Accepting an inheritance with the benefit of inventory

This is another way of accepting an inheritance, but one that ensures we will not have to pay the deceased’s debts out of our own assets.

The aim is for the deceased’s debts to be paid solely and exclusively out of the estate.

The difference between accepting with the benefit of inventory and accepting outright is therefore this: in the first case, the heir pays the deceased’s debts and charges only with the assets in the estate; in the second, the heir becomes liable for all the deceased’s debts, and answers for them with their own assets.

The inventory can be drawn up before a notary or before a court. It must list all the rights and claims that make up the estate. It is important to bear in mind that there are legal time limits for doing so.

Once the estate has been inventoried, an administrator — who may be the heir or a third party — must safeguard it, liquidate the assets and deal with any charges on them, manage the assets, pay the creditors and account for everything done.

Once the debts have been paid, the remaining assets are handed over to the heirs. Although it may seem a cumbersome process at first, it is well worth it when dealing with estates that have debts, or where we do not know whether there may be debts.

If you have any questions or need professional advice when receiving an inheritance, contact Arias Advocats: our succession lawyers will advise you at every step.