Losing a loved one is always a very difficult time to experience. Once the emotion is over, it is also necessary to take care of the administrative procedures, and in particular the succession. How is it going? What is the waiting period for an inheritance? We explain the different stages of the succession to you.
The different stages of a succession
Establishment of the notarial deed
This document is drawn up by the notary. He lists all the people who may be called upon to collect the estate. The relatives of the deceased must provide the notary with all the necessary documents such as marriage contract, divorce decree, family record book, etc.
The family must also provide the notary with documents such as a will or donation between spouses. The notary also verifies the existence or not of a will in the central file of last will provisions.
The complete balance sheet of the deceased’s heritage
The notary then lists all the property owned by the deceased, as well as the debts. The family still plays a major role in this stage. Indeed, it must provide the professional with all the necessary documents (bank statements, title deeds, invoices, etc.).
The notary also lists all the operations carried out previously (purchase, sale, donation, etc.). This allows him to assess the assets and liabilities of the estate.
The balance sheet can take the form of a simple statement of assets or a precise inventory.
Mortgage and tax formalities
The notary is responsible for carrying out these formalities related to the death by:
- establishing and publishing a real estate certificate for buildings to the Land Registry Service;
- drafting the declaration of inheritance;
- paying the inheritance tax to the tax collection (within six months of the death).
The division of property
This is the last step. The notary shares the property according to the decision of the heirs.
In the event of a serious disagreement between the beneficiaries of the succession, the notary will contact a judge. This will cause additional delays and costs.
Deadline for a succession
According to the law, the heir has six months before him to accept or refuse an inheritance. After this period, he is summoned to communicate his decision concerning the succession. In the absence of a summons, the beneficiary of the inheritance has a period of 10 more years.
To receive an inheritance, there is also a deadline. This varies depending on the family situation and the reactivity of the different people. In the case of simple succession, a period of four months may be possible.
Some estates, which are much more complex, can last several decades (up to thirty years). Be aware, however, that the average is six months.