The classic reason for forgoing inheritance is when the liabilities exceed the assets.
However, there are three considerations in this regard:
- The waiver of inheritance must be notarised.
- When there is doubt regarding the inheritance liability, it is advisable, as a precaution, to accept the inheritance for the benefit of the inventory in order to respond with the inheritance assets, so that the heir’s private assets are not affected.
- It is usual that renouncing an inheritance or, where appropriate, a legacy, results in a tax saving that must be assessed before deciding whether to accept or forgo an inheritance or a legacy.
In GABARRÓ ADVOCATS –HERÈNCIES- we advise and study the viability of renouncing the inheritance for tax reasons, as well as the need to accept the inheritance for the benefit of inventory or, simply, the recommendation to renounce the inheritance, when the inherited liabilities exceed the asset
