Why is it important to make a will? Part 1.
There are many reasons to make a will. One of the most important is to be able to decide who inherits from you and what they receive. If you don't make a will, you leave this matter entirely to the legislature. You can also include all sorts of important clauses in a will. For example, you can stipulate that your inheritance remains within the family or you can appoint a trusted person to manage your estate. A well-made will can also help you save on inheritance tax.
In this article you will find the first seven reasons to make a will.
The seven reasons:
1. Determining who gets your assets
If you die without a will, the law determines who your heirs are and what portion of the inheritance they will receive. This is also called "legal succession." The legislator designates a number of groups who can inherit from you, gradually. These groups include only blood relatives and your spouse or registered partner. Therefore, according to the legal system, you cannot leave an inheritance to a stepchild, foster child, godchild, your partner with whom you live unmarried, a friend, a charity, or a neighbor! You can, however, do all of this by making a will. This way, you remain in control and determine who inherits something (and who doesn't!).
2. Allowing stepchildren to inherit
By law, only your own children, including adopted children, inherit. A stepchild does not automatically inherit. If you do want a stepchild to inherit, you can arrange this in your will.
3. If you live together unmarried, it is very important to make a will!
If you live together unmarried, you are not your partner's heir under statutory inheritance law! If your partner dies, you are left empty-handed. If you do want to inherit from each other, you will each have to make a will. To optimally protect each other, it is therefore advisable to draw up a notarial cohabitation agreement.
4. Disinheriting a child and non-claimability of a statutory portion
It is possible to disinherit people who would legally inherit from you in a will. You then exclude these people as your heirs. If you disinherit a child, that child (despite being disinherited) is still entitled to a portion of the inheritance. This portion is called the statutory share. In the message
So, you can't prevent a child from receiving a portion of your inheritance. However, a will can be important in this case. Specifically, in a will, you can stipulate that the disinherited child, who is entitled to a statutory portion, can only claim this portion after the surviving parent has passed away. This means your spouse/partner doesn't have to give the statutory portion to the child during their lifetime.
5. Disabled child
A disabled child will usually not have a partner or children. Due to their disability, the child will also likely be unable to make their own will. This is often an important reason for parents of a disabled child to make a will. If the parents do not make a will, the child's assets (including any assets they may have inherited) will be legally inherited and may end up with relatives with whom the parents and the child were not related. The tax implications of an inheritance under statutory inheritance law can also be a reason for the parents of the disabled child to make arrangements in a will. If the child dies after their parents, a double inheritance of virtually the same (remaining) assets can occur, with 30% and 40% inheritance tax for siblings. In other words: first, the child pays inheritance tax when they inherit their parents' assets, and if the (remaining) assets go to their siblings after the disabled child's death, they must pay inheritance tax on it again!
This can be prevented by making a will.
6. Don't give everyone the same amount? Decide for yourself who gets what share of the inheritance.
By law, heirs generally inherit equal shares (with a few exceptions). You can stipulate in a will that a specific heir receives a smaller or larger portion. This could be due to your relationship with that heir, or for tax purposes. We can advise you on this matter.
7. Legacies
It is also possible to bequeath certain specific assets (e.g., a car or a piece of jewelry) or a specific sum of money (e.g., an inheritance tax-exempt amount) to one or more people from your inheritance. A specific claim on someone, or rights—such as the right of usufruct of the estate or a portion thereof—can also be bequeathed. Someone who receives a legacy from the inheritance is called a legatee. This legatee then has a claim on the inheritance. The heirs are obligated to deliver the legacy to the legatee.
This article has given seven reasons why you might want to make a will. But there are many more good reasons, which we'd be happy to share with you later. The most important of the first seven reasons is that you decide what happens to your inheritance when you die, not leaving it up to the legislature.
Curious about the other reasons? Contact us and we'll tell you more.
This article is taken from 'Met Recht Geregeld' (www.metrechtgeregeld.nl), a product of FBN Juristen.
In this article you will find the first seven reasons to make a will.
The seven reasons:
1. Determining who gets your assets
If you die without a will, the law determines who your heirs are and what portion of the inheritance they will receive. This is also called "legal succession." The legislator designates a number of groups who can inherit from you, gradually. These groups include only blood relatives and your spouse or registered partner. Therefore, according to the legal system, you cannot leave an inheritance to a stepchild, foster child, godchild, your partner with whom you live unmarried, a friend, a charity, or a neighbor! You can, however, do all of this by making a will. This way, you remain in control and determine who inherits something (and who doesn't!).
2. Allowing stepchildren to inherit
By law, only your own children, including adopted children, inherit. A stepchild does not automatically inherit. If you do want a stepchild to inherit, you can arrange this in your will.
3. If you live together unmarried, it is very important to make a will!
If you live together unmarried, you are not your partner's heir under statutory inheritance law! If your partner dies, you are left empty-handed. If you do want to inherit from each other, you will each have to make a will. To optimally protect each other, it is therefore advisable to draw up a notarial cohabitation agreement.
4. Disinheriting a child and non-claimability of a statutory portion
It is possible to disinherit people who would legally inherit from you in a will. You then exclude these people as your heirs. If you disinherit a child, that child (despite being disinherited) is still entitled to a portion of the inheritance. This portion is called the statutory share. In the message
So, you can't prevent a child from receiving a portion of your inheritance. However, a will can be important in this case. Specifically, in a will, you can stipulate that the disinherited child, who is entitled to a statutory portion, can only claim this portion after the surviving parent has passed away. This means your spouse/partner doesn't have to give the statutory portion to the child during their lifetime.
5. Disabled child
A disabled child will usually not have a partner or children. Due to their disability, the child will also likely be unable to make their own will. This is often an important reason for parents of a disabled child to make a will. If the parents do not make a will, the child's assets (including any assets they may have inherited) will be legally inherited and may end up with relatives with whom the parents and the child were not related. The tax implications of an inheritance under statutory inheritance law can also be a reason for the parents of the disabled child to make arrangements in a will. If the child dies after their parents, a double inheritance of virtually the same (remaining) assets can occur, with 30% and 40% inheritance tax for siblings. In other words: first, the child pays inheritance tax when they inherit their parents' assets, and if the (remaining) assets go to their siblings after the disabled child's death, they must pay inheritance tax on it again!
This can be prevented by making a will.
6. Don't give everyone the same amount? Decide for yourself who gets what share of the inheritance.
By law, heirs generally inherit equal shares (with a few exceptions). You can stipulate in a will that a specific heir receives a smaller or larger portion. This could be due to your relationship with that heir, or for tax purposes. We can advise you on this matter.
7. Legacies
It is also possible to bequeath certain specific assets (e.g., a car or a piece of jewelry) or a specific sum of money (e.g., an inheritance tax-exempt amount) to one or more people from your inheritance. A specific claim on someone, or rights—such as the right of usufruct of the estate or a portion thereof—can also be bequeathed. Someone who receives a legacy from the inheritance is called a legatee. This legatee then has a claim on the inheritance. The heirs are obligated to deliver the legacy to the legatee.
This article has given seven reasons why you might want to make a will. But there are many more good reasons, which we'd be happy to share with you later. The most important of the first seven reasons is that you decide what happens to your inheritance when you die, not leaving it up to the legislature.
Curious about the other reasons? Contact us and we'll tell you more.
This article is taken from 'Met Recht Geregeld' (www.metrechtgeregeld.nl), a product of FBN Juristen.
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