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Inheritance: Inheritance in times of COVID-19

The health crisis generated by the pandemic has forced many families to begin the process of inheriting the assets of their loved ones. 

This type of experience has been common recently among Venezuelans and Spaniards. who, after living for many years in Venezuela, returned to Spain because of the crisis in the Latin American country. In Spain they died of the virus, but left part of their properties in Venezuela. Now their families must receive the inheritance, in Venezuela, most of the time without being informed about the legal processes that must be complied with and that govern both countries.

The first thing to know is that hereditary succession determines who the heirs are. and attributes the ownership of the rights and obligations of the person who dies. If the deceased granted a will, his last will must be complied with, always respecting the legitimate portion of his descendants, descendants or spouse, as the case may be. On the contrary, if there is no will, all his relatives are called to succeed him in the corresponding order and they may accept or renounce the inheritance. 

With the pandemic many families have proceeded in international inheritances.

The legal procedure for receiving an inheritance involves a series of procedures to provide the order and legality required. When the deceased, the heirs or the assets are abroad, the situation merits greater care, since the jurisdictions of the countries involved intervene and all the details must be taken into account so that the procedure progresses without any delay.

Another important aspect to keep in mind is that each jurisdiction grants a certain period of time for the heirs to file the payment of inheritance taxes, timely filing will avoid possible penalties or fines, in the case of Spain, El Salvador, Guatemala, Honduras, El Salvador and Nicaragua. deadline to pay inheritance tax is six months from the date of death. However, it is possible to request an extension for an additional six months if requested before the first five months have elapsed.

To save on paperwork and make the process as simple as possibleOur specialists recommend taking the necessary precautions to plan your legal and tax strategy, either by the owner still alive or later by the heirs in consultation with a specialist in the subject.

Documentation required in Spain

In order to start the succession correctly, the Death Certificate must be available.The Tax Administration may later require additional information or documentation, such as the Certificate of Last Will and Testament and all documents proving the existence and ownership of real estate, bank accounts, among other assets that are part of the deceased's estate. 

At Alan Aldana & Abogados we understand that the exceptional circumstances we are facing as a result of the pandemic Many families wonder how to start the corresponding procedures to inherit after the unfortunate loss of a loved one, so the first thing to do is to seek the advice of a specialist in the matter.

Finally, our firm will be able to provide you with the direct, fast and simple information you need without moving from your home. We will also be able to assist you in the whole inheritance process, since we have notable experts both in Venezuela and Spain.

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