A will is more than just a piece of paper – it is your last message to the future, a final will that decides how your assets will be distributed after your death.
It gives you control over who gets what and ensures that your wishes are respected.
But what is the best way to create a will that is not only legally valid, but also clear and unambiguous?
This article will show you how to create your last will and testament in a few simple steps.
Why is a will important?
Before we delve into the details, let's briefly clarify why a will is so important. Without a will, the law decides how your estate is distributed, and that doesn't always mean your assets will be distributed according to your personal wishes. A will gives you the opportunity to leave individual instructions, provide for specific people, or settle certain matters that are important to you.
Step by step to your will
1. Think carefully about what you want to leave behind.
First, you should be clear about exactly what you want to leave behind and to whom. This includes real estate, bank accounts, securities, but also personal items such as jewelry or artwork. Make a list of all these things so you get an overview.
2. Choose the right heirs
Once you know what you want to leave behind, the next step is to decide who should receive it. Also consider potential alternate heirs in case your chosen beneficiaries are no longer alive at the time of your death.
3. Draw up your will
Now we come to the nitty-gritty: the will itself. Generally, you can create your will by hand or with the help of a notary. A handwritten will must be written and signed entirely in your own hand. However, for larger estates or more complex inheritance arrangements, it is advisable to have a will drawn up by a notary. This ensures legal clarity and avoids disputes after your death.
4. Keep it safe.
Your will should be kept in a safe place where it will be found after your death. One option is to deposit it with a notary. This ensures that it is not lost or accidentally damaged.
5. Check and update regularly
A will is not a document that is created once and then never touched again. Life circumstances change, and you should therefore review your will regularly and update it as needed. Marriage, divorce, the birth of children, or the death of heirs are all events that may require you to amend your will.
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Wills abroad
The world of inheritance law encompasses a fascinating diversity of regulations and traditions that vary from country to country. Some countries have special or even unusual provisions regarding wills and inheritance. These regulations often reflect the cultural, historical, and social characteristics of their respective locations. Here are some notable examples:
England and Wales: The “Treasure Trove”
In England and Wales, there is a centuries-old legal practice stating that a treasure trove belongs to the Crown Prince if there are no heirs. While this rule may not be regularly applied today, it underscores the historical significance of royal rights and property.
Italy: Compulsory part
Italy has a very strict system of forced heirship ("legittima"), which guarantees close relatives (children, spouses) a fixed share of the estate, regardless of the deceased's last will and testament. This means that a testator does not have complete freedom to distribute their assets as they see fit, since a certain portion of the estate is reserved for legally protected heirs.
Japan: The Koseki System
Japan has a unique family register system called "koseki" that documents all important life events of a citizen, including birth, marriage, and death. This system plays a crucial role in inheritance matters, as it facilitates proof of family relationships and is therefore central to the reading of wills and the succession of estates.
France: Real estate and the “bare ownership” regime
In France, there is an interesting regulation regarding the inheritance of real estate. The so-called "usufruct" allows the surviving spouse to retain the use of the jointly owned property for the duration of their life, while the children inherit the "bare ownership," meaning the right to become the owner once the usufructuary has died.
Saudi Arabia: Sharia
In Saudi Arabia and many other countries where Islamic Sharia law plays a central role, inheritance matters are strictly regulated according to religious precepts. These regulations precisely stipulate which part of the estate goes to which heirs, based on their relationship to the deceased and their gender.
These examples illustrate how differently matters concerning wills can be handled worldwide. They highlight the importance of familiarizing oneself with local laws and customs, especially when it comes to such crucial issues as making one's last will and testament.
Inheritance abroad
If you plan to leave assets to heirs abroad, there are some important points to consider. International inheritance law can be complex, as it involves not only the laws of your own country but also those of the country where the heir resides. Here are some essential aspects to consider to ensure your last will and testament is carried out as you intend:
1. Know the laws
Familiarize yourself with the inheritance laws in both your own country and the heir's country. Some countries have strict rules regarding mandatory shares that certain close relatives are entitled to, regardless of instructions in the will. Other countries may not recognize certain types of wills or may have specific documentation requirements.
2. International Double Taxation Agreement
Find out about double taxation agreements between your country and the heir's country. These agreements can prevent inheritances from being taxed in both countries. If no such agreement exists, the heir might have to pay inheritance tax in both countries.
3. Currency risks and fees
Consider currency risks and potential fees for international transfers. Currency fluctuations can significantly affect the value of the assets, and bank fees can reduce the amount the heir receives.
4. Draft and translate your will
Make sure your will is clearly worded and explicitly names your international heirs. It can be helpful to have the will professionally translated into the language of the heir's country of residence to avoid misunderstandings. Betreuigung24 can assist you with professional translations and certifications.
5. Seek professional advice
Consulting a lawyer or a specialist in international inheritance law is essential in such cases. A professional can help you navigate the complex legal requirements and create a plan that ensures your assets are transferred to your international heirs according to your wishes.
6. Consideration of inheritance tax
Check the inheritance tax laws in the heir's country. The amount of inheritance tax and the tax-free allowances can vary significantly. A well-structured plan can help minimize the tax burden for your heirs.
7. Real estate abroad
If you plan to bequeath real estate abroad, you should thoroughly research the local laws. Some countries have restrictions or special procedures for non-residents bequeathing property.
Through careful planning and seeking professional advice, you can ensure that your assets are inherited internationally in the way you wish, and that your heirs are protected from unnecessary legal or financial burdens.
