Elisa Ilmoniemi
Partner, Attorney-at-law, Master of Laws with court training
What happens during a settlement of the estate?
The settlement of the estate is carried out to determine the property of the estate, based on the deed of estate inventory.
The settlement of the estate may be based on the joint administration of the shareholders in the estate, or alternatively the shareholders or one of them may apply to the district court for a neutral estate administrator.
During the settlement of the estate, it is intended to prepare the property of the estate for the distribution of the estate. In practice, this means that during the settlement of the estate, the assets of the estate are taken care of, some of the assets are sold, if necessary, the debts are paid and the legacies are fulfilled.
The distribution of the estate cannot take place until all the necessary settlement procedures have been completed. The most important thing is that all debts have been paid.
Surrendering the property of the estate to the administration of an estate administrator
It is possible to surrender the property of the estate to the administration of an estate administrator. As a general rule, a lawyer with experience in inheritance law is appointed as estate administrator. The district court of the deceased’s domicile appoints the estate administrator on application by the shareholder(s).
It is often thought that an estate administrator is only appointed in the event of a dispute between the partners. In reality, however, the appointment of an estate administrator, for example in an estate whose shareholders live at long distances from each other or possibly even abroad, can significantly speed up the settlement of the estate and therefore the distribution of the assets to the shareholders.
There are also occasions when, for one reason or another, it is simply not possible to proceed with the settlement of the estate, in which case the assistance of an expert can considerably speed up the process.
It is therefore the role of the estate administrator and the estate distributor to facilitate an amicable solution between the parties.
Once the settlement of the estate has been completed, it is possible to proceed to the distribution of the estate.
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We offer
With more than twenty years of experience, we offer our clients a personalised and client-oriented service in various areas of family property law. Whether your matter falls under family law or inheritance law, we always handle it efficiently, without forgetting the human aspect.
Family law
The area of family law usually includes financial matters relating to marriage and cohabitation, as well as child custody, living arrangements, right of access and maintenance.
Law of inheritance and succession
Before proceeding with the distribution of the estate, a deed of estate inventory, which is a list of the deceased’s assets and liabilities, must first be drawn up and the estate must be settled. Only then can an agreement on the distribution of the estate be concluded.
Inheritance planning
Inheritance tax planning emphasises the importance of properly prepared documents in good time. A continuing power of attorney is a document that allows you to take care of your own affairs over your lifetime well in advance. You can plan for the distribution of your assets and their tax treatment by having a comprehensive deed of gift and/or testament in place.
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