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.

Tip 1 – Create a plan for real estate financing

Real estate is in short supply and has high prices, especially in this day and age. There are many interested parties who could become competitors for them. Therefore, it is always to be well prepared and keep an eye on their finances. To ensure this and have a chance in finding their dream property, they should consider some points. First of all, they should use a budget calculator and with the help of this calculate their monthly expenses, so they can estimate how much they have available for the real estate loan. Then, they should use a budget calculator to calculate what purchase price you can afford, taking into account their equity. Once these two points are clarified, they should obtain a non-binding financing request from various banks to see if they can get a real estate loan and how much it would be.

Through these steps, you are well prepared, know whether you would receive a bank loan and which properties would be financially suitable for them at all. Now you can start looking for real estate. The agent or seller, they tell quietly about the preparations, because this underlines how serious it is with the property search and they may be preferred to other buyers.

Tip 2 – be aware of the requirements for your new home

Of course, it is extremely important to know what they can afford financially, but they should also be clear about what requirements they have for the property. You should ask yourself questions like: ‘Where do I want to live?’ In the city or in the country? ‘What needs to be nearby?’ Schools, supermarkets, rail links, …. ‘How many rooms do we need?’ ‘Do we want a big garden or a small one?’. ‘Would we rather build?’. ‘Do we want to renovate or move in ready to move in?’. If you have answered these questions, you can narrow down the property search enormously and save valuable time. You should be sure about a house, because you are buying it and want to live there longer than three or four years. You should also think about what your life will be like in ten or twenty years’ time and whether the demands on the house might change then.

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Tip 3 – search and find your dream property

Now they already know how much budget they have available and what requirements their new home should meet. Now it’s time to start looking for real estate. It is always advisable to search in as many directions as possible and to have a lot of choice. Therefore, search in various real estate portals, they commission brokers, they ask their friends and acquaintances and they just go for a walk in their desired place of residence, often find so houses that are for sale. Do not rush and do not decide thoughtlessly. Several house inspections may also help you to expand your requirements for a house.

Tip 4 – Investigate the location of the house

Found a property that fits your budget and vision? Great! However, even if it looks great at first glance, you should not decide too quickly. Take a good look at the location of the property first. Check that you can find everything you need in the area. This could include bus stops, supermarkets, schools but also the hairdresser for example. Then they should visit the house at different times of the day and see if there are any unpleasant smells produced by, for example, a sewage treatment plant or the farmer next door, are there any disturbing noises that could be annoying in the long run? Such visits can also be useful to observe, for example, when the sun shines where into the house or garden.

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Tip 5 – Check the house from top to bottom

Of course, you don’t want to invest your money in something that has, for example, broken pipes, a damp cellar or possibly water damage. So before they buy a house, they should put it through its paces. To do this, they can quietly consult an expert who takes for them the house under the microscope. They should check things like: Energy efficiency, moisture, mold, sponge, pollutants or asbestos. But also things like insect infestation by termites or the like they should prevent. What you can look for yourself during an inspection, are the conditions of roof, windows and wood, but also the smell, can indicate such as mold infestation.

Tip 6 – get all the important documents about the house

The location of the house is perfect and serious damage can also not be determined. You are getting closer and closer to your dream of owning your own home! Next, you should ask the seller or the agent to hand over all the important documents for the house. These not only help to clarify open questions, but are also partly needed to clarify financing issues with the bank. Among the important documents are: Floor plans, site plans and possibly construction documents, in the case of leaseholds the lease agreement, the extract from the land register, the energy certificate, if necessary the extract from the building encumbrance register and in the case of common property, such as terraced houses, for example, the declaration of division, the certificate of seclusion, the community ordinance, the partition plan and the minutes of the last owners’ meeting.

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Tip 7 – negotiate the best purchase price and lock in the financing

Once all the points have been clarified and you are sure that you want to buy the property, all that remains is to finalise the purchase price. In normal cases, there is always some room for negotiation on the asking price. This is strongly dependent on the location of the property, because where there are many potential buyers other than you, the negotiating leeway is rather small, but if you are the only interested party, they should quietly poker something. Simply send the exposé of the property to your financial advisor. This can calculate the market value and the mortgage lending value from the point of view of the bank for you and they can estimate the offer price better. In addition, you can find out about prices per square metre in the region or do an online search for comparable properties.
It is also important that you can only buy the house when you have the financing commitment of the bank in your hands, because only then can a notary appointment be arranged. You should therefore have all the documents together as early as possible so as not to delay the process unnecessarily.

Tip 8 – Familiarise yourself with the bureaucratic procedures of buying a house

When buying a house, they face a bureaucratic act, because there are many things to be considered. So that they are not completely overwhelmed, they should familiarize themselves in advance with the most important terms and procedures. This includes, for example, the purchase contract, the entry in the land register and the payment procedure. If you want to learn more about the topic, take a look at our big guide to buying a house!

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Tip 9 – Do not underestimate the purchase contract

A purchase contract is a very extensive contract. You should not save time at this point, but read the contract of sale completely and ask for any ambiguities! The contract of sale should be available at least two weeks before the notary appointment, so that you have enough time to check it. Important points, which should stand absolutely in a sales contract are data to installations, which are sold with, as for example the fitted kitchen, the fire-place or awnings. But also the assurance of the seller that he is not aware of any contaminated sites, such as pollutants, which are not mentioned in the purchase contract. The exact purchase price should also be stated in the contract.

Tip 10 – the contractual handover

In the notary contract is regulated when the handover takes place and which components of the house also pass to the buyer. So you should definitely check again before the appointment, which agreements were made, and pay attention to the compliance with these during the handover. The following documents should also be handed over to you at this date at the latest: all keys incl. cellar and garage keys etc., the documents for the residential building insurance, all documents for the building services such as maintenance contracts, operating manuals etc., but also the documents for the appliances that you have taken over.

If this appointment went smoothly, you are now the proud owner of your dream property and can finally tackle the move!

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Here you can find all fashion magazines (CM Models, Agency). Visit Real Estate Berlin.

Magazines

Fashion Magazines in Germany – The Top 10

Print is classic! Yes exactly – but those who make it into print editions of magazines are among the best! Fashion, styling, cuts, new trends and always up to date on the newspaper shelf. Fashion magazines in Germany are in high demand, on Sunday for breakfast in bed with a croissant and coffee or for a quick break in the lunch break. There is a lot of choice on the newspaper shelf and yet we all rely on the Big 10 fashion magazines in Germany. What the latest trends are, where the zeitgeist is going and what the “woman of the world” will be wearing tomorrow, we find out in magazines that have their finger on the pulse! Vogue, Elle, GQ & Co. with editorial representation from Hamburg to New York are always up-to-date. Fashion accompanies us in all situations and cities, on dates, in everyday life, at events, from Europe to Asia, from Berlin to Istanbul. Editors and scouts from renowned German fashion magazines travel the world to find inspiration for new fashion items on the streets. On Youtube or Tumblr, there are thousands of fashion blogs. But the big topics, the top stories of celebrities and talent, the real revelations can be found in the big sheets. Here is the list of the 10 biggest fashion magazines in Germany:

Top 10 German Fashion Magazines

1. brigitte – 550,000 copies

2. cosmopolitan – 400,000 copies

3. glamour – 390,000 copies

4. Grazia – 250,000 copies

5th Elle – 200,000 copies

6. vogue – 150,000 copies

7th GQ – 140,000 copies

8. bella – 115,000 copies

9. madame – 95,000 copies

10th interview – 38,000 copies

More information about the individual magazines can be found at:

www.cmmodels.com/…