The simplified list of the inventory was introduced to Polish Inheritance Law in 2015. It is an important tool in limitation of liability for the inherited debts. Until 2015 the process of drafting of the inventory was complicated and expensive (due to requirement of assets valuation). Starting from 2015 successors who accepted the inheritance with the benefit of inventory may draft and file to the Inheritance Court the simplified list of inventory in fast track and low cost.
What is the list of inventory?
List of inventory is a private document, which should disclose all the assets and liabilities of the estate after the heir. The list of inventory is determining the positive balance value of estate, and thus the amount up to which the heir who has accepted the inheritance with the benefit of inventory is responsible for the inherited debts. Preparation of the list of inventory is not obligatory but until it is not drawn up and filed with the court the successor is liable for inheritance debts without any limitations. The list of inventory determines the limit of the heir's liability for inheritance debts.
Who and when can draw up the list of inventory?
The list of the inventory may be drawn up by a heir who accepted inheritance with the benefit of inventory, a vindication legatee or an executor of the testament. The Polish Civil Code allows the individual as we as joint lists of inventory. The possibility of drawing up the list of inventory is open to all inheritance estates resulting from deaths which occurred after October 18, 2015. Polish Parliament did not specify the deadline within which the inventory list should be drawn up and filed to the court. Nevertheless, it will be recommended to draw it up and file it as soon as practicable due to the fact that until it is not drawn up the heirs are liable for inheritance debts without any limitations.
What should be included in the list of the inventory?
The list of the inventory shall disclose with proper level of care:
- all the assets belonging to the estate, providing their value according to the amount thereof and prices from the day of death of the deceased
- the objects of vindication legacies, providing their value according to the amount thereof and prices from the day of death of the deceased
- inherited debts and their amounts according to its status as per day of death of the deceased.
The successor who has submitted the list of inventory to the Court shall pay the inherited debts in accordance with the submitted list. If it turns out that some of the assets or debts are not reflected in the inventory, the list it may be amended and re-reported to the court.
Where should you file the list of inventory?
The list of inventory should be filed with the court of inheritance i.e. the court for the last place of usual stay of the deceased or with the court in whose district a person submitting the same resides (this court shall promptly forward the inventory list to the probate court). The list of inventory can be also filed with the notary as notarial act (the notary shall promptly forward a copy of the report to the inheritance court).
The inheritance court shall promptly order publication of the information on the fact of filing of the inventory. The publishing is made by posting of the information on the court website and notice board of the court of inheritance. The list of inventory can be reviewed only by persons who prove the legal interest.