A loved relative died, what about the inheritance?

Benjamin Franklin said: "In this world there are only two things for sure: death and paying taxes"; If the first thing happened - later we will talk about taxes - the death of a loved one, beyond the pain that this implies, also means a legal responsibility, that the things that said person owned, become the property of those who live , must receive them, always respecting the last will of the deceased and the current law.

La persona que muere, puede haber dejado un testamento con sus deseos, en relación a sus bienes (el fallecido, en ese testamento, solo puede disponer libremente de un 25% de sus bienes), pero lo más frecuente, es que la muerte haya llegado sin previo aviso, y nos encontremos frente a un grupo de bienes, que no son materia de un testamento y que deben ser repartidos entre los herederos, conforme a la ley.

This publication does not intend to delve into Succession Law, but to give you a basic guide on what to do legally, in an emergent and urgent way, to protect the assets of those who have died:

  • Step 1:Once the Death Certificate has been obtained (those who provide funeral services guide you and collaborate with the process for this) you must make a general analysis of what assets your recently deceased loved one possessed while alive; sincere analysis that must be carried out jointly, with all the heirs, without leaving anyone out, to avoid future conflicts.
  • Step 2: Immediately –just after the end of the burial or earlier if you feel like it– you should contact your trusted lawyer, so that he can draw up a minute (the text) of the "Effective Possession", which is the mandatory procedure, so heirs can dispose of the deceased's assets.
  • Step 3:  The lawyer will send the draft, to a Notary Public, who will ask you for all the general requirements for the process, and who will carry out a Public Deed, containing that act of “Effective Possession”. We recommend that you request several originals of the Deed, if the deceased had several assets, of different types.
  • Paso 5: Subsequently, you must carry out the registration process for said Effective Possession, in the relevant public records, depending on the type of asset that has been inherited; this, so that the condition of heir can be proven, before any other interested party.

If you do not have a lawyer who writes the Minute, write to our email, info@garciayasociados.ec and we will send you at no cost, a perfect model, for you to use.

Fabrizio García Bacigalupo