Will – Why you need a will

A will is often combined with a nuptial agreement

In that way, you can both defer payment of inheritance tax (since no estate tax is calculated on the inheritance that accrues to the spouse) and at the same time secure each other so payment of the children’s inheritance does not ruin your finances. It is important to remember that you have the right to live in undivided abode (and not pay the inheritance) to the common children, before you either want to remarry or you pass away. However, if the deceased has children from previous relationships (special children), these children must be allowed to live in undivided abode – however, it is not certain that they will. And if they are minors, the State Administration must, on their behalf, allow continued community of property and allow that you live in the same place, but you should not expect to be allowed to do so. Nor can one sit in undivided abode with the deceased’s separate property. Therefore, it is important that when you have a prenuptial agreement, it’s clear that the separate property changes status and becomes a joint property (what we previously called “joint ownership”), if you want to give the longest living spouse the opportunity to sit in undivided abode.

In a will, you can limit the inheritance to be paid to the children (or you can give the children extra and limit the inheritance to the spouse), depending on your situation. One can also “force” special children to accept an undivided abode, so that if they demand their inheritance before the longest living person dies, the inheritance will be limited to the forced inheritance, cf. below.

It is also smart to integrate in a child will, so that a decision has been made as to who the children should grow up with, if both parents are unfortunate and pass away early. You can also tie up an inheritance, so that the heirs get the inheritance paid out later than at the age of 18. For instance, when they are more mature, nevertheless, latest when they turn 25 years old.

Child will, separate ownership provision and foreclosure – inserted at no extra cost.

If you have a spouse and / or children, 25% of what you leave behind is a compulsory inheritance that is shared equally with 12.5% for the spouse and 12.5% for the children (for sharing). If you have no children, the entire forced inheritance belongs to the spouse and if you have no spouse, the children share the 25%. You can then by will dispose of the remaining 75% and give it to your spouse, children, other family, friends, charitable causes, etc.

If you don’t have children or a spouse, you can test over 100% of your wealth.

If you have not written a will, the parents inherit (even if you have lived with a partner for 20 years). If the parents are dead, one’s siblings inherit and if one has no siblings, the parents’ siblings inherit. If there is no one left – the state inherits. Therefore, it is a good idea to be prepared.

A will is best created as a notarial will, where the notary testifies that you’ve signed it, just as a copy is created in the Central Testament Register, from which you find a copy when a death is registered.

Should your situation change – and it does so throughout life, you can call back your will and make a new one that best accommodates your current needs.

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