Inheritance: What should be included in an inventory of the estate?

When a relative dies, many questions arise: Do I accept the inheritance? Has my loved one left me with more than just debts? What exactly is included in the estate? An inventory of the estate can answer this last question. At the same time, the inventory makes it easier to decide whether or not to accept the inheritance. What is important when creating the inventory?

Especially when the estate is large and more than one person is entitled to inherit, it makes sense to draw up an inventory of the estate. The more extensive the inheritance, the sooner this process should begin. In some cases, the inventory of the estate may also need to be notarized.

When is an inventory of the estate necessary?

An inventory of the estate is not always necessary. However, if the deceased appointed an executor to carry out their will, an overview of the estate is essential. The executor then presents the completed inventory to the heirs. If inheritance tax is due, an inventory of the estate must also be commissioned. Otherwise, the tax office will demand its preparation. Creditors, as well as heirs entitled to a statutory share, can also request an inventory of the estate if the deceased left behind debts.

When does the inventory of the estate need to be notarized?

Heirs entitled to a compulsory share can, according to § 2314, demand a notarized inventory of the estate. If the inventory needs to be prepared first, a notary can be commissioned to do so. The notary will then liaise with banks, other financial institutions, and insurance companies. The costs depend on the value of the estate and are borne by the heirs.

What information is included in the inventory of the estate?

The inventory of the estate lists all tangible and intangible assets, including the deceased's debts. If real estate is part of the estate, all relevant details must be recorded. Things become more complex with rented properties. Here, all tenants and their leases must be included. If the records for the rental properties were not properly maintained and are incomplete, it can be quite a chore for the heirs to gather all the necessary information themselves.

Anyone unsure about what to include in the inventory of an inherited property can find valuable support from a local real estate agent. Both heirs and the deceased can seek their advice. Agents also typically have contacts with notaries in the region. Furthermore, potential future arrangements for the inherited property can be discussed with the real estate professional.

Do you have questions about your inherited property and would like to know what options you have? Ask us – we'd be happy to advise you.

Notes

For the sake of readability, this text uses the generic masculine form. Female and other gender identities are explicitly included where relevant to the statement.

Legal notice: This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.

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