Inheriting property: How to secure your inheritance with a will

Inheriting property: How to secure your inheritance with a will

According to intestate succession, spouses, children and grandchildren are entitled to parts of your property. In practice, however, this often poses a problem: Only one of the heirs can live in the property, while the others have to be paid out. If the financial means are lacking, the only option is often to sell the property. Such conflicts can be avoided by making clear arrangements in a will.

Planning an inheritance: Would someone like to live in your property?

Before you draw up a will, you should clarify whether any of your children or grandchildren are interested in living in your property. If this is not the case, the model of Property retirement represent an interesting alternative. In this case, the right of residence remains secure while the property is monetised.

Will: How to secure the heir of your choice

If one of your children or your spouse wishes to live in the property, you can regulate this with a will. The following applies:

• Right to a compulsory portion: Even with a will, legal heirs such as siblings or children may not be ignored. Their compulsory portion must be taken into account or compensated for by other assets.
• Lifelong right of residence: Grant the chosen heir a lifelong right of residence to protect them from an enforced payout or sale.

Reduce inheritance tax: Tips for inheritance

Another important consideration concerns the Inheritance tax. High costs can be avoided with early planning and advice. Under certain circumstances, partners or children who live in the property themselves are exempt from inheritance tax. Seek tax advice to find the best solution for your family.

A legally valid will: the right way to do it

A will must be drawn up correctly in order to be legally binding. Please note the following:

• Handwritten will: The entire text must be handwritten, dated and signed.
• Notarised will: A notarised will is legally secure and cannot be lost. This protects your heirs from ambiguities and disputes.

A last will and testament hastily written on a piece of paper usually doesn't stand up in court. A well thought-out will, on the other hand, ensures clarity and peace in your family.

Summary: What you should bear in mind

• Clarify early on who would like to take over the property.
• Draw up a will that takes account of compulsory portions and is legally secure.
• Protect your heirs with a lifelong right of residence.
• Reduce inheritance tax through targeted planning and advice.

Legal notice: This article does not constitute tax or legal advice. For individual questions, please contact a lawyer or tax consultant.