When a relative dies, hardly any heir thinks they may be about to make a mistake that will cost them money for the rest of their life. Accepting an inheritance is not a mere formality: it is a legal decision with definitive effects. Here we explain the three legal routes the Spanish Civil Code offers and when each one makes sense.
In this article
The heir's three options
| Option | What it means | Risk |
|---|---|---|
| Outright acceptance | You receive assets and debts. If debts exceed assets, you are liable with your own assets | High if there are debts you do not know about |
| Acceptance with benefit of inventory | You receive the assets but are only liable for debts up to the value inherited | Low: protects your own assets |
| Renunciation | You receive neither assets nor debts | Final: there is no going back |
Each heir decides separately: some may accept and others renounce the same inheritance.
Accepting outright
It is the most common choice and the riskiest if no inventory has been made first. You accept everything: assets, debts, guarantees the deceased signed, pending contracts. If a debt turns up later, you are liable for it even if you have to pay with your own money.
It can be express, in writing, or tacit: through acts only an heir would do, such as selling something from the estate, using money from its accounts or assigning your share. Mere acts of preservation or provisional management do not count as accepting, provided you do not act as heir.
It makes sense when you know for certain the assets comfortably exceed the debts.
Accepting with benefit of inventory
It is the prudent option whenever there is any doubt about debts. It is declared before a notary, an inventory of assets and debts is drawn up with creditors summoned, the debts are paid from the estate itself and whatever is left goes to the heir. If it is not enough, your own assets are safe.
The inventory starts within 30 days of summoning creditors and legatees and ends within another 60. And if you already hold estate assets, you have 30 days from learning you are an heir to request it. We explain it step by step in inheriting debts and benefit of inventory.
Renouncing
Renunciation is made before a notary, in a public document, and cannot be revoked. Whoever renounces is treated as never having been an heir: they receive nothing and are liable for nothing.
- Your share does not pass to your children. Under the Civil Code renunciation gives no right of representation: your share goes to the other co-heirs, unless the will names someone else, and only if everyone in the same degree renounces do the next relatives inherit.
- Renouncing «in favour of» someone is not renouncing. If you renounce in favour of a particular co-heir, the law treats it as accepting and then assigning, which is taxed twice: on the inheritance and on the gift.
- If all the heirs renounce, the next entitled relatives are called and, if none remain, the estate goes to the State.
Deadlines
- There is no short fixed deadline to accept or renounce, but any interested party (a co-heir, a creditor) can ask a notary to call on you to decide. From then you have 30 calendar days; if you do not answer, the law treats you as accepting outright.
- Inheritance Tax has its own deadline: six months from the death, extendable by six more if requested within the first five. The two deadlines should not be confused.
- If an heir dies without accepting or renouncing, that right passes to their own heirs.
Common mistakes
- Accepting without realising: selling the deceased's car or paying with money from their accounts can count as acceptance.
- Deciding without an inventory: the certificate of last wills says whether there is a will, not what debts exist. Loans, cards, debts with the tax office or Social Security and, above all, guarantees must be traced.
- Renouncing «in favour of» a relative thinking it avoids tax: it is taxed twice.
- Renouncing thinking your share will go to your children: it will not.
- Letting a notarial request go unanswered.
An example
With figures invented for the example: a son, the only heir, receives a home worth €180,000 and an account with €12,000, and knows there is an outstanding loan of €35,000. If he accepts outright and months later a €90,000 guarantee his father signed for a relative turns up, he will be liable for those debts with what he inherited and, if that is not enough, with his own assets. With benefit of inventory, his risk would have been limited to the €192,000 inherited.
How we do it at Equus Capital
Before you sign anything, we draw up the inventory of assets and debts, look for guarantees given by the deceased, explain the three options with their figures and, once decided, take it before a notary. It is handled by a lawyer registered with the Valencia Bar, and the first consultation is free: inheritance services in Valencia. To understand the tax that comes afterwards, read Inheritance Tax in Valencia.
Frequently asked questions
What is the difference between accepting and renouncing an inheritance?
If you accept, you receive assets and debts; if you renounce, you receive nothing and are liable for nothing. You can also accept with benefit of inventory, which limits your liability to the value inherited.
How do you renounce an inheritance?
Before a notary, in a public document. It cannot be revoked.
If I renounce, do my children inherit?
No. Under the Civil Code renunciation gives no right of representation: your share passes to the other co-heirs or whoever the will names.
Can I renounce in favour of a sibling?
If you renounce in favour of a particular co-heir, the law treats it as accepting and then assigning, and it is taxed twice. If you want your share to reach someone, it needs a different approach.
Is there a deadline to accept an inheritance?
No short fixed deadline, but if an interested party calls on you through a notary you have 30 calendar days; if you do not answer, you are deemed to accept outright.
Can I accept without realising?
Yes. Selling something from the estate, using money from its accounts or assigning your share count as tacit acceptance.
What happens if all the heirs renounce?
The next entitled relatives are called and, if none remain, the estate goes to the State.
Are the 6 months for accepting the inheritance?
No. They are the Inheritance Tax deadline. Accepting or renouncing has no such deadline, although it is best decided first.