Accepting an inheritance with debts.

When someone dies, their debts don’t disappear. They become part of the inheritance, together with the house, the savings or the car. That is why, before accepting, it is worth knowing exactly what you are inheriting. The law gives you three options, and the right one depends on what you find.

First, find out what there is

Before deciding anything, gather the basic information. These documents are the usual starting point:

• the death certificate;

• the certificate of last wills, which tells you whether there is a will and before which notary it was signed;

• the certificate of life insurance policies;

• bank statements, loans and, if needed, the Bank of Spain’s risk report (CIRBE), which lists loans and guarantees in the person’s name.

With that, you can draw up a simple list: what there is, what is owed and to whom.

Option 1: accept outright

Accepting outright means taking on the assets and the debts. If the debts are larger than the assets, you would have to pay the difference with your own money. It makes sense when you are sure the inheritance is clearly positive.

Option 2: accept with the benefit of inventory

This option limits your liability to what you inherit. An inventory of assets and debts is made, the debts are paid with the inheritance, and you keep what is left, if anything. Your own savings are not at risk. It takes a little more time and paperwork, usually before a notary, but it is a sensible choice when there is doubt.

Option 3: renounce

Renouncing means you receive nothing and owe nothing. It must be done formally, before a notary or a court, and it cannot be undone. Your share then passes to other heirs, as set by the will or by the law, so it is worth talking to the rest of the family before you sign.

Is there a deadline?

There is no single deadline to accept, but some dates set the pace. Inheritance tax must usually be filed within six months of the death, which can be extended in some cases. And if a creditor formally asks you to decide, you will have a limited time to answer, or you may be treated as having accepted.

Don’t take the first step without the list

Some ordinary actions, such as selling a car from the estate or withdrawing money from the person’s account, can be understood as accepting the inheritance. Before doing anything with the assets, it is best to have the full picture and to know which option you want.

In a first consultation we look at the documents you have, tell you which ones are missing and explain what each option would mean in your case, so you can decide calmly and as a family.