Estate inventory

Lowering the Tax Base

In the context of an estate settlement, heirs can call upon an auctioneer to perform an inventory of the deceased's movable property, in collaboration with the notary. This process is essential to avoid the automatic application of the 5% flat-rate furniture tax, which is calculated based on the total gross estate assets (including real estate). Choosing an inventory drastically reduces the tax base, yielding significant savings for the beneficiaries.

Example: without an inventory, for an apartment valued at €600,000, the tax authorities will calculate 5% of this amount, which equals €30,000. However, the total value of the furniture is almost always significantly lower. Thus, by opting for an inventory, the tax calculation will not be based on €30,000, but rather on an amount ranging from €1,000 to €10,000 (indicative range).
 

In Practice

The notary sets an appointment at the deceased's home with the auctioneer and at least one of the beneficiaries. The auctioneer conducts an inventory of the movable assets, known as the "appraisal" (*prisée*). This appraisal is inserted directly into the estate file and serves as the calculation base for the tax administration.
 

Achieving an Equitable Division

The auctioneer's expertise proves valuable in ensuring a fair division of personal property among beneficiaries to prevent conflicts. The estate appraisal can serve as the basis for distribution among the heirs, who have two options:

• Keep the property from the estate and dispose of it as they wish;
• Sell the property at public auction through the auctioneer. In this case, the lots are sold under "joint ownership", and the sale proceeds are divided equally among everyone following the auction session.

Maître Gillieron travels throughout France and abroad to conduct your inventories. To schedule an inventory appointment, please contact her at +33 (0)9 88 43 06 39 or by email at contact@morganegillieron.com.