Testament and Disposal of Estate

The Five Most Important Tips for Testaments, Inheritance, and Bequests

The disposal of an estate is a rather difficult matter for most people. Those who want to take deliberate action must regularly analyze their own situation and know the legal provisions. Take note of these five tips!

Tip 1: Deal with Inheritance Issues in Good Time

People who are in the middle of their lives tend to postpone the question of inheritance. Age is not the deciding factor. What matters is your family and professional situation. The more complicated the family situation and the more complex the financial circumstances, the more important it is to make plans for your estate at an early stage. Especially for complex financial circumstances, get the help of a specialist who can advise and assist you in all areas. This can be an attorney, a notary, a trustee, or another specialist.

Tip 2: Estate Planning Is a Continuous Process

Estate planning goes beyond concluding a marriage or inheritance contract. Adapt your plan to your personal circumstances. Every change in your professional or private life can influence estate planning. It is therefore advisable to use significant events such as cohabitation, marriage, additions to the family, divorce, purchase of real estate or professional reorientation as an opportunity for inheritance planning, for reviewing existing arrangements, and for making changes, if necessary.

Tip 3: Take Marital Property Law into Account

For married persons, the marital property regime has a major impact on the financial entitlements of surviving spouses and heirs. Check whether a marriage contract would be right for you.

Tip 4: Give Assets Away Rather than Bequeath Them?

Heirs are living longer and longer. Those who want to pass on assets to their descendants at a time when they need them are increasingly doing so during their lifetime. Consider the possibility of making a gift of some of your assets to your descendants now (advancement). A gift makes particular sense when you no longer need certain assets and your descendants would already be able to make good use of them.

Tip 5: Special Legal Case – Cohabitation

The differences between marriage and cohabitation are significant. These include the right to obtain information in case of emergency and custody of the couple's children. For cohabiting couples, the law also does not make any provisions similar to the marital property and inheritance laws. For this reason, establishing a testament, an advance directive, a living will, and reviewing pension fund regulations is even more necessary.