What is an estate inventory?

The estate inventory simply lists all of the deceased’s properties to assess the amount of their estate. This list is not obligatory, however, it is better to implement it so as not to collapse because of the debts of the deceased, to avoid the embezzlement of goods and to limit conflicts. In accordance with this list, the notary can continue to distribute shares among the successors.

What does an estate inventory consist of?

An estate succession inventory is used to list and assess all the liabilities and assets of the estate of a deceased person, thanks to a bailiff or an auctioneer. These assist the notary, who takes care of the settlement of the inheritance. Then, the document is attached to the notarial deed as an attachment. The modalities of constitution are stipulated in the “law of civil procedure”.

The inventory is considered to be one of the 3 methods of valuing furniture to legally define the taxable value of real estate properties transferred by the deceased, provided that it is carried out within 5 years of the disappearance.  

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Why is it sometimes mandatory?

The estate asset inventory offers the advantage of providing an overview of the assets of the deceased person on the day of death.

The inheritance list is required In the following cases:

The advantage of asset inventory is that you can fully understand the deceased’s assets on the day of death. In the following cases, the inheritance list is required:

  • The heirs protected as guardianship, adult children under guardianship and minor children are present;
  • If one of the heirs was not there at the time of the inheritance;
  • If one of the heirs maintains the usefulness of the personal belongings and furniture of the deceased individual

When estimating wealth and accepting inheritance to net assets, in other words, without settling debts exceeding the value of the inherited asset (to protect personal property).

Why is this useful?

By setting up your estate inventory, you can specifically adjust the taxable value of assets used to calculate estate taxes, such as:

  • If there is no furniture (decorative objects and furniture) in the inheritance, for example in the case of an empty building. Therefore, the tax office is  not obliged to automatically apply the flat rate of 5% of the furniture tax to all the property of the deceased

 

  • If the true value of furniture does not exceed 5% of all property transferred.

  • By limiting the amount of the tax base, you will pay less tax on inheritance.

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