The partition of an inheritance
Table of Contents (7)
- What is the partition of an inheritance?
- What types of inheritance partition exist?
- Voluntary partition
- Judicial partition
- Partition "contador-partidor"
- How goods are produced and valued
- JLA Notarios and their role in the partition of an inheritance in Barcelona
In the acceptance of an inheritance, the concept of share of an inheritance appears, which can be complex to explain. As a specialist notary in inheritances in Barcelona, we ensure that you understand this element related to the distribution of assets.
What is the partition of an inheritance?
The inheritance share is the transfer of the assets owned by the deceased to their heirs, respecting the percentage established for each in the will and if not, following the declaration of heirs. To carry it out it is necessary that all those entitled to the inheritance have accepted it.
This matter is divided into two groups depending on the existence of a legal will:
- When it exists: it reflects the distribution and what corresponds to each of the parties involved in it.
- When it does not exist: the legal heirs will have the capacity to carry out the distribution, always respecting the proportions established by law and following the declaration of heirs in which the percentages corresponding to each of the legal heirs are declared.
What types of inheritance partition exist?
Within the division of inheritances there are several types that we must know. Having these concepts clear, we will know which is the most suitable or the one that best fits a particular situation. This type of divisions occur in cases where the will does not include an explicit distribution of the deceased's assets or in cases where there is unanimous division among all the heirs in cases permitted by law. Thus, we find the:
- Voluntary division
- Judicial division
- "Contador-partidor" division
Voluntary partition
When all the heirs who have accepted the inheritance agree on the distribution of the assets. To make it effective, it is necessary to execute a public deed before a Notary with the signature of all of them.
In this case, the signing of the inheritance partition deed can be done by all attending the notary in person or by some being represented through a notarial power of attorney. It is the only partition that can be carried out by the interested parties in the inheritance without strictly following the will, provided that all agree on the modifications.
Judicial partition
In the event of no agreement between the heirs, a judicial process known as judicial partition is resorted to. This is one of the most costly ways to divide the inheritance. It will be necessary for the parties to have a lawyer and to wait for the deadlines in the different phases of the inheritance partition process, which can be quite lengthy.
Partition "contador-partidor"
It receives this name due to the figure of the contador-partidor. This person will be responsible for carrying out the distribution in an equitable manner among all the heirs. For this figure to come into operation, two situations may arise:
- Testamentary: the testator appoints them to carry out the distribution after their death.
- Dative: the heirs (more than 50%) request them from the judge due to the impossibility of reaching an agreement. This option is less costly than judicial partition.
Distribution through a contador-partidor is not very common but it can be useful for a testator to establish it when their inheritance has a significant estate or when there are other circumstances that advise it.
How goods are produced and valued
To carry out a partition it is necessary to prepare the so-called partition notebook. This document reflects the situation and personal data of the deceased, as well as their ascendants, descendants and heirs. It also includes all their assets, both active and passive, and the final distribution among the heirs.
To value the assets of an inheritance, the Administration has references for complex elements such as real estate or vehicles. For jewellery, paintings and other items, a specialised appraiser can be consulted.
For the valuation of real estate, the notary can extract cadastral information that allows knowing the minimum fiscal value to be given to each inherited property.
To include in the inventory money in current accounts, investment funds, pension funds and other banking products, it will be necessary to present at the notary the balance certificate at the date of death issued by their bank.
If you are interested in learning more, on our blog we have an article related to the taxes incurred when receiving an inheritance with advice to avoid paying more.
And if you are interested in learning how to calculate the inheritance tax without losing tax benefits, you can read the following post:
JLA Notarios and their role in the partition of an inheritance in Barcelona
As Notaries in Barcelona we can certify the authenticity of the different documents required in the procedures of an inheritance. The division of an inheritance, and specifically the voluntary one, must be formalised to be legal.
At JLA Notarios we specialise in processing inheritances in Barcelona, and our notary office is located on Avenida Diagonal, so if you need assistance, you can contact us via our email bcn@jlanotarios.com or through the contact form on our website. We offer a wide range of Services in Wills and Inheritances and we will help you with whatever you need.
