After the death of a loved one, you often feel overwhelmed with emotions and want to cut through the red tape, but there are procedures to follow to avoid future problems. One of them is the management of the inheritance that the deceased relative has left through a will or by legitimacy.
If you have inherited a home, you can accept or reject it. A common reason for rejecting distressed housing is a lack of financial capacity to pay the taxes associated with the inheritance. Also, you may have inherited a house that is foreclosed or in debt, making inheritance a disadvantage.
There is a chance that your name will not appear in the will. However, if you are a direct descendant of the deceased, you can claim the legitimacy of the inheritance.
1- How to accept the inherited home?
You will be asked for the forerunner's death certificate several times during the process, so be sure to take it with you to avoid delays. You will also need the last IBI receipt, house deed or simple note. Once you have obtained the necessary documents, you must present them to a notary to prepare a deed of possession for the property.
The part of the payment of inheritance taxes arrives when you have obtained the deed, among which are the Inheritance and Donations Tax or the municipal capital gains.
Inheritance and Gift Tax is a progressive and independent tax. Its amount depends on each autonomous community and the value of the property. For example, in Madrid this tax is reduced to 99%, so when inheriting a flat worth €200,000, after applying all the reductions, €2,000 must be paid, provided that the inheritance is between parents and children; also between spouses and common-law partners. The district also announced several sibling and nephew bonds.
For its part, the municipal capital gain taxes the increase in the value of housing. Its application and amount depends on the town hall of the town where the house is located.
Once the appropriate taxes have been paid, you can go to the Land Registry to make the name change. You will lose the right to the inheritance if you do not pay the taxes within a period of six months.
2- How to claim an inheritance if you do not appear in the will?
The forced heirs are mainly children and grandchildren. If there are no descendants, the next heirs will be the parents and other ancestors. In the absence of all of the above, the legal heir will be the spouse.
To claim the house, it is necessary to process an "intestate" heir declaration, it is a public document that allows to determine who are the heirs of the deceased that has not been granted in the will and in what proportion they are. You must also be in possession of the family book or a certificate indicating kinship.
3- What to do if you don't have money to pay inheritance taxes?
The Treasury allows you to collect part of the inheritance in advance, prioritizing life insurance and savings to cover Inheritance Tax and Municipal Capital Gains. Another option is to request the deferral of the payment, although it entails the sum of interest.
Some banks make loans and offer the inventory of the estate as collateral, unless it is indivisible, as this can create debts on other beneficiaries.
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