Although there is no law that establishes a deadline to accept or reject an inheritance, there are a series of tax obligations, which must be fulfilled within certain deadlines. Therefore, not paying attention to these obligations can lead to financial penalties and loss of some tax benefits. A situation that, due to ignorance, is usually quite common among heirs whose deceased was one of their parents.
As the lawyer explains Pablo Rubio Alarcónfrom Galiano Rubio Abogados, when the death of one of the parents occurs, a fairly common behavior among their successors is neither accept nor reject your inheritancethinking that, since the other parent continues to enjoy the usufruct of the assets, it is not advisable to make any changes. Nevertheless, This mistake can be quite expensive for the heirs.
“The heirs They think that, since they are not going to share anything until the other parent is gone, they do not have to do any paperwork.“, he assures. A belief motivated, in part, by the lack of a legal deadline for the management of inheritances. However, there is a deadline to face the different taxes related to this process.
The heirs must settle these taxes within 6 months
“When a person dies, as an heir You have a period of 6 months to settle the Inheritance Tax and the municipal capital gain“The first is a tax in charge of taxing assets that are received free of charge by inheritance or as a gift during life and must be settled within a period of six months. from the day of the death of the deceased.
The payment of this tax is mandatory and cannot be avoided even by adding clauses in the will, as certain Internet gurus claim, nor by donating the usufructas lawyers and notaries specialized in inheritances warn. Therefore, it will be necessary go to the autonomous community in which the property is located to be able to settle it within the established six-month period.
Another of the taxes that must be paid within this period is municipal capital gainswhich taxes the increase in the value of urban land when selling, donating or inheriting a property. As was the case with the first, this one is due liquidate during the six months following the date of death of the testator and it is recommended to be rigorous when valuing to avoid possible tax problems.
If they are not liquidated, their successors risk economic sanctions
However, what can be done is request a 6-month extension to delay settlement of both taxes, “but from there you risk surcharges, penalties, late payment interest and loss of tax benefits,” says the lawyer. Likewise, it can increase complications if one of the successors dies before being registered as owner of the property.
“So don’t confuse not distributing yet with not doing anything,” says the lawyer, otherwise. Furthermore, it is worth remembering that, If the other parent has lifetime usufruct of the family home, this will not be affected. This is because you have the right to use and enjoy it, as well as to pay the expenses and the Real Estate Tax until your death.
The children, although they are the legal owners of the property, must respect the usufruct, without being able to evict or occupy the house without the permission of the usufructuary. If you want to sell the home while the parent still resides there, the new buyer must also respect their right to use and enjoy the family home until they die. Well it’s about a protective measure for the well-being of the widow or widower.
Therefore, it is most recommended not delay the inevitable process of accepting or rejecting an inheritancesettling the taxes within the established period and carrying out the distribution in the most beneficial manner for all successors. However, to avoid complications, the most recommended thing by lawyers is make a personalized will that includes clauses and provisions that clearly specify how to act both in the distribution and in the possible case of family conflicts.