How to manage the money of an inheritance

If you have received an inheritance and you are overwhelmed by the steps you must follow from now on, in .com we detail how to manage the money of an inheritance and face the legal and fiscal procedure so that it does not suppose a vertiginous process. With this small guide you can have your inheritance controlled and make the most of it.

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The legal process, the comings and goings, the bureaucracy and the paperwork do not contribute more than to entangle the recipient of an inheritance in a process that throws back and frightens many people, especially when most of them have to face the fact of having to overcome having lost a loved one. It is very important that, despite everything, we are informed and can deal with the process with knowledge of each step to follow, so we will see this delicate moment facilitated.

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The first thing you should know is that the inheritances, with a few exceptions, are subject to the payment of the Donations and Inheritance Tax. Each place is governed by its corresponding legal regulations and it is most appropriate that you inform 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 an heir resides.

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As a general rule, the Administration allows the heir subject to the payment of the Donations and Inheritance Tax, a period of up to six months, counting from the death, to carry out these actions before the Tax Agency and, to do so, you will need a document proving the identity of both heirs and the deceased.

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However, the DNI is not the only "paper" that you will have to present before 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 balances of accounts, deposits, shares, participations, insurance, among others, that there will be in the name of the deceased.
• Document accrediting the titles of acquisition of the goods, copy of the last payment of the Property Tax (IBI) and the declaration of the Wealth Tax, if it exists.
• Self-assessment form of the Donations and Inheritance Tax.

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Apart from these tax measures, it is essential that we make an assessment of what we assume the acceptance of the inheritance, because before signing it we should find out if it is negative and we assume accept the burdens and debts of the deceased and meet expenses. To do this, we must make the valuation of all goods and all debts, satisfy creditors and, just in case there is something left for us, accept it.