One of my relatives has died. How should I proceed? Who can administer the estate? How should the estate be valued?
Your rights depend on how closely you are related to the deceased and whether or not there is a will:
– In the absence of a will, the law provides for distribution among the heirs: children, spouse, parents, brothers and sisters, etc.
– If there is a will, the estate is organized according to the wishes of the deceased. However, certain heirs (descendants in particular) are protected by the reserved portion.
You then have the choice of accepting the inheritance outright (you inherit the assets but also the debts), accepting it up to the value of the net assets (you limit your liability to the deceased’s estate only), or renouncing it.
In order to organize the estate, it is essential to carry out a precise valuation of the deceased’s assets by drawing up an inventory that lists:
– all assets (real estate, bank accounts, furniture, receivables, shares, etc.)
– all liabilities (loans, tax debts, current expenses, funeral costs).
This allows you to identify the assets to be transferred and the debts to be settled, but also to inform the heirs in their choice: to accept, to accept up to the value of the net assets, or to renounce the inheritance. The assets are valued on the date of death and then updated on the date of distribution to ensure a fair distribution.
Who administers the estate and how? As an heir, you have hereditary seizure. This seizure allows you to manage the estate’s assets (pay bills, protect a building, etc.) even before the distribution takes place. If you do not have this seizure (for example, if you are a specific legatee), authorization from a judge may be required.
Until the estate is divided, the heirs are joint owners. This means that certain decisions (such as the sale of an asset) require the agreement of all or a qualified majority.
Debts are paid first from the estate’s assets. If you accept up to the value of the net assets, your personal assets remain protected.
Gaëtan ESCUDEY will assist you in defending your rights as an heir, whether the estate is amicable, contentious, or international.