The estate inventory<\/strong> is the detailed list of all the assets, rights and debts<\/strong> a person leaves on death. It is the complete “snapshot” of the estate<\/a>: what is in the assets column, what is in the liabilities column and, therefore, what will actually be distributed.<\/p>\n The difference between the two gives the net estate<\/strong>, which is the basis for the distribution and for inheritance tax.<\/p>\n Three key things: knowing what is actually inherited<\/strong> (sometimes there are more debts than assets), preparing the partition of the estate<\/a>, and protecting an heir who decides to accept under benefit of inventory<\/strong>.<\/p>\n It is the form of acceptance that limits the heir’s liability<\/strong>: they answer for the estate’s debts only up to the value of the inherited assets<\/strong>, without putting their personal property at risk (Article 1023 of the Spanish Civil Code). To rely on it, a faithful and accurate inventory<\/strong> must be drawn up before a notary, following the requirements of Articles 1010 et seq.<\/p>\n An heir who holds the estate’s assets has 30 days<\/strong> to notify the notary that they wish to use the benefit of inventory (Article 1014). The inventory must begin within 30 days of summoning the creditors and legatees and, as a general rule, be completed within a further 60 days<\/strong> (Article 1017). Missing these deadlines means losing the benefit.<\/p>\nContents<\/h2>\n
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What does it include?<\/h2>\n
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What is it for?<\/h2>\n
What is acceptance under benefit of inventory?<\/h2>\n
What deadlines apply?<\/h2>\n
Legal sources<\/h2>\n