Why the estate register is important for real estate inheritance

What does an inheritance actually include? Time and again, deceased people leave something behind that their heirs know nothing about. This ranges from expensive jewelry and shares to real estate. Sometimes debts are also included. The estate register 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 it up?

An estate inventory is particularly useful if there is a lot to be inherited. It is advisable to start drawing up an estate inventory at an early stage. This is because the larger the estate, the more extensive and time-consuming it is to draw up the estate inventory. The situation is difficult for heirs if there is little or no orderly documentation.

When is an estate register necessary?

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

When must the estate register be notarized?

If an heir who is entitled to a compulsory portion is not satisfied with the "simple" estate inventory, the notary must certify the estate inventory in accordance with Section 2314 BGB. If the testator has not drawn up an inventory of the estate, 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 carry out his own research. To do this, he also contacts 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 does the estate register say when a property is inherited?

Like financial assets and other assets, real estate also belongs in the estate register. Including all the relevant details. In the case of rented property, the tenants and rental agreements must also be listed.

As far as the property in the estate register is concerned, a local quality estate agent can help testators and heirs thanks to his years of experience. In addition, they are networked with notaries in the region and can provide owners with professional advice.

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

Notes

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

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

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