Renouncing an Inheritance in Favour of Another Heir
How to renounce an inheritance in favour of another heir is a question that many people ask themselves. You may have found that, in the management of inheritances after a death, you have been a beneficiary but do not wish to be part of said transfer of assets and want to give your share to another heir. From our notary office specialising in inheritances in Barcelona, we explain how you should carry out the inheritance renunciation procedure for it to be effective.
Can an inheritance be renounced in favour of another heir?
There are several reasons why an heir may decide to renounce an inheritance in favour of another heir, although, if you wish to learn more about them, you can consult more information in the Renunciation of Inheritance service of our notary office in Barcelona.
If you are an heir and do not know how to renounce an inheritance, we explain it step by step below.
Steps to renounce an inheritance
If you are declared an heir, either through a succession with a will or through a declaration of heirs without a will, you may accept or renounce the inheritance.
There are two types of renunciation of an inheritance: pure and simple or the transfer renunciation (in favour of a third party).
The translative waiver
In the renunciation transferring or for the benefit of someone, the inheritance is repudiated in favour of another heir. The acceptance of the inheritance must take place in order to then transfer it to a third party, which entails the payment of Inheritance Tax and the tax corresponding to the transfer that is carried out. Therefore, the tax legislation understands that the inheritance is accepted and then transmitted.
The pure and simple resignation
In pure and simple renunciation: one renounces an inheritance without doing so in favour of anyone. The renouncer is not subject to tax and this is considered the most common way to renounce an inheritance in favour of another heir.
In this case, in inheritances with a will, it creates the possibility of the right of substitution and of accrual in successions with a will. That is, if the testator declared the person who must substitute the heir if they did not want or could not inherit. Likewise, if the substitutes also did not accept the inheritance, their share will pass to the rest of the heirs, increasing their shares.
In inheritances without a will, in the renunciation of the heir there is no right of substitution but there is the right to accrue, directly increasing the percentage of other heirs.
Deed of renunciation of inheritance
Once advised by Notaries on inheritances about whether it is convenient to renounce (or methods to avoid it) and/or the type of renunciation of inheritance in favour of another heir that interests you more, you must go to a notary's office to record it in a public notarial deed.
To do so, make an appointment and attend with your valid ID and the death certificate.
Renouncing an inheritance in favour of another heir with JLA Notarios
At JLA Notarios, we also want to remind you that renouncing an inheritance is irrevocable (it cannot be undone after regretting it) and must be total (you cannot decide what to inherit and what not to). Remember that at JLA Notarios we specialise in inheritances and renunciations of inheritances and we can assist you from our notary office on Avenida Diagonal in Barcelona.
For this reason, we advise you to consult with our Notaries in Barcelona specialising in inheritances. We will assess your case as best as possible so that you choose the best option in inheritance management.
Therefore, make an appointment by writing to us at the email bcn@jlanotarios.com or by filling in the contact form on our website. We will resolve all your doubts about how to renounce an inheritance at our Notary office. We hope this article about how to renounce an inheritance in favour of another heir has helped you.
