When a person dies, their heirs, the immediate family members, often have no idea how to go about inheriting the deceased person's property. In this article, Legal Point will give you an insight into the process of settling an estate.
The first step that should be taken is to be aware of the composition of the assets owned by the heir. It should be understood that heirs inherit not only assets but debts, which often exceed the value of the assets.
In order not to inherit debts from the heir, it is advisable, before accepting the succession, to exercise the right of inventory enshrined in Article 708 of the Civil Law, i.e. to draw up an inventory of the entire estate within the time limit laid by law. The inventory right protects the interests of the heirs. Notably, the heir may exercise the inventory right regardless of whether he is called upon to inherit by law, will or contract. This key Legal Point will also give you an insight into the procedure for exercising inventory rights, but let's start by understanding who has the right to inherit in the first place.
Article 404 of the Civil Law defines four classes of heirs at law. According to Article 405 of the Civil Law, a lower-class heir does not inherit if a higher-class heir has expressed his will to inherit. In the case of legal succession, the spouse, as well as relatives and adopted children, inherit by operation of law. The spouse receives half of the inheritance if first-, second- or third-class heirs also claim the inheritance. If there are no heirs or they do not apply, the spouse receives the whole inheritance.
Heirs inherit according to the order of succession in the Civil Law if the person has not made a contract of succession while still alive or has not made a will.
If the testator has bequeathed all their property to another person by will or by contract of succession, then only to their heirs (the surviving spouse and descendants of the testator, and if there are no descendants, then also to the heirs next in line of succession), who inherit the statutory share, irrespective of any bequests or gifts made by the testator in his last will while he was alive) shall have the right to demand that their shares be distributed to them by the provisions of the Civil Law of 1922, Art. Article 19 According to Article 688 of the Civil Law, the heir who is not disinherited may claim his/her inalienable share only if he/she has expressed his/her will to accept the inheritance within the time limit laid down in Article 693 of the Civil Law.
So, you are entitled to claim the succession. In that case, you should apply to the notary practising in the territory of the regional court where the heir's last declared place of residence was or, if this is unknown, where the property or the central part thereof is located to open a succession case. When going to a notary, the heir must take with them their passport or identity card, the death certificate of the heir, documents proving kinship (birth certificates, marriage certificates), a list of the property to be inherited and an appraisal if something other than the immovable property is being inherited. Ideally, details of all known heirs should also be provided. Before opening a case, the notary will check with the Register of Succession whether it has already been opened by another notary, for example, if another candidate for succession has already applied. The notary then checks with the Register of Public Wills whether the heir's last will (or the contract of succession) has been registered there.
After the opening of the succession file, if necessary, the opening of the succession is announced in the official newspaper “Latvijas Vēstnesis”. In the announcement, the notary public invites those who, as heirs, creditors or otherwise, have a right to the succession to apply. Unless otherwise provided by law, the invitation's time limit shall be at the discretion of the notary public. Still, it may not be less than three months from the invitation's publication date. If the circle of heirs is clear, the notary will typically set a time limit of three months for the application (a time limit essential to respect for anyone entitled to inherit as well as for creditors) and complete the pending case expeditiously. If the case is complex and the relationship is distant, obtaining the property and relationship documents and processing the case will take longer. The average length of a succession case in Latvia is three and a half months.
Suppose an heir wishes to exercise the right of inventory. In that case, they may apply for it with the notary at the same time as the application for opening the succession but no later than two months after the opening of the succession; this time limit applies to all heirs called upon to inherit. The notary shall invite the judicial executor to draw up an inventory of the succession as provided for in Article 709 of the Civil Law.
Article 711 of the Civil Law provides that an heir who has accepted an inheritance by right of inventory shall be liable for the debts and other claims of the testator against him only to the extent of that inheritance and shall be entitled to deduct from that place the sums necessary for the testator's burial, inventory and other legal expenses.
If the estate is insufficient to satisfy the claims of the decedent's creditors, the heir must pay the debts out of his estate. By exercising the right of inventory, you thus protect yourself against the indebtedness of the heir.
Legal Point will help you professionally arrange all the necessary documents for inheritance so as not to expose you to various risks and complications and to avoid having to pay excessive capital gains tax on the resale of the inherited real estate in the future. Legal Point will advise you during the process and answer any questions. Legal Point will promptly resolve issues concerning the further administration of the inherited property, assisting in establishing guardianship. For example, if the estate includes a going concern, it is crucial to develop a trusteeship to ensure that the business continues to operate. Legal Point's partners will provide translation, legalisation and asset valuation services as required, quickly, efficiently and reasonably priced.
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