Schedule A - Schedule Of Assets And Liabilities

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.

Schedule A - Schedule Of Assets And Liabilities is a commonly used form within Nunavut. 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:

Use this form to provide details about the assets of the estate.

Atticus Fast Facts About Schedule A - Schedule Of Assets And Liabilities

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Schedule A - Schedule Of Assets And Liabilities:

• This form pertains to the State of Nunavut

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 Nunavut’s Form Form 8 - Schedule A - Schedule Of Assets And Liabilities up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Nunavut 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 Nunavut 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 8, take a break, and then review. Probate and estate settlement processes in NU 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 8 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 8 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 Schedule A - Schedule Of Assets And Liabilities 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.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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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 Nunavut.

5 reasons you should submit Form 8 as quickly as possible:

1. The sooner you begin, the faster Nunavut 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 Nunavut. 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 Nunavut 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 Nunavut 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 Nunavut probate clerk or court for exact answers regarding Form Form 8, and when in doubt— consult a qualified trust & estates lawyer for that area.

Schedule A - Schedule Of Assets And Liabilities is one of the many probate court forms available for download through Atticus.

It may also be available through some Nunavut 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 Nunavut.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form Form 8 - Schedule A - Schedule Of Assets And Liabilities 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 Nunavut probate court office.

Schedule A - Schedule Of Assets And Liabilities 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 Nunavut-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 Nunavut Form Form 8 - Schedule A - Schedule Of Assets And Liabilities. You can use this to get an idea of the context of the form and what type of information is needed.

FORM 8 IN THE NUNAVUT COURT OF JUSTICE IN THE ESTATE OF ____________________, deceased. (If the deceased was known under different names, state t he names of the deceased in the following order: 1) name of deceased on his/her will, 2) name of the deceased on his/her death certificate, and 3) any other names of the deceased) SCHEDULE A – SCHEDULE OF ASSETS AND LIABILITIES EXHIBIT A TO THE AFFIDAVIT OF __________________ ASSETS REAL ESTATE AND LEASEHOLD INTERESTS Instructions: Describe real estate (land or buildings) and leasehold interests, including the building number and the legal description of the land. Description Market Value (a) Total Encumbrances (b) Net=a-b 1. 2. SUBTOTAL MORTGAGES AND ENCUMBRANCES Description (Name of institution or person holding th e mortgage or encumbrance) Principal (a) Interest (b) Total =a+b (Enter in column b ab ove ) 1. 2. CASH Instructions: this includes cash, bank accounts, term and savings deposits, Guaranteed Investment Certificates and all items immediately convertible to cash. Description of Investment Principal 1. 2. SUBTOTAL SECURITIES AND INVESTMENTS Instructions: this includes stocks, shares, bonds and mutual funds. Name of Company or Government (issuer of security or investment) Type and Description Unit Value Number Held Market Value 1. 2. SUBTOTAL Mortgages Description PrincipalInterestTotal 1. 2. SUBTOTAL Promissory Notes Description PrincipalInterestTotal 1. 2. SUBTOTAL LIFE INSURANCE PAYABLE TO ESTATE Name & Address of Company (insurer) Face Value (a) Accumulated Divi dends or Interest (b) Loans (c) Value=a+b-c 1. 2. SUBTOTAL ANNUITIES AND OTHER INTERESTS Instructions: give details of all annuities, RRSPs, pension benefits, savings plans, etc. that were purchased by the deceased or another, including benefits from other estates that remain or are payable to the estate. Type and Description Principal (a) Interest (b) Value=a+b 1. 2. SUBTOTAL PERSONAL PROPERTY Instructions: list and describe generally personal effects, household goods and furniture, jewelry, carvings and clothing. List and describe specifically if the value appears significant. Description Value 1. 2. SUBTOTAL BUSINESS INTERESTS Instructions: give a brief inventory and statement of stock in trade and liabilities if the deceased had an interest in a sole proprietorship or partnership. Description Value 1. 2. SUBTOTAL OTHER PROPERTY NOT INCLUDED ABOVE Description Value 1. 2. SUBTOTAL TOTAL ASSETS....................... LIABILITIES SCHEDULE OF DEBTS Instructions: do not include mortgages and encumbrances on real estate or leasehold interests. Description Principal (a) Interest (b) Value=a+b 1. 2. 3. 4. SUBTOTAL TOTAL LIABILITIES ....................... ___________________________ (=Subt otal of Schedule of Debts) NET VALUE OF ESTATE ..................................... ___________________________ (Tot al Assets – Total Liabilities=Net Value of Estate) This is Exhibit A to the affidavit of _______________________ SWORN BEFORE ME at _______________________, in Nunavut, (community) on __________________, 20__. (month, day) A Commissioner for Oaths in and for Nunavut* My commission expires: ____________ Print name: _______________________ Signature of person swearing affidavit *If this document is sworn outside Nunavut, it must be sworn by a Notary Public.