benefit of inventory

Definition of "benefit of inventory"
  1. It's an heir's privilege where they can only be accountable for the estate's debts up to the amount of assets left in the estate
How to use "benefit of inventory" in a sentence
  1. She was relieved to learn that the benefit of inventory would protect her from financial ruin by limiting her financial responsibility for the estate's liabilities.
  2. With the benefit of inventory, he will only be responsible for the debts of his late uncle's estate up to the value of the estate's assets.
  3. Even though inheriting debts can be intimidating, the benefit of inventory rule will ensure you are not personally liable beyond the value of your property.

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