The declaration must be made, at the choice of the inheritor, before one of the following:

.- A notary located in the last residence of the deceased, or where the majority of the assets, or most valuable assets are,

.- A notary located where the deceased died,

.- A neighbouring notary of one of the above,

.-If the inheritor lives in a foreign country, it could be made before the nearest Spanish consul who can act as a notary.

The time limit to make this declaration is thirty days from the date the inheritor finds out about the inheritance, if the inheritor has possession of the assets. In other cases the time limit is thirty days from the date the inheritor has been asked by a notary to accept or waive the inheritance, or from when he or she started to benefit as an heir. In other cases, the “beneficio de inventario” can be used while the action to claim the inheritance is still ongoing.

The legal statement must be followed by a complete and accurate inventory of all the debts and assets of the estate.

In drawing up the inventory, all the creditors and legatees must be contacted.

The inventory must be started within thirty days of the notification to the creditors and legatees, and concluded within another sixty days. However, it can be prolonged for a maximum of a year if necessary.

All the notes, documents, bank information, deeds of the deceased must be incorporated. If any creditor doesn’t provide complete information about the debt, that debt must be considered in total.

If the debts add up to an amount worth more than the value of the assets, the special insolvency proceeding, “concurso de la herencia” must be started.