When can you get your inheritance papers fixed and your taxes paid?

The theme of inheritances can get complicated, because there are very different assumptions, with nuances that must be taken into account and that, perhaps, require Professional advice, but in most cases the procedures to be carried out by the heirs are limited to accept inheritance (if they want) and, in doing so, to comply with the legal obligation of satisfy taxes which implies the fact of inheriting a series of assets and / or rights (beware, also possible debts).

Documentation and deadlines to manage the inheritance

As a general rule, when a person dies and the inheritance management procedures have to be started, they are necessary three important documents:

  • The Death Certificate.
  • The Certificate of the General Registry of Last Will Acts, which can be requested 15 days after death and in which it appears if the person made a will and in what notary.
  • Certificate from the Registry of Insurance Contracts with Death Coverage.

In addition to these three basic papers, you must also have the will where the deceased’s assets appear and the distribution of them among his heirs according to his will. If there were no will, things would get complicated, because you would have to make a Declaration of heirs before a notary in which the set of assets, their economic valuation and their distribution are reflected.

Tax payment

If this circumstance does not occur and, simply, the heirs listed in the will accept the inheritance according to the distribution determined by the deceased, they must proceed to pay two taxes:

  • Inheritance Tax. It corresponds to each autonomous community its collection and determine the amount thereof, which can vary significantly from one to another. East tax It has to be paid in the six months after death. It is possible to request an extension of another six months as long as it is requested before the deadline, that is, in the first five months.
  • Capital gain. It will have to be paid at the town hall that corresponds in the event that part of what is inherited is real estate (houses, land …). As with the Inheritance Tax, the term to make the payment is six months from the date of death with the possibility of an extension. It is important to find out about the exemptions or discounts in this tax that each city council can offer.