In previous articles, we detailed what inheritance and a will is about. This time we want to tell you how to process an inheritance, its distribution, and the importance of registering it in the Property Registry.
Inheritance and testament are two parts of the same process of succession of the assets of a person before his death. On the one hand, it is about the transmission of heritage. On the other hand, people have the right to receive the said transmission.
When we talk about inheritance, we refer to the legal action through which a person transmits their assets, rights and obligations to one and other people after their death. For its part, a will is a document in which a person declares the way in which he wants to carry out the succession of his assets and obligations after his death. The team of nphp is here to help, so keep on reading.
How to process an inheritance?
When a person dies, all their assets and obligations (debts) are inherited by those people who appear in their will or by those designated by law. Until we take all appropriate steps d and inheritance, property inherited property cannot be sold by any of his heirs. As well as, if there is an inheritance of money or a bank account, this amount will not be available.
What are the steps to follow for the distribution of an inheritance?
The first procedures that must be carried out to carry out an inheritance are the request for some certifications:
1) Death certificate: it is a document that is obtained in the Civil Registry of the town in which the deceased died.
2) Certificate of the Registry of Last Will Acts. This type of certification is the one that proves the existence or not of a will of the deceased person. If it exists, it also determines where when it was done. The way to get the certificate is by presenting the death certificate and submitting the application to the Ministry of Justice of the corresponding town hall.
Once the certificate is obtained, the next steps will depend on the existence or not of a will.
a) When there is a will . In these situations, an authentic copy of the will should be requested at the notary’s office in which it was carried out or by another notary. In general, the copy that is given to the deceased (deceased person) is not enough, therefore, his heirs must request the original.
b) When there is no will: in these cases a declaration of heirs must be carried out through a notary . When the copy of it is obtained and the people who have the rights to inherit, the partition can be carried out.
To continue reading everything about the declaration of heirs, we recommend the following note:
Who must sign to carry out the distribution of the inheritance?
After having either the original copy of the will or the copy of the declaration of heirs, the property will be partitioned.
- When there is a will, all the heirs and legatees that appear in the document must sign. In addition, those who have the right to the legitimate, whether or not they appear in the declaration.
- When the heirs are defined by means of a declaration that determines them, all those who appear in it must sign it. In such cases, it is not distributed according to the majority system but by unanimity. Therefore, it will not be possible to formalize the distribution if one of the forced heirs does not want to sign. In this way, you must go to a judge.
On the other hand, the deceased may have designated in his will a person to carry out the partition of the estate. This figure is called the accountant-splitter and it will be in charge of saying how well each of the heirs corresponds.
Next we will see how to process an inheritance and the distribution of assets between the heirs.
How to process and distribute the inheritance?
In the first place, some previous actions are seen to be followed. We talk about the distribution of community property and the collation of donations.
Distribution of Gain Assets
When two spouses are not married under the regime of economic separation of property, what was bought together during the marriage is called community property . That is, they belong to both. When one of them dies, it must be established which are the assets with which the widower or widow remains and those that will be part of the deceased’s inheritance. This step is usually carried out at the same time that the distribution is carried out, and it is detailed in the same deed of the inheritance. This is because, in both cases, the heirs and the widow must participate.
Collation of donations
These are those cases in which living donations are registered from parents to children. Therefore, the law understands that these types of actions are carried out as an advance of the inheritance, so it is necessary to take them into account. That is, it is a way for the child or children who have been donors to be discounted the value they received for such donation. In the event that the deceased has arranged otherwise at the time of making the donation while living, the collation will not be carried out.
Processing an inheritance: its partition
After having made the distribution of community property and the collation of donations, the succession continues to be distributed among the people with the right to inherit. At the time of the partition and, to process the inheritance, all the heirs must agree with respect to the division.
In cases where there is an accountant-splitter, the will of the same must be respected. The realization of the partition notebook can be privately and then raised to a public deed.
As we mentioned previously, when there is no consensus among the heirs at the time of writing the deed, a judge should be consulted. This figure will appoint a judicial splitting accountant, to divide the assets among the heirs on a mandatory basis.
Judicial partition of an inheritance
This is the situation in which the heirs do not agree to divide the estate of the deceased. In these cases, the interested parties must go to a competent court of first instance for an expert to be appointed.
The procedure to request the division of the inheritance in a judicial way begins with the realization of a demand. It must be accompanied by the death certificate and the record of acts of last will in which it is established that the plaintiff has the right of heir or legatee. In addition, the respective documentation about the estate of the inheritance must be included.
After making the demand, and if necessary, it is agreed to intervene the goods and carry out an inventory. In addition, a person must be appointed to be in charge of its administration. Once this step is done, the heirs will be summoned together with the Public Prosecutor in cases where there is a minor, an incapacitated person or the declaration of an absent heir without a representative.
Gathered in the Board, each of the interested parties must agree and appoint an accountant-dealer to be part of the dividing operations. Likewise, the experts who will value and appraise the goods must be present.
Report of judicial partition of the accountant-divider
The person in charge of distributing the assets will issue a report which will include: the list of assets that make up the estate to inherit, their valuation, the agreed division and that corresponds to each heir. The team at imran khan housing scheme loan has made sure to provide with the easiest way to get a judicial report.
Once the report is issued, its content will be communicated to each of the parties linked to the procedure. These parties may present a rejection or opposition within a period of ten days in writing. At this point two possibilities may arise:
1) If there is no opposition, the judge of the case will dictate the resolution that approves the beginning of the division operations.
2) If there is opposition, the judge of the case will summon the interested parties to a new meeting. In it, each of the parties will state the reasons why the division does not agree with the presentation, if necessary, some proof.
From that moment on, there will be a verbal trial and will be the way to resolve the case. After the distribution and adjudication of the assets, each interested party acquires part of the assets that were assigned to them. As of the resolution issued, the beneficiary may make changes in ownership of the real estate in the Property Registry. Before this act, you must pay all the corresponding taxes.
After processing an inheritance, is it necessary to register an inherited property in the Registry?
As with any type of property, in Spanish territory, it is not mandatory to register an inherited home in the Property Registry. But, it is recommended to register it so that judicial guarantees fall on the house, facilitating future procedures. Upon receipt of the partition deed, the next step is to register the inherited property.
What are the reasons for registering an inherited home?
- One of the main reasons for registering the property is its supreme accreditation status in the event of having to carry out subsequent transactions.
- For example, in the case of needing to sell the property, the operation will be easier. Although it is not mandatory, for all buyers it results in greater credibility and legal certainty. In this way, it provides confidence to the sale and purchase operation, accelerating it.
- Another case may be when applying for a mortgage. For this process, the registration of the dwelling in the registry is a mandatory requirement. Financial entities require documentation that proves that the person requesting the loan is the owner of the real estate.
- On the other hand, inherited homes will also be part of a person’s inheritance upon death. Where appropriate, registration in the registry will facilitate all operations related to the succession thereof. This point is of great importance when considering the complications that can arise when processing an inheritance.
Documentation necessary to register the property
To carry out the registration in the Property Registry of an inherited property, it will be essential to present the following documentation:
- Copy of the DNI and death certificate of the deceased and the heir.
- Marriage certificate in cases where the heir is married.
- Certificate of acts of last will.
- If there is no will, the declaration of heirs.
- Life insurance certificate.
- Certificates of payment or deferral of the Inheritance and Donations Tax.
- Accreditation of payment or postponement of the Municipal Capital Gain.
- Deed of Acceptance and Award of the inheritance.
Where to register and how long does it take?
After having available the necessary requirements to register the inherited home in the Property Registry, it should only be presented in the corresponding registry. In certain places, there is a single registry that includes different communities.
We recommend that you read the following note to find out how the Land Registry works and where the one in your area is located.
After submitting the application for registration, the Registry has 15 days to issue a response:
- If the registration is carried out.
- Report any type of failure or lack of documentation that does not allow the completion of the process. This report will also include the deadlines for resolving the problem.
So far everything related to the distribution of the inheritance and the recommendation to register it in the Property Registry. If you have any questions, you can leave us your comment. From the team of ehsaas emergency cash program nadra, we will respond as soon as possible with the precise information.