What are the stages of an inheritance?
A succession takes place in several successive phases:
- Opening of the succession after the death has been confirmed.
- Identification of heirs (legal heirs or those designated by will).
- Inventory of the deceased’s property (accounts, investments, furniture, real estate constituting the assets of the estate), then deduction of the debts which constitute the liabilities to determine the net assets of the estate.
- Calculation of Rising accruing to each heir.
- Tax declaration and payment of inheritance taxexcept in the case ofexemption (especially for the surviving spouse).
- Sharing goods: allocation of goods or distribution of their value.
These steps are generally carried out under the responsibility of the notary.
When should the notary intervene?
The intervention of a notary is mandatory when:
- the succession includes one or more real estate ;
- the deceased had written a will ;
- a PACS or marriage contract must be interpreted;
- an heir wishes to renounce;
- the value of heritage requires an authentic act.
The notary establishes:
- L’act of notoriety who designates each heir,
- L’inventory and the calculation of net assets,
- the real estate certificate,
- the act of sharing final.
He is the guarantor of the legal and fiscal security of the entire procedure.
Good to know : In cases where the intervention of a notary is not obligatory, and if the total amount of the inheritance does not exceed a modest amount currently set at 5909 euros, the inheritance can be settled by the heirs thanks to the certificate of inheritance issued free of charge by the town hall. They will have to make the inheritance declaration and pay any inheritance tax.
How long does the search for heirs take?
The search for a heir can last:
- a few weeks, when it is simply a matter of verifying civil status;
- several months, if a complete inheritance genealogy must be reconstructed;
- up to 2 years and more, when the notary must call on a professional genealogist.
This step is essential to avoid any subsequent dispute or omission from a legal heir.
What decisions should the heirs make?
The heirs must make several important decisions:
1. Whether or not to accept the inheritance
They can choose:
- pure and simple acceptance,
- acceptance up to the net assetsto avoid paying debts beyond the goods received,
- the waiver.
2. Deciding the fate of property
They must decide on:
- the sale or not of real estate,
- the conservation of certain assets in joint ownership,
- the mode of sharing.
3. Choosing who pays debts
The debts of the deceased are borne proportionally by each person, unless specific arrangements are made.
Who should pay inheritance fees?
Inheritance taxes are owed individually by each heir, depending on:
- its share in the net assets,
- his relationship with the deceased,
- the presence or absence of reductions and exemptions.
Namely:
- The surviving spouse and PACS partner benefit from a total exemption.
- Children have a significant reduction before taxation.
- Previous donations may influence the final amount.
Notary fees linked to the settlement of the inheritance are deducted from the estate, unless otherwise agreed between the heirs.
How long does an inheritance last?
On average:
- 3 to 6 months for a simple inheritance (no conflict, limited assets).
- 6 to 12 months when there are real estate, debts or tax issues.
- More than 1 year if the heirs are numerous, in disagreement, or if a property must be sold before sharing.
Some complex successions, involving genealogical research or litigation, can last several years.
How long does it take to receive inheritance money?
Payment to heirs generally occurs:
- between 3 and 6 months after death in simple inheritances;
- beyond 6 months when the sale of real estate or the settlement of a dispute conditions the liquidation;
- after payment of inheritance tax, the bank releases the funds or the notary makes the transfers.
Please note:
The notary can make installments if the available assets are sufficient, even before the final division.
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