Benefit of inventory, what is it?

The benefit of inventory refers to the legal process by which the heirs of a deceased person determine the value of the deceased's assets and property in order to distribute them according to the provisions of the law or the will. The benefit of the inventory is intended to protect the heirs from possible debts or financial burdens that the deceased may have had in life, as it sets a limit on the value of the inheritance that they can receive.

It is important to bear in mind that the laws governing the benefit of inventory vary from country to country or region to region, so it is advisable to consult a lawyer specialised in inheritance law to find out which rules apply in each case.

When is the benefit of the inventory lost?

In some countries, the benefit of inventory is lost in the following cases:

• If the heir accepts the inheritance purely and simply, without having made an inventory of the deceased's assets and debts. By accepting the inheritance in this way, the heirs assume all the obligations of the deceased, including the debts.
• If the heir acts as if he were the owner of the inherited assets, i.e. if he sells, mortgages or donates the assets before making the inventory and without judicial authorisation.
• If the inherited assets are not sufficient to cover the debts of the deceased and the heirs accept the inheritance purely and simply, without having previously made an inventory.

How much does it cost to accept an inheritance with benefit of inventory?

The costs of accepting an inheritance with benefit of inventory vary depending on the country or region where the process is taking place. In general, it should be borne in mind that this type of acceptance involves a series of formalities and steps that may entail certain expenses, such as, for example:

• Notary fees: it is possible that the presence of a notary may be required to carry out the act of acceptance of the inheritance for the benefit of the inventory, which implies a cost that varies depending on the country.
• Lawyers' fees: In many cases, it is advisable to have the advice of a lawyer specialised in inheritance law to carry out the process of acceptance of inheritance by benefit of inventory. Lawyers' fees may also vary depending on the country and the complexity of the case.
• Fees and taxes: Some countries or regions may require certain fees or taxes to be paid when accepting an inheritance with benefit of inventory.

In summary, the costs of accepting an inheritance with benefit of inventory will depend on several factors, such as the country or region where the process is taking place, the complexity of the case and the notary and lawyer's fees if required. It is therefore important to consult a specialised professional to find out the specific costs in each case.

What is the time limit for acceptance by benefit of inventory?

The deadline for accepting an inheritance with benefit of inventory varies depending on the country or region where the process is taking place. In general, the time limit starts to run from the time of the death of the deceased and can be several months or years.

In some countries, the time limit for accepting the inheritance with benefit of inventory is 30 working days from the death of the deceased. If the heir does not accept or renounce the inheritance within this period, he or she is deemed to have tacitly renounced the inheritance.

In other countries, the period may be longer, for example, six months or one year from the death of the deceased, as is the case in Spain.

When does the heir lose the benefit of the inventory?

The benefit of inventory is a right of the heir to limit his or her liability for the debts and burdens of the estate to the amount of inherited assets. In other words, the heir is not personally liable for debts and burdens exceeding the value of the inheritance. However, the heir loses the benefit of inventory in the following situations:

1. If he explicitly renounces the benefit of inventory.
2. If he/she accepts the inheritance purely and simply, i.e. without having made an inventory and appraisal of the deceased's assets.
3. If the heir is found guilty of bad faith in the management of the inheritance, such as concealing assets or causing damage to them.

It is important to note that the loss of the benefit of the inventory implies that the heir will be liable with all his or her assets, present and future, for the debts and burdens of the inheritance that exceed the value of the inherited assets. Therefore, it is advisable that the heirs always request the benefit of inventory and maintain it at all times.