Private transfer of estates

Final private exchange

To complete a private settlement, heirs must complete and return to the District Commissioners together with the necessary supporting documents. See further discussion of the inheritance report here.

When information on assets and liabilities has been completed in the inheritance report, it becomes clear what the net worth is and whether the heirs have to pay inheritance tax and receivership tax. The exchange fee is ISK 13,000.

All heirs are required to sign a will unless they have appointed an agent to represent them in the course of the personal settlement. It is sufficient that the agent sign a will report. A guardian or legal representative representing the heir must also sign, if applicable.

The District Commissioner of the capital area must make an advance appointment to submit a heirloom report.

Private exchange

All assets of the deceased are divided by inheritance ratios unless the heirs agree otherwise.

Inheritance may be required to make a written private exchange to further explain the outcome of the exchange. There is no private exchange form but it must include:

The name of the deceased, the national identification number, the date of death and the address on the day of death.

• Names of heirs, ID numbers and addresses, and, if applicable, information on guardians or legal representatives.

• Assets held for distribution and their correct value.

• The estate's debts and information on their current status and what will happen to them.

• What each heir receives is paid out to his/her share.

All heirs are required to sign a private settlement unless they have appointed an agent to represent them in the course of the personal settlement. It is sufficient that the Ombudsman sign the private exchange act. A guardian or legal representative representing the heir must also sign, if applicable.

Declarations of Genetic Contribution

With a declaration of inheritance, heirs shall submit a will for real estate to be declared as heirs. Inheritance declarations may also be submitted for other assets if necessary.

The District Commissioner shall confirm by an endorsement that the declaration of inheritance is in accordance with a declaration of inheritance or a private settlement and that inheritance tax has been paid.

A declaration of inheritance shall be submitted to the District Commissioner where the property is located.