Selling property at retirement age

For those who are facing the sale of a property for the first time, today wants to explain the real estate sale, but also two alternatives that you have as a property owner, if you can not yet completely part with your condominium or house. The partial sale and the real estate annuity. In addition, an alternative if it is “only” about liquidity, the mortgage loan.

If you need to sell or need money:

1. Direct sale – Full sale
2. Partial sale – Proportionate, with option for total sale
3. Real estate pension – Full with monthly payment
4. Mortgage loan – financing with credit

In addition, an extra tip on the topic: Bequeath correctly.

Sale of house / apartment – option 1

The final decision would be the direct sale of the property, to a new owner. First of all, let’s talk about the process and then about the question: to sell with or without a real estate agent?

Step by step to the sale

The typical sales process includes (simply explained) 18 steps, divided into 3 phases. First comes the preparation, from the time of sale, through the calculation of the selling price to the exposé.

This is followed by the relatively time-consuming sales phase, starting with the marketing strategy, from personal networks to real estate platforms, through communication with interested parties, the individual credit checks and property inspections. With concrete prospective customers then naturally still the sales discussions and naturally also the negotiation around the final selling price and/or purchase price follow.

Last but not least you come to the sales process, here follows the purchase contract, notary appointment, purchase price transfer and the handover of the property.

• Sell property

Checklist in 18 steps

The 3 phases in the sale of real estate

1. Preparation: prepare property and sale
1. Financial planning and timing of sale
2. Hire real estate agent
3. Records and documents
4. Increase real estate value
5. Determine offer price
6. Create exposé
2. Sales phase: market property and find buyers
1. Market real estate
2. Contact with prospective buyers
3. Filter and select prospective buyers
4. Credit check
5. Viewing dates
6. Sales talk & purchase price negotiation
3. Sales processing: purchase contract until handover
1. Draw up purchase contract with notary
2. Notary appointment
3. Land register entry and payment processing
4. Handover of the property
5. Notary fees & broker commission
6. Pay taxes

Sell with or without a broker?

Without experience in real estate sales, you should resort to the expertise of a real estate agent. As you can see in the sales process, you need time, documents, but also knowledge, e.g. around the credit check of possible prospective customers, so that you do not carry out 30 inspections, which lead to no sold result. In addition it concerns factors such as the real estate evaluation in addition, the care of the advertisements and the Exposés. In addition, there is the emotional burden for one or the other.

As stated initially, if you can’t completely part with your condo or house yet, there are alternatives.

Partial sale: Proportionate sale / right of residence – Option 2

In the case of a partial purchase or partial sale of your property, you have the advantage that you remain the sole occupant and user of the property. The so-called “usufructuary right” means that you have the sole right to live in and use your property despite being the new part owner.

How does the partial sale work?

At the same time, you sell part of your property to a finance company. The finance company thus becomes a co-owner of your property. Financial companies buy shares in pretty much any type of real estate, whether land, condominium, house, apartment building or even commercial and special real estate. The share sold is then usually between 10% and 50%.

Often, in addition to the sold part, a complete sale is discussed directly, which is then completed in 10 years, 15 years or 20 years.

• Partial sale

Quickly described:

• Financial company buys shares of the property
• FU becomes part owner; you have sole right of residence / use
• For this you pay user fee (monthly)

User fee accrues (quasi rent)

In the case of partial sale, you should pay particular attention to the conditions. Explained quickly: Annually, you pay back between 3% and 5% of the amount that was sold pro rata. The so-called user fee. Compared to a mortgage loan that you could also take on your property, 2% to 4% more, because with the mortgage loan you would currently pay only about 1%.

Comparison partial sale / mortgage loan:

• Partial sale: min. 3% – 5% p.a.
• Mortgage loan: currently 1% p.a.

p.a. = per year

Why do some nevertheless opt for the partial sale? The sale to a financial company is relatively quick, no credit check, quick purchase price transfer, especially in case of liquidity shortages in old age, a quick alternative.

Partial sale summarized:

• You sell a part of your property (usually 10-50%)
• Partial purchase house: Yes
• Partial purchase apartment: Yes
• Partial purchase of land: Yes
• Financial company becomes part owner
• You remain the sole user of the property
• You pay monthly usage fee
• Total sales in X years (optional)

10% – 50% sell with option 2: partial sale.

Real estate pension: sale / right to live – option 3

The real estate pension is especially interesting for people who have already reached a higher age, usually from 70, 75 years.

Real estate annuity means: You sell your property (directly) completely, but retain a lifelong right of residence and use. In addition, you receive a small monthly amount. For some, this is a good solution. Because you also no longer have anything to do with maintenance costs, the new owner takes care of that.

Compared to the partial sale, you are relatively carefree in your old age. Let’s summarize the real estate pension once again in brief.

• Real estate pension

Real estate pension simply explained:

• Direct, complete sale
• Lifetime right of residence and use
• Small, monthly “extra pension” from the seller
• No maintenance costs

Carefree old age, in your own property:

Mortgage loan: Liquidity only? – Option 4

Finally, option number 4: If liquidity is the only issue for you.

If you want to sell your property in old age, due to liquidity shortages, a mortgage loan is recommended instead of sale. Such a mortgage loan is significantly cheaper than, for example, the user fee for a partial sale. You also remain 100% owner of the property, without giving shares to a part owner.

Get advice from your local bank and 2, 3 alternatives if necessary.

Extra tip on the topic: Inherit correctly

You still have children, grandchildren, close relatives or other persons to whom they have been bequeathed their real estate? Then it is worth thinking about the earth early! On the one hand you can save taxes, on the other hand you can still experience the joy of giving.

Inheritance in advance: Taxes & Co.

Tip. Before it is too late, talk to your parents and grandparents about the inheritance early on. After all, an early inheritance can save you quite a bit, especially on taxes. Learn more about early inheritance here:

• Bequeath correctly

For heirs:

• Inherit correctly

Inheriting correctly also often means preventing disputes among children.

Take care!

Please note, this article is written with a focus toward the German market, but very similar laws apply everywhere.

Testament – Inherit the assets correctly

Without a testament, the estate will be distributed according to the provisions of the legal succession. However, this is not always in the interest of the testator. If a will exists, the assets can be distributed differently than the law requires and non-blood relatives can also inherit. The making of a will is therefore not only important to regulate the last will and testament exactly, but also to avoid disputes in the family.

• Learn more about: Correctly inherit
• Exemptions and Inheritance Tax

The Content – What can be regulated in a will?

A will overrides the legal succession and can thus determine a new succession. The testator determines who is to take over the inheritance. If several persons are named, the assets are usually divided according to quotas. Writing a will also allows the testator to leave individual items to certain persons, such as a car, jewelry or real estate. However, these are legally not considered as inheritance but as bequest. To avoid disputes about the estate, the estate can be distributed in a will in such a way that no points of contention can arise.

Setting up – the notary helps

Wills can be drawn up with or without a civil law notary. If a will is drawn up without a civil law notary, a few things must be taken into account. The author must be at least 16 years old and “testable”, i.e. in full possession of his mental powers. The testament must be written by hand, because printouts written on the computer are not sufficient as a valid testament. If the will is several pages long, each page should be numbered, stapled together and each page should be dated and signed in a uniform manner. A unique heading, such as “Last Will and Testament” or “My Last Will and Testament” is recommended to make the purpose of the writing clear.

If, however, a will is drawn up with the help of a civil law notary, this means that the testator has verbally recorded his last will and testament with a civil law notary. This is particularly important when real estate is part of the estate, because either a certificate of inheritance or a notarial will is required for transfer to the land register. If a notarial will exists, the heirs are spared the costly and time-consuming inheritance certificate procedure.

Assigning Real Estate in a will – avoiding community of heirs and disputes

If there is no will and a property is part of the estate, it becomes the property of the heirs. In most cases, a community of heirs is then formed in which no one can dispose of the inheritance alone. When such a property is sold, all heirs must agree. This fact can often lead to disputes within the community of heirs. In addition, the costs incurred for a notarial will are usually only half as low as the costs for a certificate of inheritance that the heirs have to pay if no will exists. In a will, the last will and testament can regulate the last will and testament about the real estate in detail and save disputes and unnecessary costs for all parties involved.

Debts in your estate – Protect your private assets

The heir to an estate takes over not only the assets but also the liabilities of the deceased. In general, an heir must reject a debt inheritance within six weeks, otherwise the heir is liable for the debts with his private assets. If it is clear from the outset that it is a debt inheritance, the inheritance can be rejected within the six-week period. If it only becomes apparent later that the estate is burdened with debts, an application for bankruptcy can be filed. The private assets of the heir are thus protected and the debts must only be repaid from the estate.

The traps – What to pay attention to

Particularly when it comes to the question of how best to inherit the estate, mistakes often occur in the correct implementation that limit the last will and testament.

No will

Without a will, the legal succession automatically takes effect. This can lead not only to disputes within the family, but also to the fact that loved ones are left empty-handed

No replacement heir

If the designated heir is already deceased at the time of death, the legal succession takes effect, which is not always in favour of the testator. The nomination of a substitute heir is therefore very important to avoid legal succession.

Non-marital partners

Non-marital partners must be clearly named in the will, as they are left empty-handed according to the legal succession

No children

Childless married couples without a will do not inherit completely to the remaining spouse, but also to parents or siblings. If the spouse is to administer the estate, this must be named exactly.

No clarity

A testament should always clearly state what the last will and testament is. If it is not clear how the estate is to be treated, errors may occur.

Legal succession – this happens without a will

If the deceased leaves children and a spouse, the spouse receives half of the assets according to the legal succession. The other half is divided between the children. If the deceased has no children, the spouse receives 75 percent of the assets and second-order relatives, such as siblings or parents, receive the remaining part of the inheritance.

In general, the spouse always inherits. Apart from this only heirs of one order can inherit, for example the children. If there is a first-order heir, such as a child, no one inherits from the second or third order.

Please also inform yourself about the topic: compulsory part in the inheritance!

Statistics: Inheritance in Germany

Here you can see inheritances and donations in Germany. The survey ranges from 2008 to 2018 and shows that over 110,000 inheritances are distributed annually. Great potential for dispute if the community of heirs does not agree.

You can find more statistics at Statista

How much money is inherited?

Since 2014, Hamburg in particular has been the leader in Germany. Hamburg is currently at the top with 167.80 euros. In no other city is so much inherited. With a population share of 2.19% of total Germany (1.82 million of 82.79 million), a total volume of 305,731,600 Euro is inherited annually.

• Population share Hamburg 2.19%
• Inheritance in Germany (comparison year) 109,635; statistically 2,401 inheritances in Hamburg
• Total inheritance (Hamburg / year) 305,731,600 Euro

Sell your inheritance? House prices in Germany

Here you can see the cities with the highest prices per square meter for condominiums in a comparison of 2010 and 2018* (in euros per square meter).

1. 1. Munich (Bavaria) with 8,342 euros per square meter; from 6,737 euros per square meter in 2014; increase of 1,695 euros per square meter in 4 years
   2. Stuttgart (Baden-Württemberg) with 5,925 euros per square meter; from 4744 euros per sqm in 2014; increase of 1,181 euros per sqm
   3. Frankfurt am Main (Hesse) with 6,060 euros per square meter; from 4,373 euros per square meter in 2014; increase of 1,687 euros per square meter
   4. Freiburg im Breisgau (Bavaria) with 4,943 euros per square meter; from 4,740 euros per square meter in 2014; increase 203 euros per square meter in 2014; increase 203 euros per square meter in 2014

1. Ingolstadt (Bavaria) with 4,969 euros per square meter; from 4,287 euros per sqm in 2014; increase 682 euros per sqm

You can find more facts and figures on this topic at: Statistics Heritage.

The most important questions: Will and correct inheritance

In order to avoid family disputes and ignorance about the estate, it is important to settle the inheritance during your lifetime. Our experts have answered all important questions on this subject for you.

When is a donation tax-free?

Parents can give their children something from their inheritance and this is tax free. This possibility facilitates the inheritance taxes that are due on the inheritance. Parents may give their children a tax-free gift of 500,000 euros, while the amount is limited to 20,000 euros. .

Can I sign over my child to my house?

If you would like your child, or one of your children to receive your property, you can sign over the property while you are still alive. However, this is considered a gift, which is why your descendant will own ten percent of the property with every year you live after the gift.

How is an inheritance divided without a will?

Without a will, the inheritance is distributed according to the legal succession. In the first place, this succession takes into account the spouses and children. Other relatives are usually not taken into account.

What does the transfer of a house cost?

The cost of transferring a house depends on the value of the property. As a rule, the value is determined by the comparative value method.

Is a donation taxable?

A gift is taxed in the same way as an inheritance, but the same tax allowances apply to gifts as to inheritance.

What is meant by a gift?

A gift is a donation by which someone enriches someone else from his or her assets without demanding a monetary contribution.

Child support and spousal support – the rules according to the law

The question of maintenance after a divorce is often not easy to clarify, especially if joint children are part of the marriage. Maintenance claims for the children can be asserted by the parent who looks after the children, but what about one’s own maintenance claims? When can claims for maintenance be asserted and when do they have to be paid and when not?

The conditions – strict rules after the divorce

In the period between separation and official divorce, there is a separation maintenance. This can be claimed by the spouse who earns less. However, if the divorce is final, other rules apply. In principle, both spouses should be able to support themselves after the divorce, but in practice this is rarely the case. In certain cases, there is a claim for maintenance. These include the care of the joint children, claims arising from old age, illness / infirmity or unemployment, but also top-up maintenance, educational maintenance and maintenance on grounds of equity.

Another requirement that arises according to the law is that the spouse who demands alimony must be needy and have a reason for demanding alimony. The spouse who is to pay alimony, however, must also be capable of performing, i.e. also be able to raise the alimony claim. In addition, the longer the marriage has lasted, the more likely there is to be a claim for maintenance.

• The spouse requesting maintenance must be needy and the spouse paying maintenance must be able to pay.
• A reason for maintenance must exist, otherwise no maintenance can be claimed

Who gets alimony and who has to pay it?

Maintenance is only paid to those who are in need. This means not being able to support themselves from their own income and assets. However, the spouse in need must actively try to find a suitable gainful employment in order to claim maintenance. It is considered reasonable if it is commensurate with education, age, ability, and health conditions. If the spouse receiving maintenance moves in with a new partner, the claim to maintenance may lapse in accordance with § 1579 no. 2 BGB.

Maintenance is only paid by the person who is able to pay. This means being able to pay alimony without jeopardizing his or her own reasonable livelihood. The spouse paying alimony must therefore always have a deductible remaining. According to the Düsseldorfer Tabelle, the monthly personal requirement without personal requirement amounts to 1,200 euros.

• The needy spouse may receive alimony if he or she cannot support himself or herself
• The capable spouse must support the other through alimony if it is possible for him/her to do so

Tips from the lawyer – video

The grounds for maintenance – care, supplementary and old-age maintenance

Maintenance can only be claimed after the divorce if one of the grounds for maintenance exists at the time of the divorce. If this only arises later, no maintenance can be claimed.

The maintenance

Childcare maintenance can be levied on the parent who has to look after children under the age of three after the divorce. According to the law, it is not reasonable to go to work in this context. Even if a daycare center or grandparents are available to provide partial care, the parent may choose to stay home. If the children are older than three years, the parent can be required to go back to work. Part-time work is absolutely permissible in this case in order to ensure sufficient care for the children.
In certain cases, however, there is still a claim here after the age of three. In the event of problems at school or illnesses of the child, childcare maintenance can also be claimed later. This is usually decided on a case-by-case basis.

Maintenance due to illness

If one of the ex-spouses is no longer capable of gainful employment due to illness, he or she may claim maintenance from the partner on the grounds of illness. The exact extent depends in detail on the type and extent of the health impairment. In any case, however, the illness must be documented by means of a medical certificate.

Supplementary maintenance

If the spouse who is obliged to pay maintenance has a higher and for the marriage formative income, a so-called top-up maintenance can become due from the partner. In order to claim this, one’s own income may not be sufficient to maintain the living conditions. The top-up maintenance is regulated in such a way that it is supplementary to further claims for post-marital maintenance, i.e. the difference is made up by the better-earning partner.

Unemployment benefit

A spouse who is unable to find suitable gainful employment after divorce may claim maintenance. However, such a claim can only be made if no maintenance for care or maintenance due to illness or old age is claimed. In addition, it must be proven that the person concerned has made a serious effort to find a job.

Old age maintenance

If an ex-spouse cannot find a job because of age, he or she can claim maintenance. What age is considered appropriate for this varies from case to case, but usually amounts to the standard age limits for statutory pensions. Younger people can also claim this maintenance by proving that they cannot find adequate work in the possible occupational fields due to their age.

Maintenance in equity

According to the law, it is also possible to demand maintenance if there are serious reasons for not being able to carry out gainful employment and it would be grossly inequitable not to receive maintenance. Precise guidelines as to when such a case occurs are not given and are decided differently from case to case.

Education maintenance

If an education was discontinued or not taken up in anticipation of the marriage, the spouse has the possibility to take up the education again after the marriage or to start it and to claim maintenance during the education. However, the education in this case should be necessary to obtain a suitable job. However, the duration of alimony is limited to the average duration of education.

The amount – so much alimony is entitled to the spouse

The amount of post-marital maintenance is always determined equally by both spouses. First, the income relevant for maintenance is calculated. From the gross income, taxes, social security contributions, reasonable professional applications of a flat rate of 5% and actual expenses for retirement provisions of up to 23% of the gross income are deducted. If the spouse pays child support, this must also be deducted. Of this value, a lump sum of three sevenths, i.e. just under 43%, is deducted as post-marital maintenance if the other is not gainfully employed. However, the person obligated to pay maintenance must be allowed to keep a minimum amount of 1200 euros as a deductible.

• The amount is always calculated in the same way for both separation and spousal maintenance
• Certain liabilities are deducted from the net income and from this the claim arises

The duration – so long must be paid alimony

There is no exact regulation in the law as to how long post-marital maintenance must be paid. In principle, however, there is no lifelong entitlement to maintenance. After the divorce, it is possible to limit the payments in time or to reduce them to zero, but only if it is just and equitable, which is checked by the family court in case of doubt. The determining factor for time limits on alimony is whether the dependent partner has suffered any disadvantages as a result of the marriage, such as a career setback due to caring for their children together or a low pension. Marriages that have lasted longer than 20 years often receive an unlimited maintenance claim.

• The duration is not clearly regulated in the law
• Depending on the duration and course of the marriage, there are different arrangements

The most important questions about alimony after divorce

The question of the financial situation after a divorce is always a topic of conversation. To avoid disputes arising from this matter, it is important to know the legal situation and the rights. Therefore, the experts of Lukinski answer all important questions about the topic of alimony after divorce.

How is post-marital maintenance calculated?

Post-marital maintenance is calculated from the gross income of both spouses, taking into account certain liabilities. Depending on the reason for maintenance, a different maintenance claim arises. The exact sums must be calculated individually in each case.

When do I have to pay alimony to my wife?

In short marriages (usually of two years or less), no alimony arises for the wife. In longer marriages, maintenance must be paid if one or more of the grounds for maintenance can be invoked. However, this varies greatly from case to case.

How long can a divorce drag on?

Divorces by mutual consent with pension rights adjustment are scheduled for a period of between four and six months. Without pension equalization, an amicable divorce is shortened to one to three months. However, if the spouses do not agree, divorces can drag on for a year or longer, depending on how quickly an agreement is reached.

How long do you have to pay separation maintenance?

Separation maintenance only has to be paid until the divorce is official. Separation maintenance is therefore limited to a period between separation and divorce.

What is spousal support?

Spousal maintenance is a transfer payment that must be paid by the higher-earning spouse during the separation and beyond the end of the marriage period. Spousal maintenance is regulated in the BGB.

Family law: divorce, separation year, lawyer and costs – Video

Divorce: children, house and procedure – Guidebook

Facts: Children, expiry and maintenance

• Hardship divorce
• Manage property
• Pension entitlement
• Divorce with child
• Divorce Procedure
• Divorce settlement
• Divorce Law
• Maintenance

Life: Reasons, separation year and name change

• Living apart
• Name change
• Grounds for Divorce
• Separation year

Selling house, apartment building and condominium:

• Sell apartment
• Sell house
• In the middle of a divorce? Sell house quickly

Rejecting the inheritance – when debts are part of the estate

The inheritance can be disclaimed by any heir. This is particularly useful if debts or real estate in need of renovation are part of the estate. You can find out here which obligations must be complied with, how much it costs to disclaim an inheritance and how the liability of heirs can be limited.

The most important facts at a glance:

• The correct form is decisive in order to make the disclaimer of the inheritance legally effective.
• The content of the declaration must contain precise reasons for the renunciation of the inheritance
• Heirs are not informed of their role as heirs by the probate court unless there is an estate, or they succeed to the estate as heirs
• An over-indebted inheritance can lead to the financial ruin of the heir
• Renovable real estate can be part of the inheritance and lower the value of it
• The cost of eliminating an inheritance in the event of overindebtedness is very low
• An inheritance can only ever be accepted or disclaimed in full.
• Depending on the case, a subsequent disclaimer of the inheritance is possible
• However, the disclaimer of the inheritance can also be challenged retrospectively.

The shape – this is what you need to pay attention to

To disclaim the inheritance requires some rules. Simply notifying the family or simply having no reaction to the inheritance is not enough. The form is very crucial. The heir must make a disclaimer to the probate court either in the form of a transcript or in a publicly notarized form. However, a simple letter is not sufficient. A personal appearance before the probate court is also possible. There, the heir explains his or her request and a judicial officer records it in writing. The local court in whose district the deceased had his or her last residence is responsible.

However, not only the form is very decisive for the success of the disclaimer, but also the content and the deadline of the declaration. This must have clearly listed why the inheritance does not want to be accepted. The reasons should be clearly listed. These may include, for example, that the estate consists mainly of debts.

Inheritance: Accept or reject? – Tips from a lawyer

The six-week deadline – do not lose track of time

The declaration is subject to a so-called six-week period. If the inheritance does not wish to be accepted, the relevant declaration must be submitted to the competent probate court within six weeks, otherwise the inheritance is deemed to have been accepted.

Generally speaking, the probate court does not have a duty to bring. The heirs are only notified of the inheritance if there is a will or if they succeed to the inheritance because, for example, someone else has already disclaimed the inheritance. In all other cases, the heirs are assumed to know whether or not they inherit anything from a deceased family member.

Limit liability of heirs – protect private assets

In addition to the waiver of inheritance, it is also possible to limit the liability of heirs and thus protect private assets from being swallowed up by the debts of the estate. This can be enforced by limiting the liability of the heirs in the context of an insolvency of the estate. The heirs are then only liable for the debts of the deceased with the inherited assets. The private assets thus remain untouched if the estate is not sufficient to repay the debts.

The costs – disclaiming inheritance in the event of overindebtedness

If the inheritance is overindebted, the costs are very low. The fees for disclaiming the inheritance are a flat rate of 30 euros at the probate court. If an inheritance that is not overindebted is rejected, the costs are incurred in accordance with the Court and Notary Costs Act. The higher the value of the estate, the more expensive the proceedings will be.

An inheritance can only ever be disclaimed in full. Accepting the assets and disclaiming the debts is therefore not possible. If an inheritance is disclaimed, the compulsory portion to which each heir is normally entitled by law is no longer due to that heir. If the estate is disclaimed by all possible heirs, it becomes the property of the state. The latter uses the assets (if any) to pay off part of the debts. The creditors of the remaining debts are left empty-handed in such a case.

Contestation of the disclaimer – only possible in certain cases

If it subsequently transpires that securities or real estate belong to the estate of which you had no knowledge at the time of the disclaimer, a challenge is very much possible. The contestation must be declared in writing to the probate court within six weeks after the error has been recognised and must state the reasons for the contestation. However, if the inheritance was disclaimed due to over-indebtedness and it subsequently transpires that the estate does not contain as many debts as was assumed at the outset, the disclaimer cannot be contested.

Rejecting the inheritance after the event – contesting the acceptance of the inheritance

Once an inheritance has been accepted or the deadline has passed, there is usually no turning back. However, once again exceptions confirm the rule. In certain cases, it is possible to withdraw from the inheritance after the fact. If, for example, it comes to light after the acceptance of the inheritance that the estate contains a large loan from the deceased, of which you were unaware until then, the acceptance of the inheritance can be contested. However, as a prerequisite, you must have had full knowledge of the assets and debts of the estate. However, if the heir wants to contest the acceptances because the six-week period was not known or it was not clear when it starts, this is also possible with a good lawyer.

Read more about disclaiming an inheritance!

The most important questions about inheriting debts

Debts in the estate are often a shock and a new situation for the heirs. Many questions arise and remain unanswered. The experts at Lukinski therefore answer all questions on the subject of inheriting debts and disclaiming the inheritance so that you are accurately informed.

What happens to debts after death?

Upon the death of the testator, all property passes to the heirs. This includes assets as well as debts. The debts are therefore part of the inheritance.

Can you disclaim an inheritance if you have debts?

If debts are part of the estate, the heir must also be liable for them with his private assets. If the heir is himself indebted, he can disclaim the indebted inheritance within six weeks and thus does not have to be liable for the estate.

How long does it take to disclaim an inheritance?

The deadline for disclaiming the inheritance is six weeks after the heir has become aware of the inheritance. The processing of the disclaimer does not take long at the court.

What does it cost to disclaim an inheritance?

If an inheritance is overindebted, the inheritance disclaimer costs a flat rate of 30 euros. If the inheritance is disclaimed even though no debts are part of the inheritance, the amount varies depending on the amount of the estate.

Will I be notified when I inherit?

If no will has been drawn up and you inherit according to intestate succession, you will only be notified if you succeed to the inheritance. However, if you are the first-order heir, i.e. the child or spouse of the deceased, you will not be notified of the inheritance.