Anyone who fails to plan their own estate puts themselves in the hands of the legislator and accepts the distribution of their own assets in accordance with the statutory order of succession. This not only ignores their own right of co-determination in the estate planning, but also accepts the inevitable creation of a community of heirs. This is because if a testator leaves several heirs, these heirs automatically form a community of heirs, which becomes the owner of the estate until it is dissolved. Disputes under inheritance law are practically pre-programmed as a result of the unresolved economic circumstances. In addition, the failure to plan the estate may mean that no tax-optimized transfers are made from which all parties would have benefited.

There are therefore many important reasons in favor of settling the estate during your lifetime.

But what options are there here?

• Will: A will contains dispositions upon death by which a testator can determine his or her heirs, exclude persons from the legal succession, but also determine bequests (= allocations of certain assets) or impose conditions on heirs. It is also possible for spouses or registered partners to draw up a joint will.

• Inheritance contract: The inheritance contract also contains dispositions upon death, but is drawn up in the form of a contract, so that at least two contracting parties must be involved.  

Drawing up wills and inheritance contracts without the appropriate legal knowledge can have serious consequences.

In principle, wills do not have to be notarized. They can be drawn up privately by anyone. However, this prevailing freedom to make wills in Germany often means that private wills are unclear or incomplete or violate applicable law. This leads to disputes and possibly to an incorrect interpretation of the desired distribution of the estate.

For the inheritance contract, however, it is mandatory to go to a notary, as this must be notarized. An inheritance contract concluded without this form is null and void.

Would you like to plan your estate, but don't know whether your wishes can be implemented in this way or are unsure which design makes the most sense for you? Contact us and we will design a tailor-made solution for you.