Estate Inventory
An estate inventory must be conducted for every person who has passed away in Finland. The estate inventory lists the heirs of the deceased as well as the deceased’s assets and debts. The estate inventory also serves as the basis for determining inheritance tax and as a foundation for future inheritance distribution. A trustee for the estate must also be appointed, who can be one of the heirs of the deceased. The estate inventory must be conducted within three months from the date of death, but an extension to submit the inventory can be requested from the Tax Administration for justified reasons. The estate inventory itself does not grant ownership rights to the heirs; property distribution requires a separate inheritance distribution process.
The estate inventory might seem quite challenging, especially alongside many other matters that need attention. That’s why we’re here to help. We understand how the process should be handled and will oversee the acquisition of the necessary documents. Let us assist you with our expertise, so you can dedicate time to memories and the process of grieving.
Property valuation package
We help you assess your property. The estate’s assets must be valued at the time of death for the purposes of the inheritance inventory. The Finnish Tax Administration usually determines the inheritance tax based on the values in the inheritance inventory. Valuing cash is straightforward in the inventory, but determining the monetary value of movable and immovable property, for example, can be more challenging. Differences in opinion among the estate’s heirs about these valuations can lead to disputes. We can also take some of your preferences into account when conducting valuations. This is important because valuation significantly affects the amount of inheritance tax.
Property should be valued based on its fair market value. Fair market value is the amount that the property would fetch in a sale. This aims to determine value considering the general price level. For instance, real estate can be compared to similar properties in the same area and their prices. Generally, items of personal property are considered to have minimal value and are often assessed as valueless. Valuation should be conducted with utmost care, and if you feel that you need assistance, Annia can help with valuation. In this case, an external party evaluates the property, making it neutrally acceptable as a basis for distribution. Property valuation significantly affects the content of inheritance distribution and taxation. In uncertain situations, it’s advisable to contact our legal experts.
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