Declaration of assets

Declaration of assets
Definition of the declaration of assets
Submission deadline
Content and requirements for the declaration of assets
Risks and significance of the declaration of assets
Frequently Asked Questions – FAQ

Declaration of Assets

After a death, heirs are often faced with the question of how to properly record the estate. The declaration of assets and the inventory provide clarity about the assets and debts of the deceased, thus ensuring a fair and legally sound estate settlement.

In the event of inheritance, many surviving relatives face the task of accurately documenting the assets and debts of the deceased. The declaration of assets is a central instrument for ensuring transparency and legal certainty in the probate proceedings. It is legally regulated in § 170 AußStrG.

In inheritance law, the declaration of assets lists all assets and debts of a deceased person for the purpose of estate settlement.

Definition of the Declaration of Assets

The declaration of assets is a written list of all assets and debts of a deceased person within the framework of the probate proceedings. In contrast to the inventory, the declaration of assets is prepared and signed by the heirs themselves. It is not a public document, but it must fully and truthfully record all estate items, rights and obligations.

Sebastian Riedlmair
Harlander & Partner Attorneys „Eine korrekt erstellte Vermögenserklärung schafft Rechtssicherheit und beugt jahrelangen Streitigkeiten vor“

Select Your Preferred Appointment Now:Free initial consultation

Submission Deadline

A declaration of assets must always be submitted unless the court orders an inventory. This is the standard case, for example, if there is no conditional declaration of acceptance of inheritance, no minor or particularly vulnerable beneficiaries of compulsory portions are involved in the proceedings, or if there are no other security interests. However, the obligation to submit a declaration of assets can also be triggered by a corresponding court notice.

Content and Requirements for the Declaration of Assets

All estate assets and debts must be listed and valued individually and completely.

Assets include, for example, bank balances, savings books, real estate, securities, company shares, jewelry or vehicles.

All debts, outstanding loans, liabilities from contracts and tax debts must be stated as liabilities.

The valuation is generally based on the date of death of the testator. Movable property is valued at its fair market value, real estate usually at three times the standard assessed value.
The heirs are obliged to provide the information to the best of their knowledge and belief and to confirm its accuracy with their own signature. Unlike the inventory, which is prepared by the court commissioner and is considered a public document, the declaration of assets is a private law declaration by the heirs.

Distinction from the Inventory

The inventory and the declaration of assets pursue the same purpose but differ in the way they are prepared and their evidential value. The court commissioner prepares the inventory as soon as special protection interests exist. This is the case, for example, with a conditional declaration of acceptance of inheritance, with minor heirs, by order of the court or at the request of a party involved. As a public document, the inventory has a particularly high evidential value in the proceedings. The declaration of assets, on the other hand, must be drawn up by the heirs themselves and does not have the evidential value of a public document in court proceedings.

Risks and Significance of the Declaration of Assets

The declaration of assets forms the basis for the settlement of the estate and the calculation of the compulsory portions. Incorrect or incomplete information can cause significant legal and economic disadvantages, such as an incorrect distribution of the estate or liability claims against the heirs.
Intentionally false information is considered fraud under § 146 StGB and is punishable. Even accidental errors can lead to liability risks and disadvantages in the estate settlement. It should also be noted that, under certain circumstances, false information can lead to disinheritance.

Expert Opinions on Real Estate and Special Assets

Especially in the case of real estate or complex assets, it is advisable to obtain an independent expert opinion. This allows the value to be determined objectively and in line with the market, misunderstandings to be avoided and disputes among heirs to be prevented.

Advantages of Legal Support

Professional support in the compilation and valuation of all estate assets
Clarification of legal questions regarding the obligation to submit and individual asset positions
Avoidance of errors and liability risks through careful control
Support in obtaining appraisals and communicating with authorities
Protection against discrimination and disputes among the heirs

Select Your Preferred Appointment Now:Free initial consultation

Frequently Asked Questions – FAQ

What distinguishes the declaration of assets from the inventory?

The declaration of assets is prepared by the heirs, the inventory by the court commissioner. Only the inventory is a public document.

When is a declaration of assets required?

Always when an inventory is not legally required.

What must be stated?

All assets and debts of the deceased at the time of death, including all bank accounts, real estate and outstanding liabilities.

Can the declaration of assets be changed subsequently?

Yes, as long as the proceedings have not yet been concluded, corrections are possible and also advisable.

What happens if the information is incorrect?

Incorrect or incomplete information can lead to claims for damages, liability risks, criminal consequences and even disinheritance.

How can a lawyer help?

A lawyer ensures the correct preparation of the declaration of assets, checks the information and represents the interests of the heirs in the proceedings.