An estate inventory (boedelbeschrijving) is an official statement of all the deceased's assets at the date of death: holdings, debts, gifts and titles. In Belgium, an estate inventory is in some cases legally required and in others strongly recommended.
When is an inventory mandatory?
| Situation | Mandatory? |
|---|---|
| Heir accepting under benefit of inventory | Yes, within 4 months of acceptance |
| A minor or legally incapable person inherits | Yes, guardian or administrator must draw up inventory |
| Disagreement between heirs | Strongly advised, often ordered by court |
| Second marriage with children from first | Strongly advised to protect forced share |
| Simple estate, partner and children, agreement | Not required, simplified list suffices |
What does the inventory contain?
A formal inventory typically includes:
- Identities of deceased and heirs;
- Real estate with estimated value, cadastral income, acquisition date;
- Movable assets: savings accounts, investments, cash, jewellery, vehicles, contents;
- Debts: mortgage, loans, open invoices, taxes;
- Gifts of the last 3 years (relevant for inheritance tax in Flanders) or longer (Brussels, Wallonia);
- Insurance policies (life, fire, hospital, funeral);
- Bank holdings (accounts, safes, securities);
- Pending lawsuits in which the deceased was a party.
Who draws up the inventory?
Three options:
- Notary: standard, required for minors and acceptance under benefit. Costs 750 to 2,500 euros depending on complexity. Has the legal force of an authentic deed.
- Heirs themselves: for a simple estate, a private list can suffice, provided all heirs are adult and agree. Less probative force but legally valid.
- Bailiff: when loss or concealment is feared. Can draw up an adversarial inventory (request to court by petition).
Deadline
For an acceptance under benefit of inventory, 4 months after acceptance. That term can be extended once by the court, each time by 4 months. Outside that context there is no statutory deadline, but the inventory is best drawn up before the inheritance declaration so that all values are reflected correctly.
How much does it cost at a notary?
Notary fees in Belgium are regulated. For an inventory:
- base fee: 250 to 500 euros;
- per hour of research (cadastre, mortgage, banks): 100 to 200 euros;
- deed drafting: 200 to 1,000 euros;
- registration duties and stamps: 50 to 100 euros;
- VAT 21% on top.
A simple inventory (house + savings + 2 heirs) costs 750 to 1,200 euros. With a will, real estate in several municipalities and foreign assets, it climbs to 2,500 to 4,000 euros.
Legal force
A notarial inventory is an authentic deed. Values stated are proven until contrary evidence. In later disputes between heirs, or in tax authority challenges, the notarial inventory is the strongest document.
A private list is valid but contestable. In delicate situations (blended family, high amounts), a notarial inventory is always advised.
Valuations
Real estate valuation can in Flanders be done by a VLABEL-recognised appraiser (free for the heirs, cost is VLABEL's). In Brussels and Wallonia it is an own valuation by the notary or a private appraiser (250 to 500 euros). An undervaluation is corrected by the tax authority, with penalty. A fair market-value valuation is always safest.
Closing
An estate inventory is more than a formality: it is your protection as an heir. With beneficiary acceptance, it prevents personal liability for debts. With disagreement, it prevents disputes. And for the inheritance declaration, it ensures nothing is forgotten, which prevents penalties and back-assessments. For the declaration itself see DIY declaration. For the different acceptances see accept or refuse.