Inheritance: if you renounce it transfers the inheritance rights
The Covid-19 pandemic has accelerated the renunciation of inheritance in Spain. More than 30,000 people have declined to keep the family estate of the deceased, according to data released by the Spanish National Statistics Institute (INE). General Council of Notaries. In fact, according to these global data, only 151,533 houses were inherited in 2020, 14.4% less than the figure for the same year, according to the National Statistics Institute.
Euriux Abogados, one of the most experienced legal advice networks in Spain, explains today what options you can take if you are considering renouncing an inheritance due to lack of financial resources to pay both inheritance tax and capital gains tax.
Sale of inheritance rights
With the help of a lawyer, always necessary to be able to deal with this situation, one of the options that are proving to be the most viable in order not to renounce an inheritance is the sale of your rights.
Instead of renouncing the inheritance and disengaging from it, an affected person can choose to transfer it to a third party who exploits it. The transfer of inheritance rights is an exceptional operation and is becoming more frequent in difficult times such as the present.
How would the sale of the inheritance be regulated?
- This is a possibility regulated by article 1531 of the Civil Code, which admits sales.
- Also Article 1.067 states that the rest of the relatives, together or separately if there are any, can buy that right from the one who got the same amount....
What would the formalities be?
The procedure through legal advice would involve the drafting of a deed, which requires the identification of the buyer and the seller, as well as the death certificate of the deceased and which outlines the transfer of the right, the price and the method of payment.
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