Why is it important to make a will? Part 2.
One of the most important reasons to make a will 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. The seven reasons we mentioned earlier for making a will are:
· You decide who receives your assets (instead of the law deciding this for you).
· You can let any stepchildren inherit.
If you live together unmarried, your cohabiting partner will not inherit anything unless you arrange this!
· In a will, you can, if you wish, disinherit a child and stipulate that the child's statutory portion is not claimable as long as your spouse/partner is still alive.
Do you have a child with a disability? Arrange a personalized inheritance through a will.
· By making a will, you can determine who receives what share of the inheritance (instead of everyone receiving an equal share).
In a will, you can stipulate that you want to leave a fixed sum of money or a specific heirloom to a specific person. This is a form of inheritance, but for a specific object or amount. Consider, for example, a legacy to a grandchild.
But there are even more reasons that may be important for you to make a will. We'll briefly discuss six of them below.
1. Exclusion clause; rule that the inheritance is the recipient's private property
You can stipulate in a will that the recipient's inheritance remains private. This is called an exclusion or private clause. For example, if the recipient of the inheritance is your child, you can create an exclusion clause to prevent the assets your child inherited from automatically being divided with your child's ex-spouse in the event of a divorce. This clause prevents the inherited assets from falling into the marital community of property if the recipient is married in community of property.
2. Appointing a guardian: who will have custody of your children?
A guardian is granted parental authority over minor children after the death of their parents. There are two ways to appoint a guardian: in a will or by making a note in the parental authority register. While making a note in the parental authority register is free, it has the disadvantage that you have to make a new note for each child and you cannot appoint a successor guardian (for example, in case the intended guardian dies). In a will, you can appoint a guardian for all your minor children and you can also provide for a successor guardian.
3. Establish a guardianship: the recipient cannot fully dispose of the inheritance freely
You can also establish a trust in a will. This is often done for young adults. For example, when a child is still 19 and receives an inheritance, a trustee can oversee the child's expenditures. This can prevent the child from spending the inheritance carelessly on parties or expensive items. The will can then specify that the trust will remain in effect until the child reaches, for example, 25.
4. Appoint an executor: a trusted person who will settle your inheritance
To settle the estate, you can appoint a trusted person in a will: the executor. Appointing an executor can significantly simplify the estate settlement process. The executor's responsibilities can also be expanded to include additional powers, such as independently distributing the estate. You also appoint the executor as the estate administrator. This can prevent a lengthy and costly estate settlement process. An executor can only be appointed in a will.
5. Save inheritance tax
A well-designed will can help you avoid inheritance tax by including provisions that allow you to optimally utilize inheritance tax exemptions and the tax brackets under the Inheritance Tax Act. These provisions include flexible interest clauses, bequests to (step)grandchildren, supplementary bequests, two-step bequests, and other complex clauses, which a notary can advise you on.
6. Other reasons for making a will: deaths close together, admission to a care facility, divorce
In a will, you can also consider the possibility that you die simultaneously or in quick succession – for example, due to an accident or illness. Wills often include a "thirty-day clause" for these situations. This provision means that a person is no longer an heir if they die within thirty days of the deceased.
A will can also include provisions regarding the "expenditure of the entire estate" if the surviving parent is admitted to a care facility. Consult your notary about this.
If you are in divorce proceedings but the divorce has not yet been finalized, you are still (formally) each other's spouse and will inherit from each other under the statutory inheritance law. To prevent this, a clause can be included in a will stipulating that you can no longer inherit from each other once a divorce petition is filed.
Come by or call
We've given you at least thirteen reasons to make a will. A will is always made at a notary's office. Let us advise you on the options available for your specific situation and wishes. The initial consultation is free. To schedule an in-office meeting or a video call, please call +31 (0)10 44 53 777. We look forward to seeing you.
This article is taken from 'Met Recht Geregeld' (www.metrechtgeregeld.nl), a product of FBN Juristen.
· You decide who receives your assets (instead of the law deciding this for you).
· You can let any stepchildren inherit.
If you live together unmarried, your cohabiting partner will not inherit anything unless you arrange this!
· In a will, you can, if you wish, disinherit a child and stipulate that the child's statutory portion is not claimable as long as your spouse/partner is still alive.
Do you have a child with a disability? Arrange a personalized inheritance through a will.
· By making a will, you can determine who receives what share of the inheritance (instead of everyone receiving an equal share).
In a will, you can stipulate that you want to leave a fixed sum of money or a specific heirloom to a specific person. This is a form of inheritance, but for a specific object or amount. Consider, for example, a legacy to a grandchild.
But there are even more reasons that may be important for you to make a will. We'll briefly discuss six of them below.
1. Exclusion clause; rule that the inheritance is the recipient's private property
You can stipulate in a will that the recipient's inheritance remains private. This is called an exclusion or private clause. For example, if the recipient of the inheritance is your child, you can create an exclusion clause to prevent the assets your child inherited from automatically being divided with your child's ex-spouse in the event of a divorce. This clause prevents the inherited assets from falling into the marital community of property if the recipient is married in community of property.
2. Appointing a guardian: who will have custody of your children?
A guardian is granted parental authority over minor children after the death of their parents. There are two ways to appoint a guardian: in a will or by making a note in the parental authority register. While making a note in the parental authority register is free, it has the disadvantage that you have to make a new note for each child and you cannot appoint a successor guardian (for example, in case the intended guardian dies). In a will, you can appoint a guardian for all your minor children and you can also provide for a successor guardian.
3. Establish a guardianship: the recipient cannot fully dispose of the inheritance freely
You can also establish a trust in a will. This is often done for young adults. For example, when a child is still 19 and receives an inheritance, a trustee can oversee the child's expenditures. This can prevent the child from spending the inheritance carelessly on parties or expensive items. The will can then specify that the trust will remain in effect until the child reaches, for example, 25.
4. Appoint an executor: a trusted person who will settle your inheritance
To settle the estate, you can appoint a trusted person in a will: the executor. Appointing an executor can significantly simplify the estate settlement process. The executor's responsibilities can also be expanded to include additional powers, such as independently distributing the estate. You also appoint the executor as the estate administrator. This can prevent a lengthy and costly estate settlement process. An executor can only be appointed in a will.
5. Save inheritance tax
A well-designed will can help you avoid inheritance tax by including provisions that allow you to optimally utilize inheritance tax exemptions and the tax brackets under the Inheritance Tax Act. These provisions include flexible interest clauses, bequests to (step)grandchildren, supplementary bequests, two-step bequests, and other complex clauses, which a notary can advise you on.
6. Other reasons for making a will: deaths close together, admission to a care facility, divorce
In a will, you can also consider the possibility that you die simultaneously or in quick succession – for example, due to an accident or illness. Wills often include a "thirty-day clause" for these situations. This provision means that a person is no longer an heir if they die within thirty days of the deceased.
A will can also include provisions regarding the "expenditure of the entire estate" if the surviving parent is admitted to a care facility. Consult your notary about this.
If you are in divorce proceedings but the divorce has not yet been finalized, you are still (formally) each other's spouse and will inherit from each other under the statutory inheritance law. To prevent this, a clause can be included in a will stipulating that you can no longer inherit from each other once a divorce petition is filed.
Come by or call
We've given you at least thirteen reasons to make a will. A will is always made at a notary's office. Let us advise you on the options available for your specific situation and wishes. The initial consultation is free. To schedule an in-office meeting or a video call, please call +31 (0)10 44 53 777. We look forward to seeing you.
This article is taken from 'Met Recht Geregeld' (www.metrechtgeregeld.nl), a product of FBN Juristen.
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