The death of a loved one is never fun. Not only is there sadness, but there is also a lot that needs to be arranged. Fortunately, there is usually a notary to whom you can ask questions. When settling an estate, drawing up an inventory of assets is an essential step. An estate inventory is a detailed overview of all assets and debts of the deceased. This inventory is of great importance for the heirs, the executor and the notary charged with settling the estate. The inventory can be included in the will, but unfortunately this is not always the case.
In this article we will delve deeper into the importance of an inventory of assets, the process of drawing up an inventory of assets and the importance of a notarial inventory of assets. ZSM House Clearance happy to help you.
What is an inventory?
An inventory is an overview of all assets and debts belonging to the estate of a deceased person. It is a very detailed document. It includes an inventory of all assets, including real estate, movable property, bank accounts, investments and any debts. You may also come across this document in the deceased's administration. The deceased's administration can be quite difficult to arrange without official documents. A good inventory of assets is important to get a clear picture of the size and composition of the estate.
Drawing up an inventory of assets
An inventory of assets can be drawn up in various ways. In some cases it can be done privately by one of the heirs. However, when the estate is complex or when there is a beneficial acceptance, it is wise to engage a notary. A notarial inventory has stronger evidential value and can prevent possible disputes in the future. All heirs must of course agree on the legal division once the executor has been appointed.
The importance of an accurate inventory
A good inventory of assets is essential for the smooth settlement of the estate. It provides clarity to all parties involved, such as the heirs, the executor and the tax authorities. In addition, an accurate inventory can prevent discussions and disputes about the composition of the estate. This also makes it possible to discuss any other assets and debts transparently.
The role of the notary in drawing up an inventory of assets
A notary plays an important role in drawing up an inventory of assets. A notary is actually needed to make an inventory of assets. The notary has expertise in the field of inheritance law and can ensure that the inventory meets all legal requirements. In addition, the notary can advise the heirs about the steps to be taken and he or she can draw up the inventory in the form of a notarial deed. Drawing up the inventory can save a lot of stress in the future.
The privileges of inventory inheritance
Drawing up an inventory of assets can also offer advantages for the heirs. In some cases, heirs can obtain free management of their assets as soon as the inventory has been drawn up. This means that they can make independent decisions about the assets and debts in the estate. All parties can arrange this later with a declaration of inheritance. You are therefore not obliged to have an inventory of assets, but drawing up an inventory of assets is strongly recommended.
Drawing up an inventory of assets in case of administration or guardianship
When an heir is a minor or has been placed under administration, drawing up an inventory of assets can be more complex. It is a different situation than when someone has free control over his assets. When an asset has been placed under administration, the management of the goods and debts will be exercised by the administrator or curator. It is important to follow the correct steps in such situations and prepare the inventory in accordance with the applicable rules and regulations. Even if it concerns one of the children, for example, the inventory should help the heirs in this case.
The need for an inventory of assets upon beneficiary acceptance
In the event of beneficial acceptance, an inventory of assets must be drawn up. Beneficiary acceptance means that the heirs accept the inheritance, but are not liable with their own assets for any debts of the deceased. A good inventory of assets is very important to determine the extent of the deceased's debts and to ensure that the heirs are not unexpectedly confronted with debts. The beneficial acceptance of an inheritance can therefore change the course of events somewhat.
The importance of an inventory of assets for the inheritance tax return
An inventory of assets also has great value for the inheritance tax return. The overview of all assets and debts in the inventory forms the basis for determining the inheritance tax due. An accurate inventory ensures that the heirs can correctly declare and pay the inheritance tax.
Requesting an inventory of assets
An inventory of assets can be requested at various times. For example, an heir can request access to the inventory of assets to check whether the settlement of the estate is being completed correctly. In addition, the tax authorities or another interested party can also request the inventory of the assets to check the legality of the settlement.
Conclusion
Drawing up an inventory of assets is a crucial step in settling an estate. It provides a detailed overview of all assets and liabilities and ensures clarity for all parties involved. An accurate inventory contributes to a smooth settlement of the estate and prevents possible disputes in the future.
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Help Center
Is it mandatory to draw up an inventory of assets?
Yes, in most cases it is mandatory to draw up an inventory when settling an estate.
What is the difference between a private inventory and a notarial inventory?
A private inventory is drawn up by the heirs themselves, while a notarial inventory is drawn up by a notary. A notarial inventory has stronger evidential value.
Can an inventory of assets also be drawn up privately?
Yes, in some cases heirs can choose to draw up an inventory privately. However, a notarial inventory is often preferred because of its stronger evidentiary value. An inventory of assets can be made privately, but this is not useful for settling the estate.
What is the privilege of inventory?
The privilege of inventory means that the heirs obtain free management of their assets as soon as the inventory has been drawn up. By the way, it is not the case that everyone is obliged to have an inventory of assets.
Who can request an inventory of assets?
An inventory of assets can be requested by heirs, the tax authorities, or other interested parties who have a legitimate interest in checking the settlement of the estate.
Is an inventory of assets mandatory?
An inventory of assets is mandatory in the case of beneficial acceptance of an inheritance. In all other cases it can be helpful, but is not mandatory. In the case of beneficial acceptance, the notary makes the inventory. This provides clarity as quickly as possible about any inheritances in which the deceased has assets.
The information provided in this article is for informational purposes only. We strive to provide accurate and up-to-date information, but cannot guarantee the completeness, correctness or topicality of the information provided. It is therefore wise to seek legal advice.
