Are debts inherited ? When we become beneficiaries of an inheritance, depending on the reputation of the testator, this question will cause us great concern, and it is important to be well-informed about it.
Before knowing if debts are inherited, what is an inheritance?
In the first place, we must have a precise notion that inheritance is a legal act, by means of which the cujus or person who dies transfers all his assets, rights and obligations (debts) to other people. Said legal act is carried out by means of a will, which is a manifesto of will, by means of which the testator or deceased, in life, decides freely and without coercion the destination that he wishes his assets to have after his death. .
There is also an order to succeed, which is determined according to the existing assets and the relationship between them and the deceased, according to their right to inherit either by law or by will. However, situations occur in which the deceased dies, without having previously expressed his will regarding the destination of his assets, which is called ab intestate or intestate succession, dying without leaving a will.
What to do if there is no will?
In this case, the heirs by right may assert their status as heirs, carrying out the corresponding procedures before the competent authorities, following the line of succession and the proportions established by law. All this, on the understanding that at the time of inheriting , all the assets, rights and obligations of the deceased are inherited, hence the concern of whether the debts are inherited.
In this type of succession, the detail to highlight is that it is the Law that expressly determines the order and proportions to inherit, being the beneficiary, called by Law, the one who performs or not the pertinent procedures before the authorities for the corresponding reception.
Well, in this article we will explain in a very detailed way, the ways of inheriting and how to avoid inheriting the debts (obligations) of the de cujus.
Obligations are inheritable
We must bear in mind that if a person dies and has debts, these debts remain. In short, the debts are not extinguished by the death of the owner thereof.
Consequently, they are perfectly transferable to their heirs, unless the heirs are aware of what actions to take to prevent this from happening, but in short, yes, the debts are inherited!
All this situation is circumscribed to the way of accepting the inheritance. And as we know, there are two forms of inheritance acceptance, namely: pure and simple and benefit of inventory. The destination of the obligations acquired in the hereditary heritage will depend on the foregoing.
We must take into account that when we are called to inherit, either by will or intestate, we must bear in mind that we are not obliged to accept the inheritance.
How are debts inherited?
The Pure and Simple Form
This form of acceptance of the inheritance implies the absolute consent to let in everything that the cujus (deceased) has held to my estate.
Consequently, if the debts or obligations exceed the assets, the heir who has accepted purely and simply without any objection, will be forced to respond with his estate for all the debts that he per se acquired.
It is important to highlight that this form of acceptance includes, in turn, two forms: express, which is to accept the inheritance through a statement of will and before the competent authority, through a document and the tacit one: which is done by carrying out carry out activities with the hereditary heritage and that by making use of it, they would imply its immediate acceptance.
To accept an inheritance through this mechanism, we must carry out a prior evaluation of what exactly I am going to receive, so as not to see my assets affected by debts acquired by the deceased.
By virtue of the above, the pure and simple acceptance of the inheritance will only be recommended if we know in detail the concepts that are going to be received.
For the benefit of inventory
With this way of receiving the inheritance, we will be carrying out a timely separation of the goods, rights and obligations to receive from our assets, in such a way that at the time of debt collection by the creditors of the deceased, our assets will not be seen. affected in any way nor will we have to respond with it for those debts.
What will we achieve with the benefit of inventory?
The main thing that we will achieve is to protect the heritage of the heir, in such a way that if there are debts to cancel, the heir will respond for them to the extent that they can be canceled with the assets received through inheritance.
If it is not enough to cover all the debts, in some way he will respond with his assets, avoiding in the first instance, confusing his assets with those of the heir and that the debts cover his assets.
On the other hand, with the benefit of inventory, an attempt will be made to compensate all creditors, in such a way that once all debts are covered, the remainder will go to the rest of the heirs, if applicable.
In order for the heir to avail himself of the benefit of inventory, when he is called to the succession, he must express it before the competent authority within a period of ten (10) or thirty (30) following according to the term of the distance, of having been notified of his condition as heir, according to his place of residence. Likewise, an administrator will be appointed who will be in charge of making the payments destined to satisfy the debts, this administrator may be one of the heirs, in case there are several.
Similarly, it is important to note that even when the heir has the right to accept the inheritance for the benefit of inventory, said prerogative is subject to a series of circumstances that could put the right held at risk, so it is not an absolute right.
Circumstances that jeopardize the right to accept the inheritance for the benefit of inventory
- Exceed the established period of thirty (30) days to carry out the inventory.
- Do not include in the inventory, any of the assets, rights and obligations that are part of the inheritance.
- Carry out actions to alienate and/or record some or all of the assets acquired, to obtain some benefit from them without first having responded for the debts of the hereditary heritage and having achieved a benefit, not allocating the benefits obtained to the satisfaction of the debts .
If the debts are inherited, can I reject them?
Finally, the heir also has the right to repudiate the inheritance through a legal act through which one or all heirs may renounce the inheritance.
We must point out that this act is carried out before a notary or competent judge. It is a free and voluntary act that is carried out with respect to the entire inheritance, does not admit conditions or deadlines and is mainly used to avoid being responsible for the payment of creditors that the deceased has had.
Generally, the inheritance can be repudiated, in order to avoid possible debts that are known and that are intended to be avoided for the purpose of safeguarding one's own assets.
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