In the real estate industry, owners need to be aware of the different rules governing inheritance and its effects on their assets. Thierry Delacelle, a member of the Grande Parisienne group of notaries, provides an important explanation on this complex issue.
Rights of Heirs in Event of Donation or Will
The first thing to know in inheritance is that there is Legal exchange as exchange by the will of the deceased in form donation or wish. When a person decides to act in favor of a loved one, it may affect the rights of other heirs concerned. Here are some key ingredients:
- Respect the rights of each heir (legitimate and reserved).
- Consider the characteristics associated with the family situation.
- Assess the tax consequences for the beneficiaries.
Principle of hereditary reservation and rights of reserved heirs
The presence of reserved heirs limits the possibility for the deceased to freely dispose of his property. French law provides that Every child has the right to a minimum share of their parents’ inheritance, called “hereditary reserve”. A residuary estate constitutes the “available portion” that the deceased can allocate to others, typically by will.
In certain cases, if the reserved heirs believe that their rights have been violated, they can take legal action to contest the allocation of the property. It is therefore advisable to think carefully about the legal consequences before giving or bequeathing property.
Joint management of goods received
When several persons inherit the same immovable property, they must ensure its good joint management, according to the principle joint ownership. This particularly concerns:
- Payment of charges and fees related to the property (taxes, maintenance).
- Decisions regarding sale, rent or employment.
- Possible division of property between co-owners.
According to Thierry Deleselle, it is impossible today for a child to benefit from free use by a parent without regard to other right holders. This implies that the rights of each member of the joint ownership must be respected, including the rights of the consumer parents.
See also
Respect for consumer parental rights and the question of compensatory rent
If the usufructuary parent accepts a real estate business through their bare-owning child, they must theoretically receive rent as compensation. So Laurie’s sister believes that she should pay rent for this business to avoid family conflict. This situation clearly illustrates the importance of Consider all rights of heirs Real Estate When managing an estate.
Real Estate Points to remember and advice to successfully manage an estate
To avoid tensions and disputes between heirs, here are some recommendations on managing inheritances involving real estate:
- report Other heirs you intend with respect to a donation or bequest of immovable property.
- Be attentive to Possible legal procedures which can be expended by the heirs reserved against donation or will.
- Ensure compliance with Everyone’s rights During the joint management of inherited property.
- Call a notary for you Gives you support and advice In these processes, but also regulatory and case law developments are informed.
