The death of a loved one is a sad event. During the mourning period, you also need to deal with the complex issue of dividing the inheritance. In this article, you can find detailed information on how to divide the inheritance and different sharing methods.
What is Inheritance?
Inheritance is all the assets left behind by the deceased. This includes material assets such as real estate, vehicles, money in the bank, receivables, stocks, companies and even personal belongings. The debts of the inheritor are also considered part of the inheritance.
Who are the Heirs?
The law determines the heirs according to certain orders. The first in line are the descendants of the deceased (children, grandchildren). After the descendants, the spouse and parents of the deceased are the heirs. After the parents and descendants, the siblings, children of the siblings, aunts, uncles and uncles of the deceased come in the order of inheritance.
How is the Inheritance Shared?
The distribution of the inheritance can be done in two ways:
Sharing by Agreement: The heirs can share the inheritance by agreement among themselves. This is the easiest and fastest way. The agreement determines which assets of the inheritance will be inherited and how the debts will be paid. The agreement must be made in writing and signed by all heirs.
Legal Sharing: If the heirs cannot agree, the distribution of the inheritance is made by court order. In this case, the court divides the inheritance by taking into account the legal inheritance shares.
Legal Inheritance Shares
When the deceased has descendants and a spouse, the shares of the inheritance are as follows:
Spouse: 1/4
Children: Equal shares
When the deceased has only descendants, the entire inheritance is shared equally among the children.
When the deceased has a spouse and parents, the shares of the inheritance are as follows:
Spouse: 1/3
Parents: 1/6 each
When the deceased has only parents, half of the inheritance is shared equally with the parents and half with the descendants.
Things to Consider When Sharing the Inheritance
The rights of all heirs must be observed during the sharing of the inheritance.
When sharing the inheritance, it should be checked whether the deceased has any will.
It may be useful to consult a lawyer to avoid any disagreements during the sharing of the inheritance.
