GA2 - Inventory
Neufeld Legal P.C. can be reached by telephone at 403-400-4092 or email Chris@NeufeldLegal.com
Form GA2 – Inventory is an essential form used with the Alberta Court of King's Bench: Surrogate Division for applying for a Grant of Probate (when there is a valid will) or a Grant of Administration (when there is no valid will). Its importance is in setting out all the assets and liabilities of the decedent's estate, such that it might be appropriately scrutinized, approved and thereafter disposed of / distributed by the personal representative (executor or administrator) of the estate.
With respect to the intended purpose of Form GA2 - Inventory, it intended to provide a detailed list of all the deceased person's assets (what they owned) and liabilities (what they owed) as of the date of their death. This comprehensive inventory helps in administering the estate and ensures that all assets are accounted for and debts are addressed before distribution to beneficiaries.
The key information that is set out in Form GA2 - Inventory, includes:
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Deceased's Individual Assets: This section lists all assets owned solely by the deceased, regardless of their location (within or outside Alberta). This can include:
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Land and real estate
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Bank accounts
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Investment accounts
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Shares in companies
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Annuities
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Life insurance policies
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Household goods and personal effects
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Jointly Owned Assets: It also includes assets owned jointly by the deceased and other persons, excluding those owned with a spouse or adult interdependent partner. Special rules apply to these, and they need to be listed.
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Liabilities: All debts and financial obligations of the deceased at the time of their passing must be detailed.
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Net Estate Value: This form ultimately helps to calculate the net value of the deceased's estate.
Form GA2 - Inventory is a mandatory part of the application for a Grant of Probate or a Grant of Administration in Alberta. While it generally doesn't need to be filed directly with the Alberta Court of King's Bench: Surrogate Division in most cases, it must be completed and signed by the applicant. It is typically filed with the Alberta Court of King's Bench: Surrogate Division where a bond is required (e.g., if the executor/administrator is not an Alberta resident or if there are minors with an interest in the estate). The applicant is responsible for serving the completed Form GA2 - Inventory to the residuary beneficiaries (as part of the Form GA3 - Notice to Beneficiaries) and must file it with the court when they file Form GA5 - Affidavit of Service (proof of service).
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Since June 15, 2022, there have been a number of important changes with respect to Form GA2 - Inventory, including:
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The updated Form GA2 - Inventory now requires a broader perspective as to inventory inclusion, capturing assets both within and outside Alberta, and certain jointly owned assets.
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From a submission standpoint, Form GA2 - Inventory is not necessarily a part of the primary application submission package, meaning court clerks don't scrutinize its content directly; the applicant is nevertheless responsible for its accuracy and completeness.
Common Mistakes / Errors when completing Form GA2 - Inventory
As with any document that is filed with Court or is submitted to individuals that have a legal interest in the actions of the personal representative (executor or administrator), it is imperative that the personal representative seeks to avoid errors and mistakes in the completion of Form GA2 - Inventory. Given the personal representative's legal and fiduciary responsibility in administering the estate of the decedent, it is important that they understand some of the more common errors and mistakes when completing Form GA2 - Inventory, such that they might be better aware of what they are undertaking, including:
1. Incomplete or Inaccurate Information:
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Missing or Incorrect Legal Descriptions for Land: This is a very common error. You must provide the full and correct legal description of any real estate, not just the municipal address. Refer to the land title for this.
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Missing or Incomplete Bank/Investment Account Details: Not providing the full financial institution name, account number, and precise balance as of the date of death. If the value is "to be determined," you must indicate this and provide an amended inventory later.
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Undervaluation or Overvaluation of Assets: While estimates are often allowed, a significant discrepancy in asset values can cause issues, especially if it appears intentional. Assets should be valued as of the date of death.
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Omitting Assets: Forgetting to include certain assets, even small ones, such as:
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Lesser-known bank accounts.
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Small investments or shares.
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Personal belongings of significant value (e.g., jewelry, art, vehicles).
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Contents of safety deposit boxes.
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Life insurance policies that are payable to the estate (not directly to a named beneficiary).
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Not Including Assets Outside Alberta: The current GA2 form requires listing all assets, regardless of their location (within or outside Alberta). This is a significant change from previous versions.
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Incorrectly Handling Jointly Owned Assets: This is a tricky area. The GA2 specifically asks for assets owned jointly by the deceased and other persons, excluding those owned with a spouse or adult interdependent partner (as different rules apply to those). Misunderstanding these distinctions can lead to errors.
2. Errors with Liabilities: Omitting Debts:
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Forgetting to list all outstanding debts, such as:
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Credit card balances
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Lines of credit
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Personal loans
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Utility bills
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Taxes owed
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Mortgages (these should generally be listed alongside the property they secure).
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Incorrectly Valuing Debts: Not providing the precise amount owed as of the date of death.
3. Procedural/Formatting Errors:
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Using an Outdated Form: Forms are updated periodically. Always ensure you are using the most current version of Form GA2 from the Alberta Courts website.
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Leaving Sections Blank: Even if a section doesn't apply, it's generally best to indicate "N/A" (Not Applicable) rather than leaving it completely blank, to show that you've considered it.
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Illegible Handwriting: If completing by hand, ensure your writing is clear and easy to read.
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Not Signing the Form: The applicant must sign the completed GA2.
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Not Serving the Form Correctly: The GA2 must be served to the residuary beneficiaries as part of Form GA3 Notice to Beneficiaries. Failing to do so can cause delays in the probate process.
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Not Filing When Required: While generally not filed with the initial GA1 application, it must be filed with the court when a bond is required (e.g., if the executor is out of province, or if minors are involved) or when filing Form GA5 Affidavit of Service.
4. Lack of Supporting Documentation:
While the GA2 itself is an inventory, the information within it should be verifiable with supporting documents (bank statements, land titles, investment statements, loan agreements, etc.). Not having these readily available can make completing the form difficult and error-prone.
Form GA2 - Inventory is available from the Alberta Government webpage for surrogate forms.
Probate and administration can be a relatively straightforward procedural process, especially when undertaken with a lawyer that has the benefit of the Surrogate Digital Service to effectuate digital filing and processing of the legal paperwork with the Surrogate Division of the Court. However, where the matter is contentious and there are disagreements as between prospective appointees and/or beneficiaries, the proceeding can be quite tedious, time-consuming and expensive, with the relevant statutes and court precedent be the foundation for dictating the outcome, with the lawyers being pivotal to the process.
Contact our law firm today to learn how our legal team can help you with the legal demands following the death of a loved one, from probating the decedent's last will & testament to administering an estate where the decedent did not have a valid will. Contact our law firm at 403-400-4092 or via email at Chris@NeufeldLegal.com to schedule a confidential initial consultation.
Please Note: This information provides a general overview. Specific circumstances may require additional steps or variations in the process.
IMPORTANT NOTE: This website is designed for general informational purposes. The site is not designed to answer specific questions about your individual situation or entitlement. Do not rely upon the information provided on this website as legal advice in respect of your individual situation nor use it as substitute for individual legal advice. If you want specific legal advice, you need to engage a lawyer under established legal engagement procedures that have been specifically agreed to by that lawyer.