In Israel, a declaration of assets, known as “Hatzharat Hon” (הצהרת הון), is simply a detailed record of a person’s financial holdings. Think of it as a financial snapshot at a particular point in time. While it might sound a bit formal, it’s a standard procedure in certain situations, primarily related to estate management and occasionally in real estate transactions, and with the right guidance, it’s a very manageable process.

Aharoni Law Firm, founded by Rahav Aharoni, Adv., has specialized in Israeli estate, inheritance, and real estate law for over a decade. We’ve helped countless clients navigate this process with ease. We understand that dealing with legal matters, especially after the loss of a loved one, can feel overwhelming. That’s why we’re here to make it as straightforward and stress-free as possible.

Let’s break down what you need to know about the declaration of assets in Israel.

What’s included in the declaration?

It’s essentially a comprehensive list of your assets and liabilities, providing a clear financial picture. This typically includes:

• Real Estate: All properties owned, from apartments and houses to land and commercial properties, including those held abroad. We’ll need their addresses and current market valuations.
• Financial Assets: This covers bank accounts, savings plans, investment portfolios (stocks, bonds, mutual funds), provident funds (like Kupat Gemel), pension funds, and any other financial instruments, whether they’re in Israel or overseas.
• Vehicles: Any cars, motorcycles, boats, etc.
• Business Interests: Ownership or shares in companies, partnerships, and any income you receive from them.
• Valuables: Items like jewelry, art collections, antiques, or other possessions of significant value.
• Debts and Liabilities: This includes mortgages, loans, and any outstanding debts.

When is it needed?

Most commonly, a declaration of assets is required in the following situations, but keep in mind that we can advise you the most accurately when we have the specifics of your situation:

• Inheritance/Probate Proceedings: If you’re an executor of a will (“Menahel Ezavon”) or an administrator of an estate, the Inheritance Registrar (Rasham HaYerusha) or the court may ask for a declaration of assets. This ensures the deceased’s estate is correctly accounted for and distributed fairly among the heirs, according to the will or Israeli inheritance law.
• Certain Real Estate Transactions: The buyer may ask to see a declaration of assets, although this is not mandatory.

Why is it important?

• Ensures a Smooth Process: Having a clear and accurate record of assets helps the inheritance or real estate process move forward efficiently and transparently.
• Fair Distribution: It ensures that everyone involved, especially in inheritance cases, is on the same page regarding the estate’s value, facilitating a fair distribution.
• It’s a Standard Procedure: It fulfills a legal requirement, making sure everything is handled correctly and by the book.

How is it submitted?

• The document is submitted to the Inheritance Registrar.
• Don’t worry; when we work together, we take care of the submission process for you.

What if I need help?

That’s precisely what we’re here for! At Aharoni Law Firm, we understand that compiling a declaration of assets can seem daunting, particularly for extensive or complex estates. With over a decade of experience, we’ve streamlined this process. We know exactly what information is needed and how to present it accurately and efficiently. We’ll guide you through each step, answer all your questions, and handle the paperwork so you can focus on what matters most during this time.

Conclusion

Declaring assets is simply a tool to ensure clarity and fairness in estate and certain real estate matters. With Aharoni Law Firm by your side, you can rest assured that this process will be handled professionally and with the utmost care, minimizing any stress or uncertainty. Don’t hesitate to reach out to us for a consultation. Our Israeli attorney, Rahav D. Aharoni, is licensed, fluent in English, and native in Hebrew. Please contact us by calling our US/Canada office at +1-888-923-0022 or our Israel office at 972-3-9055478.

Our firm’s office hours are Sunday through Thursday, 8:00 AM to 8:00 PM, and Friday, 8:00 AM to 3:00 PM. Appointments are available upon request.

Recent Client Testimonial:

Excellent attorney! We had a somewhat delicate case, Rahav approached it with professionalism and empathy, worked diligently to solve it as swiftly as possible, and followed up after his part was done until the full resolution.

– Emil Rasamat on ProvenExpert (Read more client reviews)