What is Inheritance Transfer
Inheritance transfer is the transfer of a person's assets to their legal heirs upon their death. The person who leaves an estate is called the 'muris' in legal terms, and the heirs of the deceased person are called 'varis'. The relationship between the 'muris' and the 'varis' is called inheritance ('veraset'). According to the Civil Code, if the 'muris' has more than one heir, these individuals have a right of co-ownership over the estate's assets. Each heir has the right to make decisions and declare their rights regarding the estate's assets. All heirs have an equal say in the 'muris's assets. Unless the property is divided, the heirs must jointly make all decisions regarding the said property.
How is Inheritance Transfer Done
The legal heirs of the deceased person must apply to the court with the death certificate of the 'muris' to obtain a certificate of inheritance ('veraset ilamı'). This document lists all the assets left by the 'muris' as inheritance. The shares of the deceased's heirs are clearly stated in this document. No transactions related to inheritance can be initiated without a certificate of inheritance. Similarly, the heirs of a deceased person with many debts can refuse the inheritance within three months. With the inheritance transfer, all tax debts of the deceased person pass to their heirs. The heirs are obliged to pay inheritance tax. With the latest regulation, this tax is paid in 6 equal installments over 3 years.
