The steps involved in an inheritance with a notary

Inheriting an estate can be a complex process, and a major source of stress. Following the death of a loved one, you may need to contact a notary to settle the estate. While the involvement of a lawyer will ensure that the transfer of assets takes place legally, it's important to understand the necessary steps involved in a notarized succession. This will enable you to prepare for the process more serenely during this unfortunate event.

How does an estate work? 

Throughout the succession process, the notary plays a central role. He or she will advise and assist the heirs to ensure that the succession is carried out in accordance with current legislation. We advise you to meet with a notary within 15 days, as the inheritance declaration must be filed with the tax authorities within 6 months of the death.

Opening the estate 

On the day of death, the succession begins. In fact, the opening of the succession is triggered by the death. At this first stage, the most important contact is the notary. 

He begins by making the death official. Next, he or she will find out whether there is a will recording the deceased's last wishes, and will then endeavor to identify the heirs. 

The notary will arrange a meeting with all the heirs at his office to proceed with the succession. He will then draw up what is known as the "acte de notoriété", which includes the following information: 

• The identity of the deceased ; 
• Whether or not there are any special inheritance provisions (such as a will or spousal gift);
• The parentage and degree of relationship of each heir to the deceased ; 
• The share due to each heir ; 
• The signed agreement of the heirs to receive the deceased's estate.

To create this document, he uses various official documents such as the family record book, marriage contract or will. He consults various files, such as the Fichier central des dispositions de dernières volontés, the Ficovie file (life insurance contract file), and the Ficoba file (bank account file).

The inventory 

The second stage is crucial in the succession process, as it involves making an inventory of the deceased's assets. The trick here is to ensure that nothing is omitted from the inventory, so that the succession complies with the law.

The following items are included in the valuation of the deceased's assets: 

• Assets: savings (life insurance, Livret A passbook accounts, etc.), movable assets, real estate, company shares, etc. 
• Liabilities: All invoices, tax debts, etc. 

Naturally, the notary relies on as many documents as possible to carry out this operation. These may include title deeds, bank statements or invoices. 

By analyzing the deceased's assets and liabilities, the notary obtains what are known as the net assets of the estate. In other words, liabilities are subtracted from assets. 

It is also during this inventory that the notary will examine any donations made by the deceased during his lifetime, and any infringement of the rights of heirs with reserved rights. He ensures that the rights of the latter have been respected.

During this period, the notary can ask the heirs to advance the funds needed to pay the deceased's bills. They will be reimbursed when the estate is released.

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Liquidation of the estate

During this stage, estate liabilities are settled before the estate is divided. The notary then draws up the deed that will determine the share of the inheritance that goes to each heir.

Heirs have the choice of accepting the succession, accepting it up to the value of the assets (i.e., the heir does not pay debts that exceed the value of the deceased's assets) or refusing an inheritance. The law does not oblige heirs to receive an inheritance against their will. Heirs have up to 10 years, except in special cases, to decide which option they prefer.

Once the succession has been declared, the notary can divide the assets between the heirs and legatees. In the majority of cases, this division is amicable, based on the testamentary provisions and the choices of the parties involved. In some cases, however, the succession may give rise to disputes that can be brought before the courts.

What is the financial cost of an estate? 

As you might expect, the notary's research and drafting of numerous deeds is not free of charge. The cost of the deeds depends on many factors, such as the nature and value of the deceased's assets, but also the presence of a will or a certificate of ownership for real estate. Only once all the information has been received can the notary assess the cost of the estate. 

The total cost to heirs who accept the estate is therefore the sum of inheritance tax and notarial fees. The total cost can be considerable. Fortunately, the government provides for a number of tax allowances to reduce the total.

Preparing your succession

The complexity of inheritance shows just how important it is to prepare for it during your lifetime. To do this, you can draw up a will and organize your assets in advance. You can also contact a notary to prepare your last wishes and simplify the transfer of your estate to your loved ones. This expert will help you set up an optimal estate plan. This way, you can be sure that everything has been prepared in advance to lighten this procedure and these costs for your heirs and legatees.

👉 To find out more, read our article on the death certificate.

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