An inheritance is not only the property left after the deceased. The heirs also inherit debts along with them. It is no wonder that some people, fearing the need to repay sometimes enormous liabilities, renounce their inheritance as soon as possible. This falls to the next people in line to inherit. To avoid problems, you can reject the inheritance, you can renounce it or accept it with the benefit of inventory. In the latter scenario, the consequence is that loved ones inherit the property and debts only up to the value of the property.
Rejection vs. Relinquishment. How can one renounce an inheritance and when can one refuse to accept an inheritance?
The difference between renouncing and refusing an inheritance is theoretically small, as the consequences in both cases are the same. However, you can only renouncing it during the testator’s lifetime, and the notarial agreement will only become effective after his/her death. Rejecting an inheritance is a legal act that can only be performed after the testator’s death. Any adult who inherits by law can do so. Parents may waive on behalf of children. It is necessary to obtain permission for a legal act that goes beyond the ordinary management of the child’s property, which includes the rejection of the inheritance, from the district court of the family and minors division, if one of the parents does not consent to it or another child has accepted the inheritance.
How much time does a family have to reject an inheritance? Time is limited
Importantly, the heirs should not delay the decision to reject. People in the inheritance queue have 6 months from the date they found out about the inheritance to make a decision.. This is the time to familiarize yourself with your property and financial situation. An inheritance is not only money and real estate, but also, among other things, cooperative ownership rights to premises, personal items, bonds, works of art, and analyzing everything sometimes takes up to several months. The reason for rejecting an inheritance does not always have to be fear of debt. You can reject an inheritance at a notary’s office or in a district court.
Who will inherit the childless person? (illustrative photo) Photo by Scott Graham / Unsplash
When is rejection of an inheritance ineffective? In these situations it may not work
However, it may turn out that rejection will not work. These are situations when, for example, you reject the inheritance prematurely, i.e. before finding the will. In this situation, it will not be possible to reject it again. It is better to wait with a visit to the notary until all formal issues have been clarified. Rejection will also be ineffective if creditors are wronged. Each of them can request that it be recognized as ineffective in relation to them and only them.
Source: Gazeta
Bruce is a talented author and journalist with a passion for entertainment . He currently works as a writer at the 247 News Agency, where he has established himself as a respected voice in the industry.
