320,000 — the date-of-death value. Investment accounts are valued at the balance on the date of death, not the current balance.

Document the date-of-death value for each asset with supporting evidence: a bank statement showing the balance at the relevant date, a property appraisal specifying the date of death as the appraisal date, an investment statement.

What Belongs on Form 56.10A

Only assets physically located within Newfoundland and Labrador are included on Form 56.10A for the purpose of calculating the court fee. This is a jurisdiction-specific rule. An RRSP held at a bank branch in Alberta, or a vacation property in another province, does not go on this form.

Assets to include:

Real estate in Newfoundland and Labrador. Use fair market value at the date of death. For a residential home, an appraisal by a licensed real estate appraiser specifying the date-of-death value is the most defensible documentation. A comparative market analysis from a local realtor is often accepted for standard residential properties.

Bank and investment accounts held at NL branches. The balance on the date of death. Request a statement from the financial institution confirming the date-of-death balance if your records are not precise.

Vehicles registered in NL. The Canadian Black Book or dealer appraisal value at the date of death.

Business interests located in NL. The fair market value of any interest in a business operating in the province. This often requires a formal business valuation by an accountant or business valuator.

Personal effects and household goods. For typical household contents, a reasonable estimate of aggregate value is accepted — a detailed room-by-room appraisal is not generally required for ordinary items. For collections, antiques, art, or jewelry of significant value, professional appraisal is advisable.

Registered accounts (RRSPs, TFSAs) with no named beneficiary. These fall into the estate if there is no living designated beneficiary. Include the date-of-death balance.

What Does Not Belong on Form 56.10A

Assets that pass outside the estate through other legal mechanisms are excluded:

• Real estate held in joint tenancy with right of survivorship
• Registered accounts (RRSPs, TFSAs, RRIFs) where a named beneficiary has been designated and is still living
• Life insurance with a named beneficiary
• Pensions with named beneficiaries

These assets are not probate assets and do not affect the fee calculation.

Assets located outside Newfoundland and Labrador are excluded from the NL fee calculation, even if they are part of the estate overall. If those assets require probate in another jurisdiction, separate applications are made there.

Liabilities: Do They Reduce the Inventory?

Form 56.10A calculates the gross value of the estate for fee purposes, not the net value after deducting debts. A $300,000 home with a $200,000 mortgage is listed as $300,000 in the inventory. The mortgage is a liability that affects the net distribution to beneficiaries, but it does not reduce the probate fee calculation.

This is a frequent source of sticker shock for executors: probate fees are calculated on gross estate value, not on what beneficiaries actually receive after debts are paid.

When Professional Appraisers Are Required

You are not legally required to hire an appraiser for every asset, but documentation of date-of-death value is essential. Professional appraisals are advisable (and sometimes expected by the Registry) for:

• Residential real estate (particularly if the property is unusual, remote, or has been renovated significantly)
• Commercial or investment properties
• Business interests with complex ownership structures
• Significant art, antiques, jewelry, or collectibles

The cost of a professional appraisal is an estate expense — it comes from estate funds, not from the executor personally.

The Consequence of Getting It Wrong

Understating the inventory reduces your court fee in the short term but creates legal risk. If an audit or challenge later reveals that assets were omitted or undervalued, you may face penalties, additional fees, and — in serious cases — allegations of breach of fiduciary duty.

Overstating the inventory costs the estate more than necessary. Probate fees scale with the inventory value, so a significant overstatement meaningfully reduces what beneficiaries receive. There is no benefit to overstating.

The goal is accurate date-of-death fair market values for every NL-located estate asset, with documentation supporting each figure.

Completing Form 56.10A correctly is one of the most consequential steps in the NL probate process. Get the complete Newfoundland and Labrador Probate Process Guide for a field-by-field guide to the inventory form, a pre-built fee calculator based on your inventory total, and documentation checklists for each category of asset.

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