An important figure during an inheritance, the notary is responsible for handing over the capital and assets to the heirs. The money in the deceased’s bank account is blocked until the inheritance is settled, the notary therefore does not keep it himself, for which he could be accused of embezzlement. So what is its role and how is a succession organized?
Inheritance: how is sharing defined?
The sharing of inheritance is regulated. In the event that the deceased has not made a will, his property and money go to his heirs (his children) and to his spouse if they were still married. If the deceased has drawn up a will, he must provide a part of his estate to his heirs and can offer the remaining part to whomever he wishes. The heirs are the legitimate or natural heirs in the sense of blood filiation while the legatees (beneficiaries of a legacy) are the beneficiaries. These may or may not belong to the family of the deceased.
Why does the notary keep the money from the estate? What are his duties during an inheritance?
Before distributing money and property to the heirs, the notary carries out several verification steps: who are the people involved in the inheritance? Was a will made by the deceased or bequeathed during their lifetime? Did the deceased have any outstanding debts, expenses and charges that the estate must repay? While waiting to resolve these issues, the notary cannot touch the deceased’s money as he wishes. The money is blocked in a special account called “undivided” and is therefore not placed in a professional or personal account of the notary. Withdrawal or deposit operations are no longer possible and the balance will only be touched when the entire estate is settled. Once financial issues are resolved, the notary calculates the share of each heir and distributes goods and money.
Do we pay tax on an inheritance and what share does the state take?
The tax on an inheritance is called inheritance tax. Heirs are subject to a progressive rate depending on their financial situation. Note that direct lineal successors pay the least but that brothers and sisters, the surviving spouse or the PACS partner can under certain conditions be exempt from these inheritance taxes. The State can take between 5% and 45% tax on a direct line inheritance, between 35 and 45% on an inheritance between brothers and sisters, 55% on an inheritance to parents up to the 4th degree inclusive and up to 60% for other heirs.
What is the difference between inheritance and succession and what is the definition?
We often talk about succession and inheritance, but is there a difference? Well no. Both of these terms can be used to describe receiving property or money from a deceased person.
Read also :
⋙ Inheritance: inheritance tax reduced in 2023?
⋙ Succession: 4 good reasons to refuse it
⋙ Inheritance: everything you need to know (and do) when you inherit a house