The settlement of an inheritance is not limited to the division of an inheritance. After a death, relatives must quickly manage numerous administrative and financial procedures: notifying the banks, identifying the heirs, verifying the existence of a will or even preparing the tax declaration. “The most urgent thing is really to go see the notary”begins Maître Céline Deschamps, notary and spokesperson for the Superior Council of Notaries (CSN).
Because when it comes to inheritance, time often works against the heirs. In France, the declaration of inheritance must be filed within six months following the death when it took place on national territory. After this period, late payment interest of 0.20% per month begin to apply to the duties to be paid, then a penalty of 10% can be added after one year. “ The six months are fundamental for money matters »recalls Master Céline Deschamps.
Succession: why the 6 month deadline is so important
The six-month period therefore mainly corresponds to the deadline for filing the inheritance declaration with the tax administration when the death took place in France. But in addition to taxation, this period also allows quickly clarify the family and property situation of the deceased. “Inheritances which extend over months and entire years are very difficult from a human point of view for families”underlines the notary, who continues : “In terms of formalities and mourning, it is better that things move forward. »
In practice, the more heirs delay in taking the necessary steps, the more complex certain situations can become : blocked bank accounts, housing to manage, family conflicts or even tax penalties.
Legacy: the first professional to consult is the notary
: For Maître Céline Deschamps, quickly consulting a notary allows you to avoid certain sometimes irreversible errors. “People who come after four or five months, sometimes we can no longer recover certain blunders already committed and make up for lost time”she warns.
The notary plays a central role in the inheritance. It is he who:
- officially identifies the heirs and their respective rights;
- verifies the possible existence of a will;
- establishes the act of notoriety;
- calculates inheritance tax;
- and coordinates all legal procedures and sharing between the heirs.
“The notary is the only professional who has a global vision of the family, heritage and inheritance issues”,she insists. In certain cases, its intervention becomes almost unavoidable. Since the succession includes more than 5,000 euros in assetsan act of notoriety is necessary to unfreeze the bank accounts of the deceased. “Without a certificate of notoriety drawn up by a notary, you will not be able to recover the funds from the bank”recalls Maître Deschamps. Please note that this act is essential in the presence of real estate.
What documents must be collected quickly after a death?
Certain documents must be found as soon as possible in order to avoid sometimes significant delays in settling the estate. The notary cites in particular:
- the original death certificate;
- the family record book(s);
- banking documents;
- property titles;
- life insurance contracts;
- or even any wills.
The family record book is a particularly important document. “Photocopies are not enough”insists Master Céline Deschamps. In the event of a long-standing separation or reconstituted family, the absence of a booklet can considerably complicate the identification of heirs and extend the deadlines. “Sometimes, you have to call on a genealogist to reconstruct the lineage. This results in additional costs and much longer delays”she warns.
Succession: the most frequent mistakes in the first months
Certain decisions taken immediately after death can have significant, sometimes irreversible, consequences. First trap: emptying the deceased’s home too quickly. “If the accommodation is emptied too quickly, this may prevent an inventory from being carried out”explains Master Céline Deschamps. However, this inventory can sometimes make it possible to reduce the tax applied to furniture.
Another common error: use the deceased’s property or accounts before having carried out a complete audit of the estate. Because in French law, an inheritance can be tacitly accepted. “Appropriating property from the deceased, whether a car, jewelry or a bank account, can constitute tacit acceptance of the inheritance”warns the expert. The problem ? Accepting an inheritance also means accepting any debts of the deceased. “If the deceased leaves 100,000 euros in assets but 200,000 euros in debt, the heir who accepts the inheritance will have to pay the full 200,000 euros”specifies Maître Deschamps.
Are bank accounts blocked after death?
Yes. As soon as the bank is informed of the death, the deceased’s individual accounts are blocked. “The account is no longer supposed to function after death”recalls the notary. Joint accounts generally continue to operate unless specifically opposed. This blockage can place certain surviving spouses in complicated financial situations, particularly when all of the couple’s resources were domiciled in the deceased’s accounts.
“In some couples, everything is in the name of one spouse. If this person dies, the surviving spouse may find themselves without access to money for several weeks or even several months,” concludes Maître Céline Deschamps. The release of funds then depends on several inheritance documents that can sometimes take a long time to obtain.
