Inventory

Inventory

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

In Austrian inheritance proceedings, the inventory refers to a complete list of all assets and liabilities of the deceased at the time of death. It forms the basis for the proper settlement of the estate and the determination of the actual inheritance.

The legal basis can be found in §§ 168 ff AußStrG and § 531 ABGB.

Definition of the Inventory

In Austrian inheritance proceedings, the inventory is the central document for the complete recording of all estate assets and liabilities. The creation of an inventory creates legal certainty, protects heirs and beneficiaries entitled to a compulsory share and forms the basis for a proper and fair division of the estate.

The inventory is created by the court commissioner as a public document. It contains all tangible items, inheritable rights and all debts that existed at the time of the deceased’s death.

Sebastian Riedlmair
Harlander & Partner Attorneys „Ein vollständiges und korrektes Inventar ist der Schlüssel für eine reibungslose Nachlassabwicklung. Nur wer alle Werte und Verpflichtungen kennt, kann fundierte Entscheidungen treffen“

Scope of the Inventory:

The inventory consists of assets and liabilities.

Recorded Assets (Assets)

• Bank balances, savings books, cash
• Securities and investments in companies
• Real estate (e.g. land, apartments, houses)
• Life insurances and other claims
• Jewelry, works of art, vehicles, collections

Recorded Liabilities (Liabilities)

• Loans, credits, open invoices
• Tax liabilities, obligations from contracts
• Possible maintenance claims or other claims

Special Features of the Valuation

The value of all assets and liabilities is generally determined on the date of death of the deceased, as this is the only way to ensure an objective valuation. Movable property is generally valued at its current market value, while real estate is usually assessed at three times its standard value.

If uncertainties arise during the valuation, the court commissioner can for example consult an independent expert to ensure a correct and comprehensible valuation

This avoids disputes between the heirs and ensures that the estate is settled transparently and with legal certainty.

Sebastian Riedlmair
Harlander & Partner Attorneys „Gerade bei Liegenschaften ist ein unabhängiges Sachverständigengutachten oft unerlässlich, um eine objektive und marktgerechte Bewertung sicherzustellen.“

Legal Framework and Procedure

An inventory must be created in particular if:

• at least one conditional declaration of acceptance of inheritance is present,
• persons entitled to a compulsory share are minors or represented,
• the estate is treated separately,
• a subsequent inheritance or private foundation exists,
• the estate could fall to the state,
• a justified request is made.

Role of the Court Commissioner

Inventory as a Public Document

The inventory has the character of a public document. This means that its contents have special evidentiary value in court proceedings and can only be refuted by strict counter-evidence.

The Statement of Assets of the Heir

If an inventory is not to be created, the heir must instead submit a statement of assets. In terms of content, this declaration basically corresponds to the inventory: all estate items, rights and debts must be listed and valued individually. The heir confirms the correctness of the information with his signature.

However, in contrast to the inventory, the statement of assets does not constitute a public document.

Practical Implementation of the Inventory

Survey of Estate Assets

To determine all estate assets, the court commissioner conducts extensive investigations. He contacts banks, insurance companies and authorities, inspects the land register and company register and collects information from heirs, relatives and third parties. Safe deposit boxes, business premises and locked rooms can also be opened.

Valuation of Assets

The valuation is carried out in cooperation with the parties involved. In the event of disagreement or complex assets, the court commissioner consults an expert. For ordinary household items, an estimate is sufficient; valuable or complex items must be valued exactly.

Disputes Related to the Inventory

Dispute over the Ownership of Assets

If there is a dispute as to whether an item belongs to the estate, the inheritance court decides. The parties can assert their claims in the proceedings. However, the court decision only has effect within the scope of the inheritance proceedings. A separate procedure is required for further civil law claims.

Challenge to the Inventory

The inventory itself does not constitute a decision and can therefore not be challenged by legal remedies. Only procedural orders in the course of the inventory can be challenged if they establish an independent legal disadvantage.

Costs and Deadlines

The costs of the inventory are generally borne by the estate. There is no statutory deadline for the creation of the inventory, but the procedure must be carried out expeditiously and without undue delay.

Risks of Incorrect Inventory

An incomplete or incorrect inventory can have significant legal and economic disadvantages.

Advantages with Legal Support

• Professional support throughout the entire inheritance process
• Review and enforcement of your rights as an heir or beneficiary entitled to a compulsory share
• Correct recording and valuation of all estate assets
• Minimization of liability risks and avoidance of disputes
• Support in communication with the court, commissioner and parties involved

Frequently Asked Questions – FAQ