As of: April 7, 2024, 4:00 p.m
By: Marco Blanco Ucles
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A waiver of an inheritance can have many reasons. Potential heirs thus contractually agree to waive their compulsory share - often in return for a severance payment.
Forego your compulsory share of the inheritance? It doesn't sound very sensible at first. But that could very well be the case, the reasons for this are varied. For example, if you urgently need financial support, be it for building a property or something else. With the help of a contract, you can then get settlement before the inheritance occurs. However, in return you waive your right to inheritance. You no longer have anything to do with the distribution of assets after the will has been opened, which must be handwritten.
An inheritance waiver contract must be certified by a notary
By waiving an inheritance, people can pay their legal heirs a severance payment during their lifetime. © Bihlmayerfotografie/IMAGO
In order for an inheritance waiver agreement to be legally effective, it must be notarized. To do this, both parties must be present when the contract is concluded, explains
Finanztip.de
. However, the person giving up can also send their representative. Notaries usually charge double the fee for certifying a waiver of inheritance compared to the usual conditions. You can use the notary cost calculator on the Federal Chamber of Notaries website to find out how high the fees are. This depends on the amount of assets that are to be forgone.
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If compulsory heirs - whether with or without compensation - waive their share, this can of course make the distribution of the remaining assets more relaxed after the testator's death, as there are not as many parties involved and possible points of dispute become fewer. However, the person giving up should think carefully about whether and at what price they want to give up their share. Because unless something else is explicitly agreed upon in the contract, the children of the renouncer are also excluded from the inheritance, explains
Studysmarter
.
Once an inheritance waiver agreement has been signed, it can no longer be revoked. The only way to reverse it is with a termination agreement. However, an agreement must be reached between the testator and the renouncer, which must be certified again by a notary. So think carefully about this step. If you then row back again, you will incur additional costs.
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If a contractual partner dies, the waiver of inheritance can no longer be reversed
If the testator dies, the inheritance waiver agreement can no longer be reversed. The same also applies if the renouncer dies. Even his children then no longer have the right to cancel the contract. In general, there are three reasons why a waiver of an inheritance can be declared invalid, emphasizes
Finanztip.de
. Namely if the waiver did not sign voluntarily, was taken by surprise or did not recognize the importance of the waiver. However, all points would first have to be recognized by a court.