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When you inherit a heritage, there can be assets but also debts. What are the possible choices? When should the decision be made?
WHEN should the decision be made?
When you inherit an inheritance , you have 4 months to decide whether to accept it or not. This period may be extended by the judge in chambers in certain cases. Each heir is free to make a choice that does not bind the others. Before making a decision, it is important not to use the inheritance of the deceased as this will be considered as an “ outright acceptance of the inheritance”.
ACCEPT the inheritance purely and simply
If one accepts a “pure and simple” inheritance, one is obliged to pay all the debts of the deceased. If there are several heirs, each pays off the debts up to their share in the estate. For example, if there are two heirs, each pays half of the claims. The creditors have the possibility of pursuing the settlement of the debts on the heritage of the succession, but also on the own heritage of the heir. They can therefore seize his salary or his accommodation if the debt justifies it.
ACCEPT the inheritance after inventory
When you are aware of the estate, you can request that an inventory be drawn up at your expense. A period of two months is granted, from the day of the opening of the succession, to make the inventory. This makes it possible to assess the assets and liabilities of the deceased’s estate, and to see if the debts are significant. This can be done through a notary, a bailiff or an auctioneer. In case of doubt on the amount of the debts, it is advisable to make a declaration to the court of first instance indicating that the succession is accepted “up to the amount of the net assets”. Thus, one will be required to pay the debts, but only with the contribution that the inheritance will have provided. Personal property will be safe and unseizable.
RENUNCIATION of inheritance
If the debts are significant, it is possible to renounce the inheritance. This can be done right after death or after taking inventory. To renounce the succession, an “express” declaration must be made to the tribunal de grande instance of the place where the succession is opened. This declaration allows you to be excluded from any payment of debts. We will also be excluded from the property of the deceased.
Société d’Avocats DAMY , Nice, What should I do if there are debts in my estate?, Update 2022.
