The inventory, an ally for your patrimony
furniture inventory
Posted in ExpertisesInsurance issues

The inventory, an ally for your patrimony

The auctioneer, specialist experts and insurance experts carry out different types of inventories of your assets. They draw up a detailed document with a precise listing of your valuables by speciality. Inventory, preliminary, reassembly, all these terms are similar. Let's go further.

Do you know that? What objects in your home are on the coast? Drawings, vintage cars, signed jewelry took off, of course.

Old wines hidden in your cellar or certain fashion accessories gain value if they are easily identifiable.

By calling on a professional in the art market, you benefit from all his expertise. The Expert is generally a member of a professional syndicate. You can check his qualities on the sites of recognised organisations such as the sites of the Commissioners of Justice, or the Insurance Experts Company.

What are the different types of inventories?

On a daily basis, a prior inventory of your assets will be useful to protect your current and future assets.

Inventory for insurance purposes

In the event of a disaster, such as theft or water damage, photographs are insufficient to justify the value of the object. It is up to the claimant to provide the burden of proof (according to Article
1315 of the Civil Code). The inventory made before the disaster can therefore serve as proof of the existence and condition of the damaged or missing property at a certain date.

What to do when decorative objects or jewellery are passed from hand to hand? Indeed, you do not always have proof of ownership in case of inheritance.
In this case, the Expert is liable when he signs an inventory for insurance purposes. He details and gives precise information on each object allowing it to be identified: technique, signature, period, condition.

In addition, this document allows you to adapt the limits of cover corresponding to the categories of contractual goods that appear in your contracts: jewellery, valuables and furniture. In other words, in the event of a claim, the insurance contract applies in most cases on a declared value basis. In other words, in the event of theft, accidental damage or destruction of works of art and any other furniture, the insured must justify the claimed value.

It is at this point that prior inventory is fully justified.

In the event of a value agreed by the insurer, the inventory will also be the document used to quantify the loss. In this case, the insurance company agrees to pay the indemnity according to the inventory.

Let's take the concrete case of a painting bought for 10,000 francs in 1998. How can it be revalued on the day of the loss? The inventory will provide the necessary information to recover its corresponding value at the average price in public auction rooms or galleries on the day of the loss. The Expert is responsible for the proof of the condition of the work and its authenticity.

Preliminary or precautionary inventory

Prior or conservatory expertise is also of major interest in the case of family disputes which would require a distribution of lots. In the case of divorce or separation, the auctioneer is your ally in the management of your estate.

He accompanies the notaries on a daily basis to determine the value of the lots. In this way, you can respect the rights of the family when the shares are shared fairly.

What are the resale and purchase values today of your jewellery and fashion accessories such as a HERMES brand bag? Do you know the value of your family's antique furniture?
The value of objects fluctuates according to fashions and times. It is therefore necessary to update this information regularly depending on the type of object.

The estate inventory

Indeed, why risk paying unsuitable inheritance tax? The inventory of furniture allows you to reduce your duties in certain cases.

"According to what article 764 of the General Tax Code says, let's take a concrete case. Mrs Martin's estate has total assets of €700,000. We add up the value of her apartment, her bank accounts and all the other proceeds.

In the first case, if we apply the flat rate of 5%, the administration will consider that it owns 35,000 € worth of furniture. Therefore, her daughter will have to pay €133,462 in tax, after deducting the €10,000 not including notary fees.

In the second case, his daughter opts, with the advice of her notary, to carry out an inventory by calling in an auctioneer. The auctioneer estimates the value of the furniture at €10,000.
She will only pay €125,962 in duties, after deducting the €100,000 not including notary fees.

It shows a saving of 7 500 € in direct line" .

Aude Ceysson, Auctioneer

The inventory of heritage for guardianship and curatorship

The appointment of the legal representative of the protected adult is made by decision of the guardianship judge). A legal observation period of 15 days then elapses during which the placement under guardianship may be contested.

After this period, the guardian must make an inventory of the financial, movable and immovable property of the protected adult.
The protected person must be present at the inventory of property operations provided for in article 503 of the Civil Code. Depending on his or her state of health or age, his or her lawyer may represent him or her. In the absence of a public or ministerial officer, two witnesses of full age who are not in the service of the protected person or the person exercising the protection measure may take his place.

This inventory first contains a description of the furnishings. Then an estimate corresponds to the real estate as well as the movable property, the designation of cash in cash as well as a statement of bank accounts, investments and other securities.
Those present date and sign the inventory.

In summary,

The inventory or prior expertise as an ally will follow you as you go through life. It adjusts itself to the evolution of your patrimony. Essential for adapting the guarantees of your insurance policies or other patrimonial situation, it will allow you to protect yourself in all circumstances.

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