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What should I do when I receive an inheritance?

Losing a loved one is a difficult experience. It is a situation that brings with it a multitude of issues to resolve. One of them is the issue of inheritance. Many people are not familiar with these procedures and therefore do not know what to do.

Actually, it is not too complex a procedure. However, it is necessary to have a clear notion of what should be done. Especially when there are tensions between the heirs and the matter can be complicated.

There are a series of legal steps that must be observed. Next, we will see what they are.

1. Processing of certifications

The following certificates must be obtained:

  • Death certificate. It is requested personally in the office of Civil Registry where the death was registered. It can also be requested by mail or telematically, if the Civil Registry is computerized.
  • Certificate of last wills. It is obtained in person, by physical mail or by Internet.
  • Certificate of insurance with death coverages. It is obtained electronically, after 15 days of the death.

2. Authorized copy of the will

This document is obtained in the notary that is indicated in the certificate of last wills. A certified or authorized copy of the will must be requested. The management must be carried out by the heir or his agent.

If the process is done by mail, it must include death certificates and last wills. The request must also be accompanied by a legitimated signature.

3. Declaration of heir

When the person dies without leaving a will, an opening of the intestate succession must be made. The process is carried out in a notary, if the claimants are relatives. If they are not, the management is carried out in a court of first instance.

Those interested should request a declaration of heirs. Two witnesses are required for the lifting of the act declaring the status of heir.

4. Inventory of assets and debts

The next step is to make an inventory of the assets that make up the heritage to be inherited. The real estate is certified by registering the property or the cadastral certificate. The bank balances, by balance certified by the bank. The main source of information is the IRPF of the deceased.

Ownership of vehicles is certified through the provincial traffic headquarters. The movable property is granted to the widowed spouse (a). In general, it is estimated that they correspond to 3% of the value of the inheritance.

5. Partial notebook

The partition book or inheritance partition document identifies all those interested in the inheritance. It also includes the inventory of assets and debts of the deceased. In this document awards are made to each heir.

6. Tax settlement

The term to settle the Tax on inheritance and donations is six months. They count from the day of the death. However, it is possible to obtain an extension. It must be requested during the first five months of that period. In this way, six additional months are granted to fulfill the obligation.

If real estate was inherited, the tax known as "Municipal goodwill" must also be paid. This is settled at the town hall of the place where the property is located. The fee is variable. It depends on the time elapsed since the last transfer of the property. Also, of the bonuses that are applied in each municipality.

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