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Why the estate inventory is important when inheriting real estate

What exactly is included in an inheritance? Time and again, deceased persons leave behind items that their heirs know nothing about. These can range from expensive jewelry and stocks to real estate. Occasionally, debts are also included. An estate inventory provides an overview and helps you decide whether to accept or reject the inheritance. But what do testators need to bear in mind when drawing up an estate inventory?

An estate inventory is particularly useful when there is a lot to inherit. It is advisable to start compiling an estate inventory at an early stage. The larger the estate, the more extensive and time-consuming it will be to compile the estate inventory. The situation is difficult for heirs if there are few or no organized documents.

When is an estate inventory necessary?

If there is not much to inherit or the heirs know what they are inheriting, an estate inventory is not necessary. However, there are situations in which it is essential. This is the case, for example, if the deceased has appointed someone to carry out their last will and testament. An executor must provide the heirs with an estate inventory. It must also be drawn up if taxes are payable on the estate. In this case, the tax office requires an overview of the estate. Heirs who are entitled to a compulsory portion may also request an overview. If the deceased leaves debts, creditors may also request such a document.

When must the estate inventory be notarized?

If a simple estate inventory is not sufficient for an heir who is entitled to a compulsory portion, the notary must certify the estate inventory in accordance with § 2314 BGB. If the deceased did not draw up an estate inventory, it must also be drawn up in this case. However, the notary may not rely solely on the information provided by all heirs, but must conduct their own research. To this end, they will also contact financial institutions and insurance companies. This laborious and time-consuming service must be paid for by the heirs. The fees are based on the value of the estate.

What is included in the estate inventory if real estate has been inherited?

Like cash assets and other assets, real estate is also included in the estate inventory. This includes all relevant information. In the case of rented real estate, the tenants and rental agreements must also be listed.

When it comes to real estate in the estate inventory, a local quality real estate agent can help testators and heirs thanks to their years of experience. In addition, they have a network of notaries in the region and can provide professional advice to owners.

Are you unsure what to do with your inherited property? Contact us! We will be happy to advise you.

 

Notes

For reasons of readability, the generic masculine form is used in this text. Female and other gender identities are expressly included where necessary for the meaning of the text.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please have the facts of your specific case clarified by a lawyer and/or tax advisor.

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