Heritage

Death, Grief, Managing Inheritance – When loved ones die, it hurts but the important things have to be done because life goes on. I myself dealt with the loss of loved ones a lot early on, in my 20s. After the second or third death, you develop a certain routine. What procedures need to be done? What processes need to be triggered? This is exactly the experience I pass on to my clients. Especially those who have lost a loved one for the first time.

Legal succession, community of heirs – After a death, the question often arises as to how the inheritance should be divided. If the deceased has left a will, the arrangement is usually clear and will be carried out according to the last will of the testator. However, if the inheritance is made according to the legal succession, communities of heirs are often formed and many unanswered questions arise.

Heir

All about inheritance.

Sell inherited house

There are common questions that come our way, such as “When can I sell an inherited home?” and many variations around one topic in particular: taxes on the sale. Is the sale of an inherited home taxable? How is an inherited home taxed? What is the inheritance tax on a house? Before the inherited house can be sold, it must first be decided whether the inheritance will be accepted at all. It should be noted that an inheritance can only be accepted as a whole. Not only the land and property are acquired, but also the mortgage and any debts are assumed by the heir. Thus, not only rights, but also obligations come to the heir. You have six weeks to decide for or against the inheritance. Within this period, you need to calculate whether it is financially profitable to accept the inheritance.

Inherit correctly

Inherit correctly – The inheritance law proves again and again as extremely complex topic structure, which is connected by many concerning with large uncertainties and ignorance. If the topic of inheritance becomes acute, it is therefore always advisable to turn to experts such as notaries, tax consultants, estate agents and lawyers. Nevertheless, it makes sense to read up on the subject yourself in order to save time and money. Those who approach the subject of inheritance with a certain basic understanding will understand the technical language of the experts better and go into the inheritance matter with less fear.

  • Inherit correctly

Estate Insolvency

Estate insolvency – If one argues with the topic real estates one encounters again and again words with which one cannot begin immediately something. You suddenly find yourself in a situation in which you have never been before and for this reason often need advice quickly. In this article, you will learn everything you need to know about estate insolvency. Do not worry about researching unfamiliar words, but devote yourself to topics that are really important to you.

Compulsory portion inheritance

Compulsory portion of the inheritance – The compulsory portion is an important topic for disinherited relatives, because they still have certain claims to the inheritance. However, in order to claim this correctly and to comply with the formalities, a number of things must be observed. The share always depends on the other heirs and the amount of the estate.

In many families there are conflicts which often lead to parents wanting to disinherit their children. This wish must be determined by the parents in their will. Much more common, however, is the wish to disinherit the children only until both spouses are dead. This is possible with the so-called Berlin will. The longer living spouse is thus the sole heir first and only after his or her death do the joint children inherit. Learn here what alternatives the law offers and how the compulsory portion is determined.

Legal succession

Legal succession, community of heirs – After a death, the question often arises as to how the inheritance should be divided. If the deceased has left a will, the arrangement is usually clear and will be carried out according to the last will of the testator. However, if the inheritance is made according to the legal succession, communities of heirs are often formed and many unanswered questions arise.

  • Legal succession

Sole heir to the estate

The sole heir is the person who receives the entire estate of a deceased person as sole heir. However, if there are several legal heirs, the heir becomes the sole heir if he is expressly mentioned as the only one in the will. The acceptance of the inheritance is also accompanied by rights and obligations. On the one hand, the principle of “all or nothing” applies, i.e. the heir inherits the entire estate and cannot just pick and choose his or her share, on the other hand, inheritance tax must be paid on the entire inherited estate.

  • Sole heir to the estate

Inheritance dispute

Guide to inheritance disputes.

Inherit / bequeath debts without knowledge

Inherit debts – An inheritance does not primarily mean wealth and new possessions. An inheritance is often loaded with debts and means a lot of responsibility for the heirs. After death, the heirs take over not only the assets, but also the rights and obligations of the deceased. If this includes debts, the heirs are also liable for them with their private assets. If a case of inheritance occurs, the inheritance should be carefully examined and checked for debts.

  • Inherit / bequeath debts

Renounce an inheritance

Costs, deadlines and the most important tips – The estate can be disclaimed by any heir. This is particularly important if the inheritance is over-indebted or, for example, dilapidated real estate is part of the inheritance. However, a disclaimer requires certain forms and deadlines that must be observed. Precise information about the assets and debts of the testator is therefore extremely important. The right advice is the key to success in such a case.

  • Renounce an inheritance

Dissolve a community of heirs

Inheriting a house can lead to numerous disputes within a community of heirs. Especially if there are different ideas about what to do with the property. A community of heirs is usually the children of the deceased. This comes about if the deceased does not leave a will, as in this case the legal succession takes effect.

Partition auction in community of heirs

Partial auction in community of heirs – The partial auction is a special variant of the forced sale and is used when several persons have ownership of a thing. This often involves land or real estate that is auctioned off and the proceeds divided among the owners. This situation often occurs in communities of heirs whose estates include real property or land. In a community of heirs, the heirs share ownership of the estate property. Each of them can therefore dispose of his or her own share, but only of the entire property in agreement with the others.

Intestate succession

Inheritance without a will – The law of succession comes into force when there is no will. This governs who receives the deceased’s assets after a death and how this is done. Communities of heirs may be formed where there are several heirs and the estate passes to them. Communities of heirs are automatically formed after the death of the deceased if there are multiple heirs. These must then divide the estate among themselves and make joint decisions about inherited property, such as real estate. If you want to decide for yourself which relatives inherit which property, you should draw up a will and regulate everything precisely.

  • Intestate succession

Inherit

Facts about inheritance.

Will: Determination of the distribution of assets

Will – The distribution of the assets of a deceased person can be recorded before death in a written statement, which is the will. Every person is capable of making a will from the age of 16 and does not need a notary in the case of a handwritten will, as the testator draws it up himself by hand. However, if one wants a notarial will, this must be notarized by a notary public, where the costs for this depend on the value of the estate. For clarity, the document should be labeled “Will” or “Last Will” and include the testator’s signature and a date at the end. If there is more than one will, the will with the most recent date is authoritative.

  • Will

Bequeathing correctly during your lifetime

Inheritance during lifetime – A death in the family is often the trigger for a bitter dispute about the estate. A will can remedy this problem by providing clarity about the estate while you are still alive. Here you can find out what needs to be considered and how real estate can be included in a will.

Without a will, the estate is distributed according to the rules of intestate succession. However, this is not always in the best interests of the testator. If a will exists, the assets can be distributed in a different way than the law provides for and persons not related by blood can also inherit. The creation of a will is therefore not only important to regulate the last will exactly, but also to avoid disputes in the family.

Death & Mourning

Expressions of grief – In the event of a death in the family or among friends, condolences should be expressed to the bereaved family. Finding the right words is often quite difficult. They should be personal and always tactful and compassionate.

Right words for the expression of condolences

Finding the right words is especially difficult in a bereavement. No matter whether it is a funeral card, the inscription of a wreath ribbon or a eulogy. The words should be chosen tactfully and thoughtfully to pay the necessary tribute to the deceased. If you find it difficult to choose the right words, we can help you and give you some examples and tips for the appropriate words to use in a funeral message.

Facts & Figures

Facts & figures on inheriting property.

Allowances and inheritance tax

Inheritance tax was introduced in its current form in the German Reich as early as 1906. Since then, some things have changed, but the law is still based on the same premises. The most important of these is that inheritance is regarded as an increase in the assets of the heirs and must therefore be taxed like any other income. Other principles, such as the equality of spouses and registered partners, have changed considerably since 1906.

The allowances of the inheritance: what is taxed and what is not? In order to protect heirs from a large financial burden, different tax rates and allowances apply depending on the degree of relationship. These allowances include various things that don’t have to be taxed so that heirs don’t have to give up most of it as tax, especially in the case of a large estate. You can now find out what the tax-free amounts are and how high they are for the respective family members.

  • Allowances and inheritance tax

Calculate inheritance tax

Anyone who is going to inherit a house should work out the amount of inheritance tax as soon as possible. The law grants the heir a high tax allowance. For spouses in inheritance tax class I, this is 500,000 euros. Children and grandchildren benefit from a tax allowance of 400,000 euros.

Heritage in numbers: Statistics

Until now, inheritances in Germany were assumed to be up to 300 billion euros (as reported by Der Spiegel). At the same time, the inheritance and the volume is increasing, as you will also see later in the statistics. According to the DIW study, the trend continues and there will be significantly more assets inherited or given away in Germany, a whole 400 billion. If an inheritance is accepted, this means accepting all rights, but also all obligations. If the inheritance is a purely monetary amount, this value is determined immediately. It is different with real estate. Not only does the house pass into the hands of the heir, but also any debts such as a mortgage are then assumed by the heir.

  • Heirs: Statistics