The inventory of assets left by the deceased can be carried out in two ways: 1- Extrajudicial Inventory and 2- Judicial Inventory, as described below:

1- Extrajudicial Inventory

This procedure is carried out at the registry office, through a lawyer, and it is necessary to present the documents referring to each asset left to the heirs.

The deadline for opening the inventory is 60 days from the date of death, and anyone can open the inventory, not only the heirs, but also any creditor of the person who died.

It should be noted that all assets and obligations left by the person who died are called "whose", and must be part of the inventory, such as: real estate, vehicles, investment values, applications/or shares of companies and all responsibilities related to each asset.

2- Judicial Inventory

This procedure is carried out in the forum located in the last domicile of the person who died, or even, if he did not have a fixed domicile, it can be filed at the place of death, through a judicial process, if the heirs do not agree with the sharing of the goods or if they are minors or incapacitated.

During the process, the executor is responsible for the maintenance of the assets.

In this type of inventory, in addition to the costs of the tax, there is also the amount of court costs.

In the judicial process there is the possibility of selling one of the goods in order to pay the costs of the process. In this case the request to sell one of the goods is made at the beginning of the process.

Still, in any of the Inventory modalities; Judicial or Extrajudicial, there will be the cost of the state tax ITCMD (Transmission Tax Cause Mortis and Donation), which in the state of São Paulo has a rate of 4% (four percent) on the mor mount, that is, on the total value of the inheritance, (in real estate, the venal and non-commercial value of the asset is considered).

It should be noted that the ITCMD, as it is a state tax, will depend on the location of the assets left by the person who died. If there are assets in another state, the tax of that state must be collected.

It is of great importance to carry out the inventory, since the estate must be shared among the heirs according to their hereditary vocation, so that there are no future problems, not even the payment of a fine for delay in opening the inventory, or family complications, because one of the heirs has, for example, effective possession of one of the assets and the others do not.

If you have further questions, please do not hesitate to contact us to schedule an appointment.