Estate Inventory

The estate inventory (perunkirjoitus) is a statutory procedure to determine the assets and liabilities of the deceased's estate. It must be held within three months of death, and the result is the estate inventory deed (perukirja).

Statutory Deadline

According to Chapter 20, Section 1 of the Code of Inheritance (40/1965), the estate inventory must be held within three months of the deceased's death. The deadline begins from the date of death, regardless of when the family learns of the death. If three months is not sufficient, an extension can be requested in writing from the Tax Administration before the original deadline expires. Granting an extension requires a justified reason, such as the size of the estate or international connections.

Required Documents

Several documents are needed for the estate inventory. The most important are the deceased's genealogical records (an unbroken chain of parish certificates from age 15 to death), shareholders' parish certificates, will, prenuptial agreement, and information about assets and liabilities. Banks, insurance companies, and authorities provide the necessary balance certificates and documents in response to inquiries made on behalf of the estate.

Participants and Roles

The estate inventory proceedings are attended by the estate shareholders and two witnesses (uskotut miehet). The estate administrator — the shareholder who has possession of the estate's property — is responsible for organizing the proceedings. The witnesses assess the estate's assets and verify the information in the estate inventory deed with their signatures. All shareholders must be verifiably invited, but absence does not prevent the proceedings. The surviving spouse is not a shareholder but is obligated to declare their own assets and liabilities at the estate inventory.

How the Proceedings Work

During the proceedings, the deceased's assets, liabilities, and shareholders are systematically reviewed. The witnesses record the information in the estate inventory deed (perukirja), which is the end result of the estate inventory. The proceedings are usually held at the estate administrator's home, a law firm, or a bank. The cost of the estate inventory varies depending on whether it is done independently or with a lawyer. A lawyer's fee is typically 500–1,500 euros depending on the size of the estate.

After the Estate Inventory

The estate inventory deed must be submitted to the Tax Administration within one month of the estate inventory. The Tax Administration determines the inheritance tax amount based on the estate inventory deed. The deed also serves as the estate's official document with banks, insurance companies, and authorities. Without the estate inventory deed, the estate's assets cannot be distributed or transferred to the heirs.

Frequently asked questions

Who is responsible for organizing the estate inventory?

Organizing the estate inventory is the responsibility of the shareholder who manages the estate's affairs, i.e. the estate administrator (pesänhoitaja). In practice, this is often the surviving spouse or one of the children. The estate administrator invites the witnesses and ensures the necessary documents are obtained.

What happens if the estate inventory is not completed on time?

If the estate inventory is not completed within the three-month deadline and no extension has been requested, the tax authority may assess the estate's assets by estimation. Additionally, the estate shareholders may lose their right to limited liability for debts, making them personally liable for the deceased's debts.

Can an extension be obtained for the estate inventory?

Yes. An extension is requested in writing from the Tax Administration before the original three-month deadline expires. The application must justify why the extension is needed. Common reasons include the size of the estate, document availability, or shareholders living abroad.