What is Probate? The Probate is a procedure to ascertain the assets, rights, and debts of the deceased person, which will be transmitted to the heirs after the sharing. As the deceased is married by the regime of communion (partial or total) of goods or stable union, the widow’s section does not integrate the inheritance.
What is the section? It is the part that each spouse has on the assets that make up the couple’s assets. It corresponds to half of the assets ideally considered, and exists only in the regime of the communion of goods, total or partial, and also in the stable union.
What are the ways to do Inventory? There are two ways of carrying out the Inventory: judicial and extrajudicial. Whenever there is an interested party unable or disagreed about sharing, the Inventory must be judicial.
If there is a will, does the Inventory have to be judicial? The answer is it depends. The general rule, according to the Civil Procedure Code, is that if there is a will, the Inventory must be judicial. However, some states authorize the carrying out of an extrajudicial inventory, provided that the competent succession judge expressly authorizes it.
What are the steps of the judicial Inventory? The process begins with the opening of the Inventory, followed by the appointment of the inventor, the offering of the first declarations, the quotation of the interested parties, the valuation of the assets, the calculation and payment of taxes, the last declarations, the sharing and, finally, its approval.
And how does the Extrajudicial Inventory work? Successors are in consensus on the division of assets. The registration of the share is carried out in a notary, by public deed. This form is quicker and less costly than the judicial process, and can only take one to two months. In the judicial Inventory, however, the process may take years to process. In both cases, both in the judicial and in the extrajudicial Inventory, the participation of a lawyer is mandatory, and it may be unique for all heirs or each party to choose their legal representative.
What are the steps to carry out the Inventory? The first step after opening the succession is the appointment of an inventor, who will undertake to manage the assets of the estate, conduct the process and pay any debts if any.
The second step is to gather all the assets and make their assessment, such as the registration of the properties, the balance in bank accounts/savings accounts, the documents of ownership of movable assets (vehicles, boats, etc.) and all the debts of the deceased with the proper certificates.
After that, the payment slip for the ITCMD (Transmission Tax Cause and Death) must be issued on the website of the State Revenue Secretariat.
Finally, after these steps, the draft and other documents are drawn up for drawing up the Deed of Inventory and Sharing that ends with the division of assets to the heirs, thus ending the process.