Inheritance financial statement

When a prior inheritance is submitted, a will must be completed and a statement of inheritance returned to the District Commissioner where the inheritance is domiciled.

A will inheritance report on account of inheritance payments in advance shall record assets in relation to their value on the date the District Commissioner endorses the inheritance report. This contains general information on inheritance tax. (link)

Debts or costs of calculating inheritance tax may not be deducted from inheritance payments made in advance.

The following documents may be submitted with a genetic report:

• Declaration of division in respect of real estate (if real property is being delivered to an inheritance).

• Will (if a letter heir is being paid out inheritance).

• The consent of the supervisor of guardians (district commissioner) if the heir is under the age of 18.

• Documentation confirming the value of the asset, for example: a summary of securities assets and vehicle valuations.