What does it involve?

Processing an inheritance involves distributing assets among different people before or after a death.

In these cases, after the death, the inheritance is distributed by signing a deed of inheritance in accordance with the will. If there is no will, a declaration of heirs is made. In this procedure, it will be necessary to appear with two witnesses who will certify their relationship to the deceased, and then a deed of inheritance must be drawn up at a notary's office.

Before accessing these assets, the heirs must go to the notary's office and accept the inheritance, signing a deed of acceptance and adjudication of inheritance. From then on, they can use the inherited assets and complete different types of transactions such as a sale or rental, among others.

Filing deadlines

Inheritances 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 is no longer subject to the statute of limitations.

To file the self-assessment, you will need the deed of inheritance along with the corresponding form. Although the execution of the deed can be postponed, the self-assessment cannot. Therefore, you must attach the form along with a list of the assets, the will, and the death certificate.

Tax Treatment

Inheritance is subject to Inheritance and Gift Tax, a tax transferred to the autonomous communities, and the treatment varies depending on the specific autonomous community.

The Municipal Capital Gains Tax (Tax on the Increase in Value of Urban Land) must also be paid by the person inheriting real estate.