According to the Peruvian Civil Code, the debts of a deceased are transmitted to the heirs, although in a limited manner. In Peru, the heirs assume both the assets and the debts of the deceased, but they are obliged to cover the latter only up to the value limit of the inherited assets. This implies that they cannot be extended to the personal assets of the heirs, in order to protect their individual assets from any liability for debts that exceed the assets left by the deceased.
In accordance with article 871 of the Civil Code, before the inheritance is distributed among the heirs, the payment of the deceased’s debts is made using the entire estate, legally known as ‘hereditary estate’. This means that all the financial obligations of the deceased must be settled with the assets that make up this estate, before proceeding to the distribution among the beneficiaries.
As an heir, how much of the debt do I have to pay?
Once the inheritance is distributed among the heirs, each of them assumes responsibility for the debts of the deceased proportionally to the fee he has received. For example, if an heir received 25% of the estate, he or she will also be responsible for 25% of the debt of the deceased, who in legal terms is called the deceased.
This proportionality guarantees that the responsibility for the debts is equitable, based on the value of the assets inherited by each beneficiary.
Are mortgage debts inherited?
In relation to the debts Mortgage loans contracted with banking entities are frequently protected by what is known as ‘lien credit insurance’, which covers any outstanding debt balance after the death of the deceased.
Therefore, before assuming responsibility for a debt of this type, it is crucial that the heirs verify if the deceased had contracted said insurance with the financial institution. Credit relief insurance is responsible for settling the debt, so that the heirs do not bear this financial obligation.
Can I not accept an inheritance?
An alternative to avoid responsibility for the debts of a deceased relative is the non-acceptance of the inheritance. According to article 674 of the Civil Code, any person with the legal capacity to dispose of their assets can reject inheritances and legacies irrevocably, through a declaration of free and conscious will.
If you decide to accept the inheritancemust be done in a comprehensive manner, which implies receiving not only the assets and rights of the deceased, but also all his obligations and debts not settled until the date of his death. It is important to highlight that both the acceptance and rejection of the inheritance must be complete, without conditions or temporal limitations.
Are debts prescribed?
Yes, the debts They prescribe after 10 years. After this time, the debtor is no longer legally obligated to pay.
Source: Larepublica
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