Usually means: Protection against deceased's debt liability.
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We found 6 dictionaries that define the word benefit of inventory:

General (2 matching dictionaries)
  1. benefit of inventory: Wiktionary
  2. benefit of inventory: Dictionary.com

Business (4 matching dictionaries)
  1. benefit of inventory: Merriam-Webster Legal Dictionary
  2. Glossary of Legal Terms (No longer online)
  3. Bouvier's Law Dictionary 1856 Edition (No longer online)
  4. Benefit of inventory: Legal dictionary

Definitions from Wiktionary (benefit of inventory)

noun:  (Scots law) A legal privilege whereby an heir secured himself against unlimited liability for his ancestor, by giving up within the annus deliberandi an inventory of his heritage or real estate, which then represented the maximum extent to which he was liable.

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