After losing a loved one, settling their estate is a crucial yet complex process, often handled by a trusted notary. This involves dividing the deceased's assets and debts among heirs with care and precision.
An estate includes both assets (like property and accounts) and liabilities (debts). Liabilities must be settled first. A notary is required for real estate; for movable property only, heirs can manage it themselves. Here's a clear breakdown.
The process typically unfolds in four essential stages, ensuring fairness and legal compliance.
The notary first identifies all heirs and their entitlements. Relatives provide documents like family record books, birth, marriage, or divorce certificates. Wills or donations may also designate beneficiaries. The notary checks the Central File of Last Wills (FCDDV) for any deposited wills.
Next, the notary compiles a full balance sheet: bank accounts, securities, movable and immovable property, plus all debts. Documents needed include title deeds, bank statements, savings books, and invoices. This results in a simple asset statement or formal inventory.
The notary then manages real estate certificates with the Land Registry, prepares the succession declaration, and settles inheritance taxes—due within six months at the deceased's local tax office. Deferred or installment payments are options.
Finally, assets are shared. Heirs can opt for joint ownership (indivision), but any can request partition. Amicable sharing works if all agree; otherwise, judicial intervention may be needed, leading to delays and costs if disputes arise over valuations.
If minors or protected adults are heirs, family council approval or guardianship judge authorization is required, which can take months. Special assets like businesses or farms may need experts or administrators. Unknown heirs might require a genealogist, extending timelines unpredictably.
Factors like heir disagreements, large assets/debts, or international heirs also prolong the process.
Costs vary based on estate value. Notaries quote after review. Expect inheritance taxes, stamp duties, VAT, disbursements (documents, real estate guarantees), and regulated notary fees—shared proportionally among heirs.
Key Fact: Since 2007, heirs have 10 years (down from 30) to claim. Decide within 4 months; otherwise, creditors or others can force it. Acceptance limits personal liability to estate assets. Declare at the High Court, publish in BODACC. Courts may allow reconsideration for unforeseen debts.
