Current legislation establishes that an inheritance is a right, but it is not an obligation. Therefore, inheriting debts is a choice. Different scenarios can be given in which the beneficiary of a legacy decides whether or not to accept the inheritance, since in no case is he obliged to do so .
On many occasions, the debt left pending by the person who dies is paid off thanks to the insurance that he hired at the time. However, there are assumptions that companies do not cover or there are simply cases in which the borrower did not subscribe to the life insurance policy.
Options that a heir of debts has
When a person dies, their debts are transferred to their heirs . Now, they can decide whether or not to carry them. What they can not do is choose what part of the inheritance they want and what part they are not interested in, everything goes in the same package and, therefore, both the balances of duty and having go together.
1. Accept the inheritance :
In this case, he assumes the responsibility of paying the debts that his family members have left him or who left his legacy. You will receive all the goods and credits pending payment with the commitment to take charge of your return.
2. Accept the benefit of the inventory :
The other option you have is the acceptance of the inheritance for the benefit of the inventory , that is, to receive the part of the goods left after paying the money pending payment by the deceased.
3. Reject the inheritance :
If the situation is very complicated, the choice that remains is to renounce the inheritance, both assets and loans. In this case he would pass the following successors. For this, you have to make the resignation before a notary and you can not enjoy anything of the inheritance.
Before making the decision, even in cases of quick credits
The debit balance left by the testator can be of different types. The most common is the obligation to pay with financial institutions, although it is quite common for life insurance to cover this type of payment if the owner dies.
In both online and traditional loans , the situation is the same. However, the beneficiary must be well informed about the financial products that the testator had hired and all those who were linked, sometimes, it is the housing or life insurance. There are many entities that force their clients to subscribe to this type of policy when they are lent money.
So, before rejecting any inheritance, it is advisable to inform yourself and check the documentation well to make sure that there is no insurance that can cover the loan that is inherited .
Specifically, there is a period of 180 calendar days from the death occurs to contact banks and communicate the situation, claim the insurance and cancel the loans. The entities will demand the corresponding documentation to be able to carry out the processing, usually it is the will, the last wills, the deed in which an inheritance is awarded or the declaration of heirs. They also request proof of payment of inheritance tax, previous step before receiving an inheritance. Thus, with all the documentation, the bank informs of the products that had contracted the person who has died.
If the inheritance is accepted, with the obligations included, the beneficiary will receive the goods, pay taxes and be responsible for the obligations that have been contracted, either with the inheritance or with their own means. It will do it regardless of the type of product, they can be fast loans , credit cards , personal loans or mortgage loans .
The option that allows avoiding payment and not having to assume an external obligation is the option to accept the inheritance for the benefit of the inventory. It is a legal form that allows the successor not to take responsibility for the debts. The outstanding credit after death will be paid with the value obtained from the assets that are part of the inheritance. In this case, the creditors can not demand the collection of a part that is not covered by the existing legacy, that is, if everything there is does not cover the debt incurred, the beneficiary can not be asked to assume that responsibility. In this case, if after making the settlement there is still part of the inheritance intact, the heirs may move to its distribution according to what is established in the will.
And … Are credit card debts inherited?
When we talk about credit card debts we are referring to a contractual debt. And according to the Spanish civil code, contractual debts are transferred with the inheritance and consequently transmitted to the total computation. If the heirs accept the inheritance they will have to take over the debt of the credit card.
Processing of the inheritance of the loans including online loans
In the case of accepting the credits pending payment , initially you must pay the installments through the account in which the deceased did it. It is important that the bank is notified of what happened so that the ownership of the loan can be changed.
What happens if the loan has a guarantee?
Another figure that creates controversy is that of the guarantor , since it does not disappear when the holder of the credit dies . The guarantor is only freed when the money has been fully repaid and, therefore, until the heirs do not liquidate the loan, he can not renounce his guarantee. However, there are some cases in which it depends on the type of contract subscribed.
What happens if the loan has two owners?
If any of the loans has two owners , half of the amount must be paid by the heirs. If they reject it, it must be the co-owner who assumes the responsibility to pay it. If the credit has no endorsement, nor co-owner, are the beneficiaries of the inheritance who must make the return.
In some cases, to be able to face the payment of taxes that the inheritances demand, some consumers opt for the fast credits . In these cases, they obtain liquidity to be able to cover the expenses in the absence of regularizing the inheritance.
The debts, therefore, are inherited if there is no life insurance covering the death of the owner . However, beneficiaries have the possibility to choose the option that most interests them to deal with the situation. In Atrapacredito you can get online loans quickly in order to meet the disbursement involved in the procedures of an inheritance.