The extrajudicial inventory is defined in the first paragraph of art. 610 of the Code of Civil Procedure, which states that “if all are capable and agree, the inventory and partition may be made by public deed, which will constitute a valid document for any act of registration, as well as for the withdrawal of amounts deposited in financial institutions”.

This means that if the heirs agree and have full civil capacity, the inventory can be carried out extrajudicially, by means of a public deed that will result from the common agreement of these heirs.

The extrajudicial route does not require a judicial process. The inventory retains its legal character without any prejudice to the heirs, but is carried out by means of a public deed, without the need to enter the judicial system.

Requirements for Extrajudicial Inventory

• All heirs must be over 18 and capable;
• Agreement between all the heirs on the division of the assets left by the deceased;
• There is no will.

Advantages

• Speed up the process: since there is a prior agreement between the parties to the partition, the lawyer and notary will be able to analyze the documents needed for the inventory more easily and there will be no need to discuss many issues.
• Time: the process usually takes between a week and a few months to complete.
• Costs: the costs are lower due to the shorter time it takes, as well as the absence of proceedings, questions and hearings, which are common in judicial inventories.
• Location: the heirs can choose which registry office they wish to file the inventory at.

Disadvantages

• In some cases, banks take a long time to release funds held in investment accounts, requiring court orders, which can delay the procedure a little longer.