When we accept an inheritance, we also accept the entire lot that conforms it, from the rights and assets that were part of the estate of the deceased to the possible debts they had (for example, the mortgage, the car purchase loan, etc. . .). The heirs have several options to avoid possible debts that the deceased may have incurred and, in extremis, the inheritance can always be renounced.
Before making a decision (remember, if the inheritance is renounced, all of it is irrevocably renounced), the heirs can exercise their right to deliberate, the right that the heirs have to analyze the state of the inheritance before accepting or renouncing it To her.
What is the formation of inventory in inheritance?
This right is included within the right to know the assets and debts that make up the inheritance and is exercised through the formation of the corresponding inventory, since every heir can use this mechanism to accept the inheritance and, for example, pay existing debts.
How is this right exercised? Until 9 days have elapsed after the death, the heirs cannot be forced by other heirs to make a decision on the inheritance. Once those decide to study the inheritance, they will have to communicate it to the Notary who was entrusted with the will, and request that the notarial inventory be started within 30 days.
The heir who has the inheritance or part of it in his possession and wants to use the benefit of inventory or the right to deliberate, must notify it before a Notary Public and request, within thirty days from the day in which he knows how to be such an heir, the formation of notarial inventory with summons to creditors and legatees so that they come to witness it if it suits them.
What is included in the inventory of an inheritance?
To form the inventory, creditors and legatees are summoned, so that they can be present in it if they wish. Within a period of 60 days from its beginning, the inventory will have to be completed, although this period can be increased by one year if there is justified cause for it.
The inventory will begin within the thirty days following the summons of the creditors and legatees, and will conclude within another sixty. If due to the assets being located at a long distance or being very large, or for another just cause, said sixty days seem insufficient, the Notary Public may extend this term for the time he deems necessary, without exceeding one year.
Once the inventory has been finalized, the heir has a period of 30 days to communicate his acceptance or waiver of the inheritance, or if he accepts an inventory benefit (that is, if he accepts the inheritance but in such a way that the debts of it is canceled with the assets to be inherited).
In the event that after that time has not specified anything in this regard, it will be understood that the heir accepts the inheritance purely and simply (that is, including all the debts that it contains).
The heir who has reserved the right to deliberate, must declare to the Notary, within thirty days from the day following the conclusion of the inventory, if he repudiates or accepts the inheritance and whether or not he makes use of the inventory benefit. .