The seven biggest myths and misconceptions about inheritance
Created: 2022-12-14 4:51 p.m
By: Sarah Neumeyer
Does a will have to be handwritten?
Can children be disinherited?
There are a number of myths and misconceptions about inheritance.
Frankfurt – After a death in the family, disputes about the inheritance quickly start.
Exactly this situation is a nightmare for many.
Taking care of a will and the distribution of assets at an early stage can avoid conflicts and also bring other benefits for the beneficiaries.
But what exactly do you have to pay attention to when creating the will and who is automatically entitled to inherit?
There are some persistent myths and fallacies surrounding the inheritance.
We give an overview:
1. A will must be notarized
If you want to regulate your inheritance, you want to do everything right.
But does a will have to be notarized?
The short answer: no.
However, it can still make sense to seek advice from a notary.
The German Association for Inheritance Law and Asset Succession provides information, especially in complicated cases or if you want to be on the safe side.
There are a number of myths and misconceptions about inheritance.
© Hans-Jürgen Wiedl/dpa
The certification of the will by a notary can even make the inheritance cheaper in some cases, if the heirs would otherwise have to apply for a certificate of inheritance.
This can be the case, for example, with real estate or a larger fortune, or because the succession is not clear.
2. It doesn't matter if a will is typed or handwritten
Another formal error is that a will only needs to be signed.
It is correct: A will should never be typed.
“It is required that the entire text of the will be handwritten.
Using a typewriter is just as invalid as using a PC,” according to the German Association for Inheritance Law and Asset Succession.
For a handwritten will to be valid, it must be written and signed independently.
In addition, the will should be signed with the first and family names - at the end of the text.
It should also be stated when and where the will was made, so that in case of doubt it can be seen which will was the last made.
3. Spouses automatically inherit everything
There are also other myths and errors when it comes to who is entitled to inherit and to what extent.
Spouses can inherit everything, but only if they are made sole heirs in the will.
If there is no will, the legal succession comes into force.
This is regulated in the Civil Code and determines that primarily children and spouses inherit.
But grandchildren, great-grandchildren, parents and siblings can also be considered heirs.
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If there are children together, they form a community of heirs together with the spouse: if there is no will or they were appointed as heirs.
This means that the estate can only be decided jointly.
If there is no will, the spouse inherits half of the inheritance and the children the other half.
4. Long-term partners receive part of the inheritance
Without a will, even long-term partners are treated as strangers.
They are not taken into account by the Civil Code and get nothing.
The situation is different if a civil partnership has been registered.
According to the Civil Partnership Act, the spouse is entitled to "a right of inheritance corresponding to that of the spouse", the Federal Ministry of Justice informs.
5. Disinherited children do not get a penny from the inheritance
Although relatives can be disinherited in the will, this does not necessarily mean that these people get nothing.
Because depending on the family constellation, there is an entitlement to a compulsory share.
This is "a minimum share in the estate, which is guaranteed by law to the close relatives of the deceased, even against their will," informs the German Association for Inheritance Law and Asset Succession.
This is a pure monetary claim.
The following persons are entitled to a percentage of the compulsory share:
Descendants of the deceased (children, grandchildren, great-grandchildren)
parents of the deceased
spouses of the testator
The illegitimate children of the deceased are also entitled to a compulsory share.
Distant relatives such as siblings, uncles, aunts, nephews and nieces are not eligible.
The amount of the compulsory portion is half of the statutory portion of the inheritance.
6. Anyone who refuses an inheritance does not have to pay for the funeral
In principle, the funeral is paid for by the assets of the deceased.
However, if the inheritance is rejected because the deceased was in debt, this often does not change the fact that the burial must be taken over.
Stiftung Warentest
informs us in a guide on the subject of inheritance
that the persons concerned are not only entitled to inherit, but also have relatives who are responsible for maintenance or burial .
A maintenance obligation exists between parents and their children.
Who is obliged to burial is regulated in the burial laws of the federal states.
First and foremost, these are spouses or registered life partners.
7. If you want to avoid inheritance tax, you have to give away your assets first
There are also many myths and misconceptions about inheritance tax.
First of all, it is important to be clear about the assets from which inheritance tax applies.
In many cases, no tax has to be paid at all.
There is an allowance of 500,000 euros for married couples and 400,000 euros for children.
In addition, gifts are also taxed, the same tax brackets, tax rates and allowances apply - so there is not a big difference.
Federal Finance Minister Christian Lindner (FDP) wants to increase the exemption limits for inheritance and gift tax.
Nevertheless, a gift can help with tax savings, for example if the recipient's allowance is not sufficient.
The allowance can be used again every ten years.
(sne)
