The experienced team here at Buckles will work closely with you to ensure you have Wills in place, covering not just your assets in the UK, but in Germany and beyond if required.
We do more than simply ask you what you would like to achieve – we set out to understand your unique circumstances and consider all the issues that could affect your loved ones in the event of your death. Many legal complications your loved ones may face can be avoided with good planning.
We will need wide ranging information including your domicile, your family circumstances, the nature of your ownership of any German property and your assets and liabilities both here and in Germany. We will then provide comprehensive advice on UK Inheritance Tax Allowances & Exemptions (estate planning opportunities) and together with Graf and partners, advice on German Inheritance Tax, forced heirship and planning.
We will always try to ensure your assets pass in accordance with your final wishes and typically there may be two Wills, one to cover your English assets and a similar one to cover your German assets.
What happens if I do not make a Will?
Dying without having made a Will triggers the rules of German intestacy which are very different from those in England and Wales.
For those individuals with German interests, making Wills that cover interests and assets here in the UK and in Germany is critical, as dying without having made a Will (intestate), will create many problems for surviving family members, friends and even business colleagues.
Children of the deceased have a much stronger legal position under German law than children under English intestacy law, where the spouse typically receives more.
The benefits of making a Will
If you make a Will, when you die, your assets and interests will be dealt with according to your wishes. The problems associated with the laws of intestacy, which are unlikely to result in the outcome you would have wanted for your estate, are avoided.
The benefits of making Wills, include but are not limited to:
- Minimising administration costs
- Taking care of the needs of young children
- Providing benefits for a friend or unmarried partner
- Minimising any liability for Inheritance Tax (IHT)
- Protecting assets from a potential liability to care home fees (CHFs).
Here at Buckles we have the experience and expertise to guide you through the process of making a Will to cover your interests in the UK and through our partnership with renowned German Law firm, Graf and Partners, a Will to cover your interests in Germany too.
When does German inheritance law apply?
Within the framework of the EU Succession Regulations, Germany has agreed the country of last habitual residence of the testator will decide the inheritance law applies.
As a civil law jurisdiction, Germany has the concept of forced heirship (“Pflichtteilsrecht”) which means that certain close relatives are entitled to a portion of a deceased’s estate, no matter what the Will may say. The level of the forced share (“Pflichtteil”) depends on the number of eligible relatives and the value of the estate.
Whilst the forced heirship rules limit an individual’s ability to do precisely what they might like to do in their Will, certain legal strategies can be used to ensure that as much as is possible, the testator’s wishes can be followed.
Forced heirship is extremely complicated and mistakes can be costly for the beneficiaries of the Will. It is vital to discuss your situation and your assets in the UK and in Germany, with experts who understand the different regulations fully.
We understand the difficulties in facing one’s own mortality, but making a Will can be satisfying, knowing your wishes will be followed after your death and that you will have mitigated any likely problems for those closest to you, here and overseas.
Whether you are preparing to draft or update your Will, or you are dealing with the death of someone close, it’s important to understand that estates can be very complicated, especially when there are multiple properties or international assets involved.
The team here at Buckles offer a sympathetic approach, shaped by our experience in dealing with the administration of estates, with clear communication at the heart of our service helping ensure you understand all aspects of the process along with the timescales and costs involved.
