Inventory And Valuation Of The Property Of The Deceased

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Inventory And Valuation Of The Property Of The Deceased is a commonly used form within Manitoba. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Inventory And Valuation Of The Property Of The Deceased

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Inventory And Valuation Of The Property Of The Deceased:

• This form pertains to the State of Manitoba

• The current version of this form was last revised on June 1, 2022

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Manitoba’s Form Form 74B - Inventory And Valuation Of The Property Of The Deceased up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Manitoba form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Manitoba probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form Form 74B, take a break, and then review. Probate and estate settlement processes in MB are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form Form 74B online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form Form 74B witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Inventory And Valuation Of The Property Of The Deceased to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Manitoba.

5 reasons you should submit Form 74B as quickly as possible:

1. The sooner you begin, the faster Manitoba can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Manitoba. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Manitoba is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Manitoba probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Manitoba probate clerk or court for exact answers regarding Form Form 74B, and when in doubt— consult a qualified trust & estates lawyer for that area.

Inventory And Valuation Of The Property Of The Deceased is one of the many probate court forms available for download through Atticus.

It may also be available through some Manitoba probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Manitoba.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form Form 74B - Inventory And Valuation Of The Property Of The Deceased f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Manitoba probate court office.

Inventory And Valuation Of The Property Of The Deceased is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Manitoba-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Manitoba Form Form 74B - Inventory And Valuation Of The Property Of The Deceased. You can use this to get an idea of the context of the form and what type of information is needed.

Form 74B – page 1/2 File No. FORM 74B THE KING’S BENCH Centre INVENTORY AND VALUATION OF THE PROPERTY OF THE DECEASED Description of Immoveable Property (including any interest in a real property mortgage) Value of Property in Manitoba Value of Property outside Manitoba $ $ TOTAL $ Form 74B – page 2/2 File No. Description of Moveable Property (list on a separate sheet if necessary) Value of Property in Manitoba Value of Property outside Manitoba furnishings and household effects in primary residence and clothing and personal effects furnishings and household effects in other properties motor vehicles and recreation vehicles such as boats, etc C list each separately bank accounts C list each institution separately and indicate the type of account(s) (i.e. savings) and the amount in each account investments managed by investment companies (including stocks, shares, bonds and debentures) C list each investment company separately and indicate the total value of the investments with each company self -managed investment accounts C list by institution stocks, shares, bonds and debentures held by the deceased C list each separately by company and category and indicate the value by category life insurance payable to the estate C list each separately by insurance company and the amount payable on each policy annuities, pensions, RRSPs, RRIFs, TFSAs, etc payable to the estate C list separately by company and give the value of each miscellaneous property not mentioned C list separately and give the value of each $ $ TOTAL VALUE OF ALL MOVEABLE PROPERTY $ GRAND TOTAL OF ALL PROPERTY $ NOTE: Do not include (i) the address of any financial institution, insurance or other company; (ii) the account numbers of any bank accounts; (iii) the serial numbers of any bonds; or (iv) the serial number of any vehicle that can be sufficiently described without using a serial number. If the value of an asset is unknown, show $1.00 as the value and provide an updated inventory when the value is determined. If the value of an asset is in a foreign currency, convert it to Canadian dollars as of the date of death. NOTE TO ANY INTERESTED PERSONS, INCLUDING A CREDITOR: Any interested person, including a creditor, may request more information about the estate assets from the executor(s) or administrator(s) under King’s Bench Rule 74.08. Any interested person, including a creditor, who believes that an asset of the deceased has not been disclosed may give notice to the executor(s) or administrator(s) under King’s Bench Rule 74.09.