It is important to know why you should make a will and what you can decide on in a will.
Wills can be drawn up differently according to the situation. This may be important to bear in mind if you have children from previous relationships or if you want your children to receive their statutory share of the estate at the time of your decease.
Division of property
Division of matrimonial property in a divorce. Division of property at the time of decease of one spouse. Division of property in the course of a marriage.
Difficult questions often arise as to which spouse owns what, whether property is marital or separate property. Personal property is not included in the division of the marital estate although a decision has to be made about what is personal property.
After the decease of a person, an estate administrator is appointed to draw up an estate inventory to enable the heirs and testamentary beneficiaries to take over and distribute the property in the estate.
Both simple and extensive measures may be required to achieve this end.
The estate inventory is actually a proceeding where all of the estate’s assets and liabilities are listed in a special document. In principle, a document of this kind should be drawn up for every deceased person.
Deed of gift
A gift involves the donor voluntarily transferring assets leading to a reduction in the wealth of the donor and an increase in the wealth of the recipient of the gift. There are no special formal requirements for gifts of movable property. However, gifts of real estate must always be made in writing.
Questions that may arise in connection with gifts are whether the gift is to be regarded as an advance on inheritance, whether it is to be regarded as separate property, etc.
These questions are settled in a deed of gift.