NWT Estate Inventory Worksheet — How to List Every Asset and Debt

One of the first concrete tasks every NWT executor faces is creating a complete estate inventory. This is not busywork — it is the foundation that every subsequent decision rests on. The inventory determines whether the estate qualifies for the NWT's simplified small estate process or requires full probate. It establishes the total value of the estate for calculating court fees. It is the document the NWT Supreme Court and the beneficiaries will scrutinize most carefully.

Getting the inventory right matters. Getting it wrong — by including assets that bypass the estate, or by missing significant liabilities — can send you down the wrong procedural path and cost weeks or months of delay.

Here is how to build a complete, accurate NWT estate inventory from scratch.

Why the Inventory Determines Everything

The NWT Estate Administration Rules provide two distinct procedures based on net estate value:

• Under $35,000 net: Small Estate Declaration (Rule 10, Forms 2, 3, and 4). Simpler forms, lower court fees ($30 to $110), faster resolution.
• $35,000 or more — or any estate with real property: Full probate (Form 6 Application for Grant). More documentation, higher court fees (up to $435), longer timeline.

The court fees for probate are also calculated based on total estate value:

• $10,000 or under: $30
• $10,001 to $25,000: $110
• $25,001 to $125,000: $215
• $125,001 to $250,000: $325
• Over $250,000: $435

Getting the inventory value right is not about gaming the system — it is about using the right process for the actual situation.

The Most Important Distinction: Probate vs Non-Probate Assets

Many NWT executors make the mistake of adding up every asset the deceased owned and treating the total as the "estate value." This is incorrect. The $35,000 threshold applies only to probate assets — assets that actually need to go through the court process to transfer ownership.

Non-probate assets (bypass the estate entirely, no court authority required):

• Joint bank accounts — Pass automatically to the surviving joint account holder
• Real estate held in joint tenancy — Transfers via Form 18 at the Land Titles Office without probate
• RRSPs and RRIFs with a named individual beneficiary (not the estate) — Go directly to the named beneficiary
• TFSAs with a named successor holder or beneficiary — Pass directly
• Life insurance policies with a named individual beneficiary (not the estate) — Paid directly by the insurer
• Pension death benefits with a named recipient — Paid directly

These assets have real monetary value, but they do not go through the estate and they do not count toward the $35,000 threshold.

Probate assets (require court authority to transfer):

• Bank accounts and investment accounts held solely in the deceased's name
• RRSPs or TFSAs that name the estate as beneficiary, or have no named beneficiary
• Life insurance that names the estate as beneficiary
• Real estate held solely in the deceased's name, or as tenants in common
• Vehicles registered solely in the deceased's name
• Business interests and shares
• Personal property of significant value (jewellery, art, equipment, firearms)
• Amounts owed to the deceased (outstanding loans, settlement proceeds)

The inventory the court cares about is the probate asset list.

Asset Categories: A Structured Approach

Real Property

For each piece of real property:

• Municipal address or legal description
• How title is held (sole ownership, joint tenancy, tenants in common — check the NWT Land Titles Office record)
• Estimated fair market value at the date of death
• Whether there is a mortgage or charge on the property (this is a liability, recorded separately)

Joint tenancy property should be listed separately (non-probate) and noted as passing by right of survivorship. Solely owned or tenancy-in-common property is a probate asset.

Get a professional appraisal of any real property before the estate is transferred. Courts and beneficiaries may challenge valuations later if you use an informal estimate. An appraisal creates a defensible record of value.

Bank Accounts and Cash

For each account:

• Institution name and branch
• Account number
• Account type (chequing, savings, GIC)
• Balance as of date of death
• Whether the account is held solely or jointly

Call each bank with a copy of the Death Certificate to confirm the balance as of date of death and ask about any joint account arrangements. Banks can sometimes release a formal letter confirming the balance, which is useful for court filings.

Registered Accounts (RRSPs, TFSAs, RRIFs)

For each registered account:

• Institution and account number
• Type of registered account
• Value at date of death
• Named beneficiary (individual vs. estate)

Accounts with a named individual beneficiary are non-probate. Accounts naming the estate or with no beneficiary are probate assets. Confirm the beneficiary designation in writing from the financial institution.

Investments and Securities

For each investment account or holding:

• Broker or institution name
• Description of holdings (stocks, bonds, mutual funds, ETFs)
• Value at date of death
• Whether the account is held solely or jointly

Request a date-of-death valuation statement from the broker. This is the document you'll use for the estate inventory.

Vehicles and Recreational Equipment

For each vehicle, snowmobile, ATV, boat, or trailer:

• Make, model, year, and VIN or registration number
• Estimated fair market value (use recent comparable sales or Canadian Black Book values)
• Whether registered solely or jointly

Vehicles registered jointly may not require probate. Confirm with Driver and Vehicle Services.

Personal Property

Personal property of significant value includes:

• Jewellery (get professional valuations for higher-value pieces)
• Art, antiques, and collectibles
• Firearms (require specific handling under federal law — the estate must comply with firearms regulations)
• Business equipment and tools
• Household items of significant value

Personal property of minimal or sentimental value (everyday furniture, clothing, small household items) typically does not require specific itemization, though it should be noted in the inventory.

Business Interests

If the deceased held shares in a corporation or a partnership interest:

• Name of the business
• Nature of the interest (shares, partnership units)
• Estimated value at date of death
• Whether any shareholders' or partnership agreements affect the transfer

Business valuations are complex. Retain a Chartered Business Valuator if the business has any material value.

Money Owed to the Estate

Include any amounts the deceased was owed:

• Outstanding personal loans to others
• Unpaid wages or salary
• Pending insurance settlements
• Tax refunds owing from prior years

Liabilities: What the Estate Owes

The inventory is not just about assets — the court and the beneficiaries need to see the full picture. List all debts:

• Mortgage — Outstanding principal balance as of date of death (get a statement from the lender)
• Car loans and financing — Remaining balances
• Credit card balances — Statements for each card as of date of death
• Personal lines of credit — Outstanding balances
• CRA amounts owing — Any known outstanding tax balances from prior assessments
• Medical bills and invoices — Any known unpaid bills
• Utilities and service providers — Outstanding balances

Calculating Net Estate Value

Once you have listed all probate assets and all liabilities, the calculation is:

Total Probate Assets − Total Liabilities = Net Estate Value

This net value is the number that determines whether you use the small estate procedure or full probate. It also determines the court fee tier.

If the net estate value is under $35,000 and the estate does not include real property, the small estate process is available. If it is over $35,000, or if there is real property, you proceed with a full Grant of Probate application.

A Word on Valuation Date

For probate purposes, assets are generally valued at the date of death. Some assets will have changed in value by the time you file — markets move, properties may have been damaged or improved. Use date-of-death values for the inventory, and document your valuation sources (bank statements, appraisal reports, account statements) so the figures can be verified.

A thorough, well-organized inventory is the foundation of a clean, dispute-free estate settlement. Our Northwest Territories Estate Settlement Guide includes the complete inventory framework along with the step-by-step probate process that follows once you know where the estate stands.

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