“The best time to plant a tree is 20 years ago. The next best time is now.” Why quote this?
Backtracking, the ideal time to think about what happens to a French property when the owner dies is before the purchase of the property. If you did not do so then, it is still important to look now at what will happen to the property when you die. When a spouse or other relative who owned assets in France dies, many clients are overwhelmed and wonder what to do, so they come to the French Department for help.
In France, the probate process is known as a “Succession”. It is dealt with by a Notaire who is responsible for determining who the heirs are, distributing the assets and paying any French Inheritance Tax (IHT) that is due. Clients often need our help because
“the Notaire isn’t getting back to them and won’t tell them anything…”
If the deceased died in France as a French resident, the French succession must be carried out and any French Inheritance Tax (IHT) paid within 6 months of the death, extended to 12 months if the deceased person lived outside of France. Any will – whether French or English – made by the deceased and the Grant of Probate should be provided to the Notaire who will also carry out a statutory search on the French Central Register of Wills. The Notaire will require details of the deceased’s assets in France and will also ascertain whether the deceased had debts or liabilities that must be settled. As well as determining the heirs of the deceased, the Notaire will register the new ownership of the property in the name/s of the heirs.
The total value of the estate is included in the French IHT Declaration (Déclaration de Succession) drawn up by the Notaire, and filed with the French Treasury, whether any French IHT is due or not.
Unlike the United Kingdom, French Inheritance tax is due from the individual heirs and not from the estate.