In 2023, the number of people in Spain who decided to decline their inheritance reached an all-time high, with 56,108 people opting not to accept. This figure, the highest recorded since the General Council of Notaries began collecting data in 2012, represents an increase of 1.1% compared to previous years. In some cases, one of the reasons for rejecting inheritance is a lack of knowledge, which is why Century21 has created a guide explaining what to do if you receive a property as an inheritance.
The main reason behind more people declining inheritance is the associated burden of debts. Many people prefer not to take on unwanted financial responsibilities, including outstanding mortgages, personal debts of the deceased and other financial commitments that exceed the value of the inherited assets. As a result, many potential heirs have declined their inheritance rights so as not to face additional financial problems.
Inheriting a property is not simply about becoming a homeowner. This process involves many emotional complexities and challenges that can be overwhelming. Here are some of the most important tips to keep in mind about managing a property inheritance most effectively:
- Collect documentation: gathering together all the necessary documents, such as the will, title deeds and any other documents related to the property, is essential. This will serve as a guide throughout the inheritance process.
- Know the value of the property: understanding the market value and sentimental value of the property is crucial. This information will help you make informed decisions about the estate's future.
- Get good advice: understanding the legal issues surrounding inheritance is key to handling the paperwork and grasping the specifics of the situation. Good advice from an expert can make all the difference.
- Consider the associated costs: knowing the taxes and expenses linked to the property is essential to have a clear picture of the financial implications of inheriting.
- Decide the future of the property: assessing the pros and cons of keeping, selling or renting the property is crucial.
- Know the local real estate market: understanding the neighbourhood's market can give a better perspective on the current value and market trends. The role of the real estate advisor is key, as they have first-hand knowledge of each area's characteristics and circumstances.