Estate Inventory: DIY or with a Lawyer? Cost Comparison and Risks | Muistovalkea

What is an estate inventory?

An estate inventory (perunkirjoitus) is a legally required procedure in Finland to determine the deceased's assets and debts. The estate inventory deed (perukirja) must be submitted to the Tax Administration (Verohallinto) within one month of the inventory. The estate inventory must be held within 3 months of the death.

The estate inventory deed serves as the basis for determining inheritance tax and for the subsequent division of the estate.

DIY estate inventory

When is it sufficient?

A DIY estate inventory is suitable when:

• The estate is simple: one bank account, no real estate, no business assets
• There are no debts or they are straightforward (e.g. a mortgage)
• There are few heirs and they are in agreement
• All heirs are in Finland
• There is no will or it is clear and unambiguous

Costs

Cost item	Price
Family extract (DVV)	€50–100
Official certificates	€20–50
Bank certificates	€30–50 per bank
Estate inventory form	€0 (free online)
Total	€100–200

Step by step

1. Gather the required documents:

   • Family extract for the deceased (unbroken, from age 15 to death)
   • Official certificates for all heirs
   • Bank certificates (balances on the date of death)
   • Title certificates for real estate
   • Insurance documents
   • Tax decision from the most recent year

2. Invite the heirs to the estate inventory meeting:

   • Verifiable invitation to all heirs (registered letter or email with read receipt)
   • At least 2 weeks before the meeting

3. Hold the estate inventory meeting:

   • Two witnesses (uskotut miehet) present
   • The estate reporter (usually the surviving spouse or eldest child) presents the assets and debts
   • The witnesses assess the value of the assets

4. Draw up the estate inventory deed:

   • Deceased's personal details and date of death
   • List of heirs
   • Assets on the date of death (bank balances, real estate, vehicles, investments)
   • Debts on the date of death
   • Surviving spouse's assets and debts (marital right)
   • Signatures

5. Submit the estate inventory deed to the Tax Administration:

   • Within one month of the estate inventory
   • The Tax Administration determines inheritance tax based on the inventory deed

Professional estate inventory

When do you need a professional?

A professional is strongly recommended when:

• The estate includes real estate – valuation requires expertise
• The deceased had a business – valuing business assets
• Debts are unclear – settling an over-indebted estate
• There is property abroad – international inheritance law questions
• The heirs disagree – managing a disputed estate
• The will is complex – interpretation issues
• There are marital right questions – a prenuptial agreement, need for division of marital property
• There are many heirs or some are unreachable

Costs

Estate type	Price
Simple estate	€500–800
Medium-sized estate	€800–1,500
Large estate (real estate, business)	€1,500–2,500
Disputed or complex estate	€2,000–3,000+

What does a professional do?

• Gathers all documents on your behalf
• Drafts invitations and handles notifications
• Conducts the estate inventory meeting
• Draws up the estate inventory deed
• Submits the deed to the Tax Administration
• Advises on inheritance tax matters
• Helps prepare the division of the estate

Where to order?

• Lawyer – reliable and covered by professional liability insurance
• Public legal aid attorney – if your income is low (free or reduced fee)
• Bank legal services – OP, Nordea, etc. offer estate inventory services
• Funeral homes – some arrange legal services

The most common and costliest mistakes

1. Missing the deadline

The estate inventory deadline is 3 months from the death. Missing it without an extension leads to a tax surcharge. Request an extension in good time if you know you won't make the deadline.

2. Failing to declare assets

All assets must be declared: bank accounts, investments, vehicles, art, jewellery, insurance. Failing to declare assets constitutes tax fraud.

3. Omitting heirs

All legal heirs must be invited – including those you are not in contact with. An incomplete list of heirs renders the estate inventory deed invalid.

4. Over- or undervaluing real estate

The fair market value of real estate must be assessed realistically. Overvaluation leads to excessive inheritance tax. Undervaluation can lead to a tax surcharge.

Comparison table

Factor	DIY	Professional
Price	€100–200	€500–3,000
Time (own effort)	10–30 hours	2–5 hours
Risk of errors	Moderate	Low
Suitable for	Simple estate	All estates
Advice	Not included	Included
Liability for errors	Family member	Professional

Practical recommendation

Simple estate (one bank, no real estate, few heirs): Do it yourself. You'll save €500–1,000 and the process is straightforward.

Everything else: Use a professional. Correcting mistakes afterwards is more expensive than the professional's fee.

Read more about the cost of an estate inventory and the duties of an estate administrator.

Frequently asked questions

How much does a lawyer charge?

€500–3,000 depending on the scope of the estate. A simple estate costs around €500–800.

Can you do the estate inventory yourself?

Yes. For a simple estate, it is straightforward. Document fees are approximately €100–200.

What are the risks of doing it yourself?

Missing the deadline (tax surcharge), incomplete information (tax consequences), and formal errors (invalid estate inventory deed).

Who can be a witness (uskottu mies)?

Any adult with legal capacity who is not an heir of the estate.

What if the deadline is missed?

The Tax Administration may impose a tax surcharge. Request an extension in advance – it is generally granted for justified reasons.