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Asset Release Procedure

The asset release procedure enables entitled persons to obtain movable assets located in Austria from a deceased person, without a complete formal probate process.

In practice, the asset release procedure is frequently applied for obtaining accounts, cash, or jewelry.

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Requirements for the Asset Release Procedure

An asset release procedure is only possible under the following conditions:

• Nationality of the deceased
  • Third-country national or a national of an EU Member State not subject to the EU Succession Regulation (Denmark and Ireland)
  • NOT: Austrian national or a national of an EU Member State subject to the EU Succession Regulation
• no habitual residence in a Member State of the EU Succession Regulation
• movable assets in Austria
• no probate proceedings in Austria
• Confirmation from the authority of the home state or the last state of residence that the applicant is entitled to receive the assets
• Application by an entitled person

Movable Assets

Movable assets include all things that are not permanently attached to a property and can be easily transported or moved. These include, among others, money in accounts, jewelry, vehicles, works of art, furniture, or personal valuables.

NOT: Immovable Assets

The asset release procedure applies only to movable assets.

No asset release procedure is possible for real estate, houses, land, and rights registered in Austrian registers such as companies or trademarks.

Entitled Persons

An entitled person is someone who has the right to take possession of the deceased’s movable assets in Austria. This includes an heir or a legatee who is entitled to do so under the law of the home state or state of residence.

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Documents for the Asset Release Procedure

To successfully submit an application for asset release, the following documents must be submitted:

• an official declaration or certificate from abroad confirming that the applicant is entitled to receive the assets (e.g., certificate of inheritance, court order),
• proof that the assets are actually located in the country (e.g., bank statement, ownership document),
• certified translations of the documents, if applicable, provided they were not issued in German,
• depending on the country of origin of the documents, additionally an apostille or diplomatic legalization.

The application must be submitted to the locally competent District Court in Austria. The court reviews the requirements and decides on the release by decree.

Costs of the Asset Release Procedure

The costs for the asset release procedure mainly consist of court fees, any translation costs for the documents, and the costs of legal representation.

Deadlines for the Asset Release Procedure

For the asset release procedure itself, there are no fixed legal deadlines in Austria. Nevertheless, it is advisable to submit the application promptly, as “unclaimed” assets always pose a certain risk.

Furthermore, in some countries, deadlines apply for the acceptance of inheritance or for the receipt of documents, which may also be important for the asset release procedure.

Conclusion

With the asset release procedure, entitled persons can quickly and easily access the movable assets of foreign deceased persons located in Austria.

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Your Benefits with Legal Representation

We are happy to support you with our many years of experience in international inheritance law,

• to submit the application correctly and completely,
• to avoid delays due to missing documents,
• to communicate securely and legally with courts and banks,
• to enforce your claims

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Frequently Asked Questions – FAQ