Benefit of inventory

Definition of Benefit of inventory

Beneficium inventarii is a Latin phrase which literally means “benefit of the inventory.” It is a legal doctrine introduced into Roman law by Justinian I to limit the liability of heirs resulting from an insolvent estate.

Beneficium inventarii applies to both wills and intestate successions in many civil law systems. An heir may accept a succession under beneficium inventarii without being liable for the debts or to the claims of legatees beyond the value of estate ascertained by inventory.

: the right of an heir to be held liable for the debts of the estate only to the extent of the assets in the estate
The heir obtains the benefit of inventory by having a qualified public officer (as a notary public) make an inventory of the assets in the estate within the time period set by statute.
3 a : financial help in time of disability, sickness, old age, or unemployment
b : payment or service provided for under an annuity, pension plan, or insurance policy
see also death benefit

See Also

Fringe benefit
Benefit
Benefit Certificate
Benefit Claim
Benefit Fraud
Beneficium Abstinendi
Beneficium Competentiae
Beneficium Ordinis
Invito Beneficium Non Datur