Important Information About Inheritances
A Deed of Inheritance is a notarial document in which the heirs describe the deceased's assets, accept their status as successors, and distribute the assets according to the will or declaration of heirs, organizing the inheritance in line with the testator’s wishes.
It is important to note that an inheritance includes not only the assets of the deceased but also their debts even if those debts exceed the value of the assets. Therefore, before accepting the inheritance, it is advisable to investigate the deceased's real financial situation.
When a person is named as an heir in a will or in a declaration of heirs, they have the right to either accept or renounce the inheritance. In other words, no one is obligated to inherit unless in very exceptional cases, typically to protect the rights of creditors.
If the inheritance involves more debts than assets and the heirs do not wish to bear that burden, they may renounce the inheritance by means of a notarial public deed.
Both acceptance and renunciation of an inheritance are irrevocable; once done, they cannot be undone. Additionally, the acceptance or renunciation must be total; it is not possible to accept or reject part of the inheritance.
There is a third option, although it is rarely used due to its complex regulations and strict requirements (such as time limits), which is acceptance with benefit of inventory.
This option allows the heirs to accept the inheritance without being responsible for the debts beyond the value of the inherited assets. In other words, the debts will be paid only with the inherited property, and any remaining assets can be kept by the heirs, but they will not be liable with their personal assets for the deceased’s debts.
Documents Required
Certified copy of the will or certified copy of the declaration of heirs (if the deceased left no will). This can be obtained from the notary.
Death certificate of the deceased.
Certificate of Last Wills. (By providing the death certificate, this can be directly obtained from the notary via the Ministry of Justice’s website).
Identity of the heirs (Valid DNI or NIE and updated addresses), the heirs must appear in person or through a representative (power of attorney).
Deeds or titles of property of the assets involved in the inheritance.
List of assets: This includes bank statements showing account balances, funeral expenses, outstanding loans, and any other debts.