The benefit of inventory
The benefit of inventory
When someone dies, a number of administrative formalities have to be undertaken. Under Swiss law, if the estate is accepted, the heirs inherit the deceased's assets and liabilities. However, the heirs are under no obligation to accept an estate, which can be repudiated within three months of the death. If, despite the investigations that the heirs may undertake, they have no knowledge of the extent of the deceased's debts - or assets - an inventory must be drawn up. In Geneva, to do this, a request for the benefit of an inventory must be sent to the Justice of the Peace no later than one month after the death. A notary will then be instructed to draw up a list of assets and liabilities, which will determine whether or not the estate is solvent. The cost of this procedure is CHF 1,800. Once the inventory has been drawn up and closed, the heirs will have the choice of either accepting the estate outright or accepting it with the benefit of the inventory, in which case the heirs will only be liable for the debts listed in the inventory, which will be paid out of the estate's assets. The heirs may also repudiate the estate or ask for it to be officially liquidated by a third party, which means that only the remaining assets will be redistributed to them.It is therefore up to you to first assess whether your mother's estate seems solvent to you. If this is not the case, and you do not want to inherit an estate in deficit, it would be preferable to request the benefit of inventory. As you will have understood, if you and your brother accept an estate with debts, it will be up to your heirs to assume them.
