PRELIMINARY ESTATE ASSETS AND LIABILITIES CHECKLIST
ESTATE OF JASON AMADU
ASSET	OWNER (HOW TITLE IS HELD)	VALUE OF ESTATE FOR DISTRIBUTION	IS ASSET INCLUDED FOR PROBATE?	PROBATE VALUE IF ANY
REAL PROPERTY			Yes/No & Reason
Residence Matrimonial Home Roll no. 1234 1523 1230 0000 PIN: 95231 2723 Futura Drive, Kanata Title: Jason Amadu, sole owner Current value: $775,000.	Sole owner
Rental Property Roll no. 1893 1523 1890 0000 PIN: 8632 190 Byron Avenue, Ottawa, K2N 1G9 Tenancy in common with sister Coryelle Amadu each as to a 50% interest Total current value: $570,000	Tenant in common
Cottage Roll no. 1593 1824 1230 0000 PIN: 63254 135 Lindy Lane, White Rock, Ontario N2P 1V3 Title: Jason Amadu, sole owner Current value: $390,000.	Sole owner
Time share Key West, Florida, U.S.A. Title: Jason Amadu and Delyia Amadu, joint tenants Current value: $190,000.	Joint tenants
Total Value of Real Property
Encumbrances on Real Property
Residence Royal Bank $375,000	Sole owner
Rental Property Bank of Montreal $200,000	Tenant in common
Cottage: Mortgage Royal Bank $25,000	Sole owner
Time Share: No mortgage	Joint Tenants
Total Encumbrances on Real Property
Net Value of Real Property (value less encumbrances)
PERSONAL PROPERTY
BANK ACCOUNTS
Personal Savings Account Royal Bank Savings Account No. 523925 90 Sparks Street, Ottawa, ON K2P 1G1 Owner: Jason Amadu Balance: $58,463	Sole owner
Chequing Account Royal Bank No. 573890 90 Sparks Street, Ottawa, ON K2P 1G1 Owner: Delyia and Jason jointly Balance: $20,557	Joint Tenants
GIC (Guaranteed Investment Certificate) with bank $70,000 Joint with wife	Joint Tenants
Canada Savings Bonds Government of Canada Sole registered owner Series CSB 10132123 F. Smith, owner Value: 25,000 plus interest $200.	Sole owner
Registered Retirement Savings Plan TD Canada Trust Tel: 613 724 1739 412 Richmond Rd, Ottawa, On, K2A0G2 Value: $890,000. Beneficiary: No one named	Sole owner
Safety Deposit Box - Stamp Collection Valued: $20,000	Sole owner
Civil Servant - Pension Benefit Government of Canada Death Benefit : $90,000. Beneficiary: Delyia	Sole owner
LIFE INSURANCE
Insurance Policy no. 1582M5H Insured: Testator Great West Life Insurance Company Holland Cross 11 Holland Avenue, Suite 410 Ottawa ON K1Y 4S1 Phone: (613) 761-3950 Face Value of Policy $1,200,000 Beneficiary: The children in equal shares	Sole owner
Life Insurance Policy Insured: Testator London Life Insurance Company 255 Dufferin Avenue London, ON N6A 4K1 Policy no. 13M591 Face Value of Policy $130,000. Beneficiary: Estate	Sole owner
SHARES
Mixed Stock Portfolio - Royal Bank Value of total shares: $85,000 Sole Onwer	Sole owner
HOUSEHOLD ITEMS
Jewelry $1,000 Jason Amadu owner	Sole owner
Household furnishings - Joint with spouse $8,000	Joint Tenant
Wood Working Machinery $25,000 Owner: Jason Amadu	Sole owner
VEHICLES
Title: Jason Amadu Ford Mustang vehicle 2012 VIN 9835 08130 20000 39582 $49,000	Sole owner
Cabin Cruiser Ser No. 132835983 Value: $35,000 Jason Amadu owner	Sole owner
TOTAL PERSONAL PROPERTY
DEBTS
CREDIT CARDS AND OTHER DEBTS
Loan on Cabin Cruiser: $5,000	Sole owner
Visa Card - Sole owner $2,000	Sole owner
Car loan on Vehicle $22,000	Sole owner
Funeral Expenses billed to Estate Kelly Funeral Home $11,750
TOTAL LIABILITIES AT DATE OF DEATH
Total Value of Estate for distribution/probate
	ESTATE TAX CALCULATION FOR PURPOSES OF COURT APPLICATION (FORM 74.4)
		Value of Real Estate Net of Encumbrances
	Total Value of Personal Property
			Total Value for Probate Tax Calculation
	Value rounded up to nearest 1000

You are to determine which items will be included in the Probate value of the estate and which items will be given a value of zero for the purposes of calculating the Estate Administration Tax payable. Mr. Jason Amadu has died leaving a spouse, Delyia and two children. The Will provides that the entire estate goes to the spouse provided that she survives for a period of 30 days. That requirement has been satisfied. The Estate Trustee, Bill Erling has brought in a list of assets and liabilities and which he believes is complete. Your task is to go over the list of assets and to determine which assets need to be included on the Estate Information Tax Return. For each item, enter the Probate value in the designated column. If the item is not to be included in the calculation of Estate Taxes, give the item a value of zero (0.00) and following the item indicate the reason the item is being given a value of zero if such is the case. Once you have determined the estate value for probate purposes, calculate the amount of Estate Administration Tax payable. Show your work for the tax calculation. If the net value of the estate is different from the Probate value, also calculate the net value of the estate (Total assets minus liabilities