Inheritance can be both an chance to grow assets and a hazard of paying the debts of the deceased. Polish law provides 3 main options for the heirs: accepting the inheritance in its entirety, accepting the inheritance with a simplification in liability for debts (with the alleged asset benefit) and rejecting the inheritance. Each of these decisions carries certain legal and financial consequences which the heir should carefully consider.
Acceptance of the inheritance – what does it mean?
In accordance with Article 922 of the civilian Code, upon the death of the heir, his rights and duties shall be transferred to the heirs. It is automatically assumed that the inheritance is acquired, but the right gives the heirs six months to choose whether to proceed. During this period, heirs may take 1 of 3 decisions:
- Acceptance of the inheritance directly – in specified a case, the heir shall be liable for the debts of the deceased without any limitation. This means that if the value of the debts exceeds the value of the assets left by the heir, the heir will be obliged to repay them from his own resources. This solution may be risky, especially if we do not know the full scale of the deceased's commitments.
- Acceptance of inheritance with the benefit of inventory – is simply a safer option that limits the liability of the heir for debts to the amount of assets acquired after the deceased. In practice, this means that if debts exceed the value of the inheritance, the heir will not be liable for the surplus. This is the default form of acceptance of the inheritance if the heir fails to make a message within the prescribed deadline.
- Rejection of inheritance – means a complete resignation from the succession, and consequently both from the property and from the debts of the heir. The decision to reject the inheritance must be aware, as it cannot be subsequently amended or taken to partially accept the inheritance.
Six months to decide
According to Article 1015 of the civilian Code, the heir has six months to make a declaration of acceptance or rejection of the inheritance. The word is counted from the date on which the heir learned of the appointment to inherit, which is usually equivalent to the date of death of the heir. If at that time the heir does not make any decision, the law assumes that the inheritance is accepted with the benefit of the inventory.
Acceptance of inheritance with the benefit of inventory
The adoption of the inheritance with the benefit of the inventory requires a list of the assets and liabilities of the deceased, which determines the value of the assets and debts of the heir. This procedure allows the liability of the heir to be limited only to the value of the inheritance acquired. Thus, if the deceased's assets are little than or equal to zero, the heir will not gotta repay the liabilities from his own resources.
The adoption of a decrease with the benefit of the inventory can be reported on its own utilizing the available expression on the website of the Ministry of Justice, which avoids additional costs associated with the payment of experts. Where there is no property after the deceased, the heir shall not bear any additional financial consequences to the creditors.
Rejection of inheritance – is that a good solution?
Rejection of inheritance is an effective way to avoid liability for the debts of the deceased. However, it should be borne in head that specified a decision besides involves the resignation of any property benefits arising from the succession. Rejection of the inheritance cannot be partial – the heir must decide to reject the full inheritance, which means that he will not be able to usage any of its components, even if the property was greater than the debt.
How do I make a message about accepting or rejecting the inheritance?
A message of acceptance or rejection may be made before a court or notary. The judicial procedure, although more time-consuming, does not entail additional costs beyond standard court fees. In turn, making a message to a notary is faster, but requires notarial costs.
Where a judicial procedure is chosen, a request must be made for the acquisition of the succession to the territory court competent for the last residence of the deceased. The decision of the court declaring the acquisition of the inheritance is simply a formal confirmation of the acquisition of the property (or its rejection) by the heirs.
Conclusion
The inheritance is simply a decision that requires careful consideration and hazard assessment. The adoption of the inheritance may prove to be risky, especially if the deceased had crucial financial obligations. Rejection of inheritance avoids liability for debts, but means a waiver of property. The safest option is usually to adopt a decline with the benefit of inventory, which protects heirs from having to repay liabilities beyond the value of the inheritance.
The heirs should so carefully analyse their situation and search legal advice in order to take the most favourable decision in the light of existing legislation.
The information on the website is simply a description of the legal position at the date of publication and is not a legal advice on an individual case. The legal position of publication may change. The law firm is not liable for utilizing an alert to solve legal problems.You have questions or request aid – welcome to contactOh, my God!
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