What Does It Consist Of?
Processing an inheritance involves distributing assets among various individuals either before or after a death.
In these cases, after the passing of the deceased, the inheritance is distributed by signing an inheritance deed in accordance with the will. If no will exists, a procedure known as a declaration of heirs will be carried out. For this process, two witnesses are required to certify their relationship with the deceased. Subsequently, an inheritance deed must be processed at a notary.
Before accessing the inherited assets, the heirs must visit the notary and accept the inheritance by signing the deed of acceptance and allocation of inheritance. Only then can they make use of the inherited assets for various purposes such as selling or renting.
Deadlines for Submission
Inheritance declarations must be self-assessed within six months of the deceased's death. If four and a half years have passed since the date of death, the inheritance claim expires.
To complete the self-assessment, the inheritance deed and the corresponding form are required. Although the execution of the deed can be delayed, the self-assessment cannot. The form must be submitted alongside a list of assets, the will, and the death certificate.
Tax Treatment
Inheritance is subject to the Inheritance and Gift Tax, which is transferred to the autonomous communities, with varying treatments depending on the region.
Additionally, the inheritor of a real estate asset must pay the municipal property tax (Tax on the Increase in Value of Urban Land).
Required Documentation
Death certificates and certificates from the General Register of Last Wills, along with the authorized copy of the will.
In the case of an intestate declaration of heirs, the authorized copy of the act or testimony of the judicial declaration of heirs.
Information about the heirs and spouse (if applicable). IDs (D.N.I.).
Property titles of the assets included in the inheritance.
Property Tax (IBI) receipts for the last year.
Bank certificates of financial assets, accounts, investment funds included in the inheritance, and account statements for the previous year.
Debts and expenses directly related to the death.