If you have received an inheritance and you are overwhelmed by the steps you must follow from. Here, we detail how to manage the money from an inheritance and face the legal and tax procedure so that it does not involve a vertiginous process. With this small guide, you can have your inheritance wealth controlled and make the most of it.
Tips for managing inheritance wealth
#Tip 1: The legal process, the comings and goings, the bureaucracy and the paperwork only contribute to entangle the recipient of an inheritance in a process that backs off and scares many people, especially when most of them have to face the fact of having then to overcome having lost a loved one. It is very important that, despite everything, we are informed and can face the process with knowledge of each step to follow, so we will see this delicate moment facilitated.
#Tip 2: The first thing you should know is that inheritances, with few exceptions, are subject to the payment of the Donations and Successions Tax. Each place is governed by its corresponding legal regulations and the most appropriate thing is that you inform yourself in your local Tax Agency of the obligations that you must assume, according to the community or the state in which the person who left you as heir resided.
#Tip 3: As a general rule, the Administration allows the heir subject to the payment of the Donations and Succession Tax, a period of up to six months, counting from death, to carry out these actions before the Tax Agency and, to do so, you will need a document that proves the identity of both heirs and the deceased.
#Tip 4: However, the DNI is not the only “paper” that you will have to present to the Public Treasury, which will also require:
- Certificate of last wills.
- Copy of the notarial will or, if there is not, a declaration of heirs before a notary.
- Bank certification of account balances, deposits, shares, participations, insurance, among others, in the name of the deceased.
- Document accrediting the titles of acquisition of the copy of the asset of the last payment of the Real Estate Tax (IBI) and the declaration of the Wealth Tax if any.
- Self-assessment form for Donations and Successions Tax.
#Final Tip: Apart from these tax measures, it is essential that we make an assessment of what the acceptance of the inheritance entails since before signing it we should find out if it is negative and we are supposed to accept the burdens and debts of the deceased and face expenses. To do this, we must carry out the valuation of all assets and all debts, satisfy creditors and, just in case there is something left for us, accept it.
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