Knowing how to manage an inheritance will save you a lot of hassle. When you appear as an heir in a will, you have to follow a series of steps until you receive the inherited asset. This ensures that the transfer of assets is as indicated by the deceased and prevents disputes from arising. The process includes the payment of taxes to the Treasury, such as inheritance tax.
Come on, an inheritance is managed.
The inheritance procedures begin at the time of death. First of all, you must obtain the death certificate and the last will and testament certificate. With them you can request a copy of the will at the notary where it was drafted to compare it. Thus, the notary will verify who the heirs are and will call them to carry out the distribution of assets.
Another important point that you should pay attention to is related to bank accounts. The heirs have to inform the bank of the event and request a certificate of positions. This document proves that the deceased was the owner of the account or financial products that he owned during his lifetime. Also, indicate the positions and balances, which will be blocked until the distribution of goods.
Asset distribution
After reviewing the will, the notary brings together the heirs to distribute the assets, both assets and debts. First a recount is made and then allocations are carried out in accordance with the document and the law.
For example, if a parent dies and left a will, the children inherit two-thirds of the property. On his part, the spouse receives usufruct of the inheritance of his children, as would occur with a home. On the other hand, the last third will be freely available, that is, it could be allocated to anyone.
However, it may happen that there is no will. If so, and continuing with the previous example, the distribution would be the same, but the freely available part would be eliminated. However, there are other cases contemplated by law, such as managing an inheritance from grandparents to grandchildren or between siblings, which have their particularities.
Inheritance taxes
Regarding the taxation of an inheritance, you will have to pay inheritance tax. Its characteristics vary depending on the autonomous community, but some remain stable throughout the country. For example, there are four groups of deductions that apply depending on different cases. There is also a reduction in the tax burden for disability or life insurance.
The tax settlement falls on all heirs, who have a period of six months to pay. The time begins to run from the date of death, but it is possible to request an extension. At least, the income obtained from the inheritance will not have to be paid through personal income tax.
How to handle an inheritance already has an answer. Try not to leave any procedure until the last minute, as you could face delays. Also, try to coordinate with the rest of the heirs so that the process is simple.
