Clicking the “Inventory” tab on the top toolbar automatically takes you into “Assets”.
Go to the left column and start adding assets under the deceased’s name.
QE covers 30 different asset types, including a category called “Other Assets”.
Further down, you’ll eventually list bank and investment accounts in the estate’s name.
Click on “+Add an asset”
Scroll down “Select an Asset” to view the complete list and choose your first asset, e.g. Non-Registered Investments.
All asset fields are optional. Start by listing what the deceased owned and where it can be found; fill in the other fields as you go.
A key data point is the market value of each asset at data of death. Date of death values must be reported on the inventory for probate and are required for tax reporting.
Date of death values will not change but the current market value of each asset will move up and down with market conditions. Update current market value fields regularly, as you liquidate and distribute assets.
Establishing an accurate cost base for each asset is required for tax purposes. Request this information from the deceased’s financial institutions or dig through their personal files. Identifying cost bases is a pain in the neck and time consuming if the deceased did not keep good records.
Determining cost bases is not optional. If the tax authority is not satisfied that the cost bases are accurate, it creates huge headaches for the executor and results in high accounting costs.
The “Get Informed” tab, left of the data fields provides useful tips relevant to each asset.
Data saves automatically.
To close an asset and return to your asset list, click on the name of the asset that you’re working on.
You can add as many Non-Registered Investment accounts as you like. To add the next one, click “+Add another asset”. Choose “Non-Registered Investments” again or select a different asset.
Each asset appears on the list of assets and in the Summary of Assets & Debts.
To delete an asset, click the small white check box, left of the asset name, click the red “Delete” button at the top, and click OK to confirm.
To print the details of a particular asset, click the Print button to the right of the asset description. Pop a hard copy into your Estate file.