Nova Scotia Estate Inventory Checklist: What to Collect for Form 29

Three months after the Grant of Probate or Administration is issued, the executor must file a complete Form 29 Inventory with the Nova Scotia Probate Court. This is not a suggested deadline — it is a legal requirement. Failure to file triggers a court demand order (Form 30), and continued non-compliance can result in the executor being removed from their role.

The inventory must reflect the fair market value of all assets at the date of death. It is also the document the court uses to calculate whether the probate tax paid at the application stage was accurate — if the total is higher than originally estimated, additional tax must be remitted.

Here is what belongs in the inventory, what does not, and where executors routinely go wrong.

What to Include: Probate Assets

The inventory covers assets that form part of the estate — meaning assets owned solely by the deceased with no designated beneficiary or survivorship right. These are the assets subject to probate.

Real Property in Nova Scotia For each property: address, Parcel Identification Number (PID) if migrated, gross assessed value at date of death, and any registered mortgage. The net value — gross value minus registered mortgage — is what enters the probate calculation.

Important: property taxes, unsecured lines of credit, and funeral expenses cannot be deducted from real property value. Only registered mortgages reduce the number.

Bank and Investment Accounts Include balances as of the date of death. Accounts held in joint tenancy with right of survivorship go on the exclusions list (see below), not here. Accounts where the deceased was the sole account holder, or joint accounts without survivorship rights, are probate assets.

Vehicles Market value at date of death, not purchase price or book value. Use Canadian Black Book or a comparable valuation source. Vehicles registered in the deceased's name alone are probate assets; vehicles with joint ownership may not be.

Business Interests Sole proprietorship assets, partnership interests, or shares in private corporations may form part of the estate depending on the corporate structure. Private company shares may have significant value that is not obvious from annual statements — a professional business valuation may be required.

Personal Property Furniture, jewelry, art, collectibles, tools, electronics. For household contents of modest value, an estimated total is often acceptable. For valuable items (jewelry, art), use a professional appraisal.

Money Owed to the Deceased Loans the deceased made to others, rent owed, wages owed from an employer — these are receivables that form part of the estate.

Other Assets Life insurance policies where the estate is the beneficiary (no named individual beneficiary), interest in a trust where the deceased was a beneficiary, and any other solely owned assets.

What to Exclude: Non-Probate Assets

These assets do not form part of the estate and should not appear in Form 29. Separate them out clearly as you work through the inventory — this also helps demonstrate to beneficiaries why certain assets are not passing through the estate.

• Joint tenancy property with right of survivorship (transfers directly to surviving joint owner)
• RRSP, RRIF, TFSA with a named beneficiary (transfers directly to that person)
• Life insurance with a named individual beneficiary (transfers directly)
• Pension death benefits paid directly to a named beneficiary
• Assets held in a trust of which the deceased was not the legal owner

Common Reasons Form 29 Gets Rejected

Deducting unsecured debts. Credit card balances, lines of credit, and personal loans cannot reduce the estate's gross value in the inventory. Only a registered mortgage on real property can be deducted from that property's value.

Deducting funeral expenses. Funeral costs are a legitimate estate expense, but they are paid out of the estate after the inventory is calculated — they do not reduce the gross value.

Using assessed municipal value instead of fair market value. The inventory requires the fair market value of assets at the date of death, not the property's assessed value for tax purposes. These numbers are often different.

Not updating when new assets are discovered. If you find an account, asset, or receivable after filing, you must file an amended inventory within 30 days of discovery and adjust any additional probate tax owing.

Including non-probate assets. Including RRSP or TFSA funds that went directly to a named beneficiary inflates the taxable estate value and results in overpayment of probate fees.

Building the Inventory

A practical approach is to build a working spreadsheet with four sections: real property (with mortgage deductions), financial accounts, personal property, and other assets. A fifth section for non-probate exclusions helps you track what passed outside the estate, which may matter when beneficiaries have questions.

Values should be documented with evidence — bank statements, property appraisals, vehicle valuation sources. The court can request supporting documentation for any line item, and disputes about estate values occasionally escalate into litigation.

The Nova Scotia Estate Settlement Guide includes a structured estate inventory template aligned with Form 29 requirements — organized by asset type, with columns for probate vs. non-probate classification and valuation notes — so you can build the inventory correctly the first time rather than filing amendments.

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