Following the death of a loved one, the heirs must transfer the latter’s assets. This is called “succession”. During this operation, the beneficiaries of the deceased person are free to accept the succession purely and simply, to accept the succession up to the net assets or to renounce the succession.
1st option: accept the succession purely and simply
A pure and simple acceptance of the estate allows you to receive your share of the inheritance without any problems. However, you will be required to pay the deceased’s debts according to your rights in the estate.
If the debt is significant, the law allows you to apply to the High Court, within 5 months, to be partially or discharged. To be validated, your request must include legitimate reasons. For example, you were unaware of the debts at the time of acceptance of the inheritance. You can also demonstrate that this payment could seriously harm your assets.
2nd option: accept the inheritance up to the net assets
Accepting the estate up to the net assets frees you from paying debts that exceed the value of the deceased’s assets. This way, your assets will be protected from the deceased’s creditors, that is, people to whom money or the provision of a benefit is owed. This inheritance option is rather recommended for those who fear unpleasant surprises.
However, this choice does not exclude the fact that the heir can opt for the first option. But in this case, he will lose his right to renounce.
3rd option: renounce the inheritance
When an heir does not want to bear the debts of the deceased, which he considers significant, he renounces the succession instead of seizing the TGI for acceptance up to the net assets. Thus, he is considered as never having received any property and becomes a stranger to the succession.
However, he may be required to contribute to the funeral costs depending on his means. If he bears the title of ascendant or descendant of the deceased person.
Furthermore, renouncing the inheritance does not prevent an heir from keeping certain memories of his family, or from defending the memory and honor of the deceased if they were called into question. He also has every right to disclose his posthumous works and to be buried in the family vault.
Deadlines to be respected to exercise the inheritance option
An heir cannot exercise an inheritance option as he sees fit. There are deadlines to respect.
The minimum period is 4 months from the opening of the estate. During this period, the beneficiary is free to make a choice. Beyond this period, the creditor of the estate, the co-heir, the heir of subsequent rank or the State has the right to force him to take sides. In this case, he has 2 months to make a decision or refer the matter to a judge to request an additional period.
Otherwise, he is considered to have purely and simply accepted the inheritance. Note that the maximum period for exercising the inheritance option is 10 years. If the heir is unable to decide during this period, he is considered to have renounced the inheritance.
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