The Disposal of Inheritance Shares and their Taxation under IRS.

By Cooperate Legal Services, Ltd.

Following the opening of succession and the determination of the deceased's heirs and legatees, the estate may be accepted, repudiated, partitioned, or disposed of by the heirs. The estate itself constitutes a universality comprising all assets, rights, and obligations of the deceased.

Consequently, prior to partition, each heir holds only a right over the total hereditary estate rather than a specific right over each asset within it. This means no individual heir has the right to exercise powers over any specific, individualised asset belonging to the estate.

It is only at the moment of partition that the concrete composition of the inheritance shares is established, distributing specific assets, rights, and obligations among the heirs in accordance with the law, the deceased's wishes, and the interests of the heirs. Therefore, the disposal of a specific...continues in the PDF...