There are many pressing issues that arise when it comes to succession. For instance, testators have to decide whether they want to rely on the rules of intestate succession or prepare a will or contract of inheritance.
GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Düsseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London conclude: Succession law provides that the estate shall go to the legal heirs if the testator has not made any other arrangements in the form of a will or contract of inheritance.
Thoughts about one’s own death and support for relatives are often pushed to the back of one’s mind. However, it is vital to make arrangements early on regarding the distribution of one’s estate if one is to be prepared for the worst-case scenario. In the event that e.g. a fatal car crash occurs and there is no will or contract of inheritance, the rules of intestate succession automatically kick in. The result is not always in accordance with the wishes of the testator.
That is why testamentary dispositions ought to be prepared at an early stage. This requires legal expertise not only in the field of succession law but also in other legal fields such as tax law. GRP Rainer can offer this expertise from a single source and ensure that testamentary dispositions are prepared both with the necessary degree of sensitivity as well as due legal clarity.
Anyone who drafts a will or contract of inheritance is no longer bound by the rules of intestate succession. It is possible to take into consideration heirs who would otherwise not benefit from any statutory claims. This can prove to be crucial, for example, in cases where someone needs to continue running a company and the legal heirs would be unsuited to this task. A will or contract of inheritance can also be used to prevent the break-up of the assets or the sale of a privately owned home. Moreover, if providing one’s spouse with financial security is of particular concern, a so-called “Berliner Testament” (Berlin will) or spousal will may be just the right thing. While the legislature does allow a lot of creative leeway, it is still necessary to observe rules and regulations when preparing a will, such as those pertaining to claims to a compulsory portion.
Lawyers who are experienced in the field of succession law can provide their clients with assistance in all matters relating to succession law, including taxation issues and how to deal with illicit earnings in an estate.
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