Each year, an estimated 400 billion Euros are inherited or gifted in Germany. With increasing asset values, it has become crucial to manage inheritances in a legally sound manner. Testators should not solely rely on the statutory rules of succession. An inheritance contract, prepared by an experienced lawyer, can help ensure a fair distribution of assets according to your wishes, while also preventing disputes among heirs and avoiding unnecessary inheritance tax burdens.
An inheritance contract is a legally binding disposition made in contract form, taking effect upon death. Unlike a will, it generally cannot be revoked unilaterally and is binding for all parties involved. This type of contract can designate specific heirs and establish legacies. It can be particularly beneficial, though not exclusively, for unmarried couples.
Given its extensive binding nature, the creation of a legally secure inheritance contract is subject to specific legal requirements, unlike a will, which can even be handwritten. These requirements include notarization by a public notary. Formal stipulations in the law, such as the presence of both contracting parties during the signing of the inheritance contract and its personal execution by the testator, must be strictly adhered to to ensure its validity. Seeking legal assistance in this process is highly recommended.
Our inheritance law lawyers in Nuremberg will assist you in drafting an inheritance contract, advise you on when this form of estate planning is appropriate, and explore the various options available for structuring your estate.
