Do Inheritances Expire?

 

Since successions and probates usually take a very long time, heirs often ask themselves if inheritances expire. First, the procedure begins by claiming the inheritance. Any person who has the intention to be acknowledged as a legal heir can do this before a court of law.

Hence, the Civil Code does not clearly state any expiration date to claim an inheritance.

Nevertheless, the maximum period of time to claim an inheritance is up to thirty years after the death of the originator.

It is worth noting that there is a difference between claiming an inheritance and requesting the division of the estate.

Universal and Legal Heirs

Universal and legal heirs are entitled to receive their share of the inheritance according to the law in force. None of the beneficiaries can be excluded, unless there are valid grounds to disinherit a person in particular. On the other hand, a last will can be challenged in order to claim the rights of a potential heir. Among them, there are the following: the surviving spouse, the children, and the deceased’s parents.

In general, the estate is divided as follows: the originator’s children or their descendants receive 2/3 of the inheritance. If there are no children alive, the parents have a right to inherit a third part of the estate. If there is no surviving spouse, they will receive half of the inheritance.

In addition, the surviving spouse will receive the usufructuary share if there are children. Otherwise, half of the inheritance corresponds to the surviving spouse.

The testator can clearly appoint his/her beneficiaries by means of a last will or testament. The difference between legal heirs and beneficiaries is that the former will receive an undetermined share of the inheritance. Mainly because the total amount of the assets has to be divided among the heir, while a beneficiary will receive a specific amount as stated by the originator.

Another difference is that the legal heirs take possession of the whole inheritance, but the beneficiaries will receive their share directly from the heirs. They are appointed as executors of the decedent’s inheritance. Thus, they have the right to deliver what each beneficiary is entitled to.

Probate Procedures

According to the law, the probate procedure begins when the heirs legally receive the originator’s estate.

In general, the date when the death of the decedent is registered at the Civil Registry is also considered for legal purposes.

There are two very important circumstances to take into account. The heir can accept or reject the inheritance. In fact, no heir is forced to accept an inheritance up to nine (9) days after the death of the originator.

In both cases, the heir has a maximum period of thirty (30) days to decide what to do.

There are also special circumstances. For instance, if the assets are in the possession of third parties, the heirs can claim the inheritance as follows:

 

Five (5) years if the inheritance consists of regular payments.

Six (6) years for movable property. This also applies in the case of jewelry, automobiles, utensils, etc.

Thirty (30) for real property. This type of assets includes houses, land, and apartments among others.

 

The existence or the lack of a last will does not affect the right to claim an inheritance. In fact, a last will simplifies the procedure since it states who the heirs are and what part they are entitled to receive.

 

Sometimes, after rejecting an inheritance, a beneficiary can change his/her mind. Unfortunately, it is no longer possible to claim an inheritance after waiving that right.

This is a very relevant point because once that decision is made it is irrevocable.

Therefor, legal assistance can help before receiving or rejecting an inheritance before it is too late.

 

Claiming an Inheritance

Since successions and probates usually take a very long time, heirs often ask themselves if inheritances expire. First, the procedure begins by claiming the inheritance. Any person who has the intention to be appear as a legal heir can do this before a court of law.

Hence, the Civil Code does not clearly state any expiration date to claim an inheritance.

Nevertheless, the maximum period of time to claim an inheritance is up to thirty years after the death of the originator.

It is worth noting that there is a difference between claiming an inheritance and requesting the division of the estate.

Universal and legal heirs have a right to receive their share of the inheritance according to the law in force. None of the beneficiaries can be excluded, unless there are valid grounds to disinherit a person in particular. On the other hand, challenging a last will is a valid option in order to claim the rights of a potential heir. Among them, there are the following: the surviving spouse, the children, and the deceased’s parents.

Distribution of the Inheritance

In general, the division of the estate is as follows: the originator’s children or their descendants receive 2/3 of the inheritance. If there are no children alive, the parents have a right to inherit a third part of the estate. If there is no surviving spouse, they will receive half of the inheritance.

In addition, the surviving spouse will receive the usufructuary share if there are children. Otherwise, half of the inheritance corresponds to the surviving spouse.

The testator can clearly appoint his/her beneficiaries by means of a last will or testament. The difference between legal heirs and beneficiaries is that the former will receive an undetermined share of the inheritance. Mainly because the heirs have to divide the total amount of the assets among themselves, while a beneficiary will receive a specific amount according to the last will.

Another difference is that the legal heirs take possession of the whole inheritance, but the beneficiaries will receive their share directly from the heirs. They become executors of the decedent’s inheritance. Thus, they have the right to deliver what each beneficiary should receive.

According to the law, the probate procedure begins when the heirs legally receive the originator’s estate.

In general, the date of death of the decedent registered at the Civil Registry is also important for legal purposes.

There are two very important circumstances to take into account. The heir can accept or reject the inheritance. In fact, an heir can accept an inheritance up to nine (9) days after the death of the originator.

In both cases, the heir has a maximum period of thirty (30) days to decide what to do.

 

Special Circumstances

There are also special circumstances. For instance, if the assets are in the possession of third parties, the heirs can claim the inheritance as follows:

 

Five (5) years if the inheritance consists of regular payments.

Six (6) years for movable property. This also applies in the case of jewelry, automobiles, utensils, etc.

Thirty (30) for real property. This type of assets includes houses, land, and apartments among others.

 

The existence or the lack of a last will does not affect the right to claim an inheritance. In fact, a last will simplifies the procedure since it states who the heirs are and what part they will receive.

 

Sometimes, after rejecting an inheritance, a beneficiary can change his/her mind. Unfortunately, it is no longer possible to claim an inheritance after waiving that right.

This is a very relevant point because once you reject an inheritance the decision is irrevocable.

In conclusion, the best advice you can receive is to obtain legal assistance regarding the pros and cons of receiving or rejecting an inheritance before it is too late.

 

Keywords: inheritance, estate, assets, heirs, originator, last will, acceptance, rejection, challenge, probate, succession