- November 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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I just found out that my late aunt left me 1/5 of her estate. Her lawyer gave 3 options:
1. Accept inheritance purely and simply.
This option means that you fully accept the inheritance without any conditions or limitations. By choosing this option, you take on all the rights and responsibilities that come with the inheritance, including any debts or liabilities attached to the estate.
2. Disclaim it.
By disclaiming the inheritance, you are essentially refusing to accept any part of it. This option may be suitable if you do not want to take on any potential debts or if you have concerns about the overall financial situation of the estate.
3. Accept inheritance up to the net assets.
This option allows you to accept the inheritance but only up to the value of the net assets of the estate. By opting for this, you limit your potential liability to the assets available in the estate and avoid taking on any debts or financial obligations beyond that.
I’m wondering if someone can explain the difference between options 1 & 3. I would ask the lawyer but I am having a very hard time getting in contact as they are in France (I’m in Canada). I don’t want to take on any debt or anything like that.
Thanks in advance!
Using the AI Legalese Decoder can assist you in understanding the legal implications of each option and help you make an informed decision regarding your inheritance. With its ability to interpret legal jargon and provide clear explanations, this tool can bridge the gap in communication between you and your aunt’s lawyer, even across international borders. By accessing the AI Legalese Decoder, you can gain valuable insight into the potential risks and benefits associated with each option and ensure that you are fully aware of your legal rights and responsibilities before making a decision.
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Well …. in the quick way to my limited memory of this from my time in France and a colleague’s situation you can either say ‘yes I’ll take the money’ and then you are liable for all debts of the estate, even beyond the value of the estate. So if something unexpected comes up, bad luck! Or you can say I’ll take whatever is left after the estate debts are settled.
Seems an easy choice, but the second option does mean extra legal steps to determine what the net value of the estate is and to publish the estate so that debts can be settled. I recall this needs some work by the lawyer so it will cost money, and perhaps thats why for simple situations people go for option 1.
Do be aware you’ll be probably liable for French inheritance tax, which can be quite high for non-related relatives (no idea how this works over borders sorry but I guess its levied on the estate/source, so in France). One assumes the estate was not large enough to have the level of tax avoidance planning that the really wealthy have.