Knowledge base: Estate inventory
Under Finnish law, an estate inventory must be held within three months of a person's death. It serves both as a record of the deceased's assets and debts and as the basis for inheritance taxation. The responsibility for arranging the inventory usually falls on the heir most familiar with the estate.
This knowledge base covers every stage of the estate inventory: deadlines and extensions, required documents, administrator duties, costs and taxation. The guides help you handle the process yourself or find the right professional to assist.
Topics
What documents are needed for an estate inventory? A comprehensive list: family records, civil registry certificates, will, bank statements, and property documents.
How does a prenuptial agreement affect the estate inventory and partition? Read about the significance of the prenuptial agreement for the surviving spouse and heirs.
How much does an estate inventory cost? Free if done yourself, EUR 500–2,000 with a lawyer. Factors affecting price and saving tips.
Can you do the estate inventory yourself? When is a lawyer needed? Comparison, DIY instructions, and risk assessment.
How is real estate handled in an estate inventory? Learn about property valuation, tax value, fair market value, and required documents.
How to request an extension for the estate inventory? Learn about the grounds, submitting the application to the Tax Administration, and consequences of exceeding the deadline.
The estate inventory must be conducted within three months of the deceased's death. Learn about calculating the deadline, consequences, and requesting an extension.
How are stocks, funds, and other investments handled in an estate inventory? Learn about valuation, book-entry account procedures, and taxation.
How are bank accounts handled in an estate inventory? Learn about account closure, balance certificates, access rights, and estate bank accounts.
How does a will affect the estate inventory? Learn about notification of the will, contesting, forced share, and consideration of the will in the deed.
How is the estate inventory conducted when the deceased has property abroad or lived abroad? Learn about special issues in international estate inventories.
How are insurance policies handled in an estate inventory? Learn about reporting life insurance benefits, savings insurance, and property insurance in the deed.
How are debts handled in an estate inventory? Learn about shareholders' liability, managing an insolvent estate, and reporting debts in the deed.
How is inheritance tax determined based on the estate inventory? Tax classes, exempt portions, tax tables, and deductions clearly explained.
Key duties of the estate administrator: estate management, documents, estate inventory, and inheritance distribution. Who can serve as estate administrator?
Frequently asked questions
Can the estate inventory deadline be extended?
Yes, an extension is requested from the Tax Administration before the three-month deadline expires. A justified reason, such as missing documents, is required.
What happens if the estate inventory is not done on time?
A delay may lead to a tax surcharge imposed by the Tax Administration. Complete failure to file can result in an estimated tax assessment.
Who is invited to the estate inventory meeting?
All estate shareholders, surviving spouses and beneficiaries of wills are invited. The invitation is sent by the estate administrator.
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