Disputes over the value and division of property between heirs are commonplace in inheritance, especially over movable property. It is therefore important to carry out an inventory of furniture, whether it be actual furniture, utensils, or works of art, by a notary, possibly accompanied by an auctioneer, and to carry out an assessment of the goods to be declared. So what does an inventory consist of? How to carry out an inventory of the property of a deceased? And, how to value inheritance assets?
What does an inventory of goods consist of?
The inventory of goods consists of making a list and an estimate, item by item, of the furniture of the deceased person, that is to say of all that is furniture and decorative objects, tapestries, porcelain, or even objects of art like paintings, statues, even including masterworks. An inventory is generally used to avoid conflicts between heirs, especially if one of them must be specially protected. The regulations in force also stipulate that it is mandatory if one of the heirs is a minor child, a person under guardianship or curatorship. For more information on the subjects, there are specialists to turn to. For example, the expert Mr. Expert can give you all the help you need.
How to take an inventory of movable property during an inheritance?
The succession inventory can be carried out at the request of one of the heirs to facilitate a fair division of property. To do this, the notary will list the furniture, jewelry, and personal items of the deceased and make an accurate assessment of the furniture which represents a flat rate of 5% of the heritage. It is possible to inventory the furniture yourself. To do this, there are several free models on the Internet where the room in the house will be indicated, also the furniture that is there, and their descriptions. The description box will mention the details of the evaluated object such as its dimensions. Optionally, you can also add some photos of the object to make it easier to recognize.
How to value property in the event of inheritance?
When it comes to appraisal, there are several ways that you can appraise furniture in succession. First, the furniture is valued at the net price obtained in an auction within two years of the owner’s death. Furniture can also be valued at the value contained in the inventory of a notary carried out within five years of the owner’s death. For the third case, in the absence of a notarized inventory, the heirs can be satisfied with an estimated declaration which cannot be less than 5% of the gross value of all the other assets. For works of art and jewelry, the estimate will be based on the value declared in an insurance contract in force on the day of death.
