What is inherited property?
The succession includes all the rights and obligations that the deceased person (the heir) leaves behind. These may be:
- Assets – real estate, bank accounts, securities, intellectual property rights, etc.
- Liabilities – outstanding loans, tax liabilities, enforcement actions and other financial obligations.
It is important to do a thorough study of the inheritance table before deciding whether to accept or decline the inheritance.
Acceptance or refusal of inheritance?
When receiving an inheritance, the heir has three options:
- Acceptance of inheritance – the heir assumes all the assets and liabilities of the heir.
- Disclaimer of inheritance – if the inheritance includes significant debts, the heir can apply to the court for disclaimer.
- Acceptance of inheritance by inventory – this option allows the heir to accept only the assets but not the liabilities, protecting their personal assets from any debts.
What is the role of the will?
A will is an official document by which the heir determines who will inherit his or her property and how. Types of Wills:
- Notarial will – made before a notary in the presence of witnesses.
- A handwritten will – written, dated and signed personally by the heir.
If there is any doubt about the validity of the will, it can be challenged in court.
What enquiries do we need to make on inheritance?
To inform yourself about the inheritance, it is advisable to do the following checks:
- Who are all the heirs.
- Has the will been registered at the Registry Office or with a notary.
- Are there credit indebtedness or liens.
- Are there any bank accounts and safe deposit boxes in the name of the heir.
- Whether there is an interest in a corporation or non-profit entity.
- Are real estate transactions registered.
- Are there unpaid taxes and social security contributions.
How can Concordia Law Firm help you?
Concordia attorneys offer comprehensive assistance in probate matters, including:
- Carrying out checks on assets and liabilities;
- Consultation on acceptance, refusal or acceptance by inventory of the inheritance;
- Contesting or confirming a will;
- Assistance in the distribution of inheritance among heirs;
- Appeals against acts of the CSI or other institutions in relation to succession rights.
Contact us by phone +359 878583010, e-mail: law.concordia@gmail.com or via the contact form on our website to get professional legal assistance in inheritance matters.
