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

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

Step by step

1. Gather the required documents:

   • Family extract for the deceased (unbroken, from age 15 to death)
   • Proof that heirs are alive (usually shown in the family extract; otherwise a certificate of being alive)
   • 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:

   • Notify all heirs and the surviving spouse of the time and place in good time (Code of Inheritance 20:2)
   • Send the invitation so that delivery can be proven (e.g. letter and email)

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

Prices are indicative: many firms bill by the hour (e.g. OP Uusimaa legal services €240/h incl. VAT, 2026), so ask for an estimate in advance.

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 – e.g. OP's legal services draw up estate inventories (usually billed hourly)
• 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 can lead to a late-filing fee (€50) or a tax surcharge, and the heir responsible for the inventory may become personally liable for the deceased's debts (Code of Inheritance 21:2). Request an extension from the Tax Administration before the deadline if you know you won't make it.

2. Failing to declare assets

All assets must be declared: bank accounts, investments, vehicles, art, jewellery, insurance. Failing to declare assets can lead to a tax surcharge, in intentional cases even criminal proceedings, and personal liability for the deceased's debts.

3. Omitting heirs

All legal heirs must be invited – including those you are not in contact with. An incomplete list of heirs must be corrected with a supplementary or corrective deed, which delays inheritance taxation and distribution.

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

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.