One of the most common doubts among those who are about to receive an inheritance is what happens if the deceased left outstanding debts. Many heirs fear that, accept the inheritancehave to respond with their own assets. However, the law offers a means of protection that avoids this risk, acceptance for the benefit of inventory.
The notary María Cristina Clemente, through Notaría Buendía’s social networks, has clearly explained what this mechanism consists of and how it should be processed. As you remember, “If your deceased’s inheritance has debts, you can accept it for the benefit of inventory”. And it is that accepting a inheritance with debts It does not have to pose a financial risk, as long as it is processed correctly and on time.
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The acceptance of the inheritance for the benefit of inventory is a procedure that implies a fundamental advantage for the heir. As Clemente explains, “You are only responsible for the debts of your deceased and the legacies to the extent that the hereditary assets reach, never with your own assets”. That is, the debts of the deceased are paid only with the inherited assets, never with the money or private assets of the heir. This is a difference from pure and simple acceptance (the most common), in which the heir is liable for debts unlimitedly, even with his own assets.
How to accept an inheritance for the benefit of inventory
The notary reminds that the process to accept an inheritance for the benefit of inventory is always processed before a notary and that there are two key phases that must be completed.
The first step, explains Clemente, is “request notarial formation of the inventory”. Here he warns of something that many are unaware of and that is that the deadlines are very strict. If the heir is in possession of the inheritance, the period is only 30 days “to count from the day you knew you were such an heir“. If you are not in possession of the inheritance, the period begins “since you accepted the inheritance or managed as such heir”.
Outside of those cases, as long as the action to claim the inheritance does not prescribe, which is 30 years, the notary recommends a very useful tool, “request from the notary the so-called activity report of the deceased, which will show both his assets and rights as well as his debts or obligations”.
The second step of the process is “summons to creditors and legatees”. This procedure guarantees that all people with rights to the inheritance are informed and can intervene.
Clemente warns that this phase is not a mere formalism, but that if the heir does not correctly follow the legal steps, they may lose the protection offered by the inventory benefit. The notary expresses it clearly:
“If you do not comply with these legal regulations on the protection of creditors and legatees, at their request, you will lose the benefit… you will be liable unlimitedly with your own assets”.