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Anyone who receives an inheritance usually has the opportunity to make money, but sometimes there is the possibility of incurring debt. Whatever the scope of the inheritance, those affected often have to do a lot of work, especially of an administrative nature. How many rights do heirs have legally? So can they also reject the inheritance? Gabrielle Sigg (44), Head of Wills Practice at the Zurich Wealth Centre, explains the three most important pitfalls when receiving an inheritance.
one
Inheritance amount unknown
“Those eligible to inherit often don’t know exactly what the deceased’s financial situation was,” says Sigg. This is especially true if you inherit money not directly from your parents but from more distant relatives (grandparents, uncles or aunts). “If you don’t know exactly what you’re inheriting, you can’t decide whether you want to accept or decline the inheritance,” says Sigg. Therefore, he emphasizes how important it is to quickly find out the exact amount of the inheritance. “Heirs have a standard three months to decide whether to accept the inheritance.” Heirs may request an extension of the period only in exceptional cases and for important reasons (Article 576 of the Civil Code).
2
Inheritance is accepted without asking
Sigg says this inadvertent acceptance of inheritance happens again and again. “The person who acts on the estate will automatically accept the maximum inheritance.” For example, if you acquired valuable items such as wristwatches or jewelry before the inheritance was decided. Or if you order an inheritance certificate (Art. 559 Para. 1 ZGB). “This serves as legitimacy so that you can obtain information about the property from banks or the land registry office,” Sigg said. But this is also a confirmation that the person has accepted the inheritance and stopped rejecting it. “It’s especially frustrating if you inherit debt,” says Sigg. Alternatively, he recommends applying for a so-called knowledge certificate from the responsible authority. “This does not constitute acceptance of the inheritance, but like an inheritance certificate, it gives you the right to see bank details or land records.”
The third chapter of the Swiss Civil Code (ZGB) defines the legal share of inheritance of relatives of the deceased. The inheritance law has been revised as of January 1, 2023. The following shares are subject to law:
Married with children
50 percent of the inheritance goes to the partner (marriage or registered partnership, but not cohabitation). The remaining 50 percent goes to children or their descendants.
Married without children
75 percent of the inheritance goes to the partner (marriage or registered partnership, but not cohabitation). ∼25 percent goes to next of kin or their descendants (parents, siblings, nieces and nephews).
Unmarried with children
100 percent of the inheritance goes to the children or their descendants.
Unmarried and childless
100 percent of the inheritance goes to the parents or their descendants. If the parents are already dead and have no other children, 100 percent goes to the grandparents. If parents, grandparents or siblings are not alive, 100 percent of the property goes to the municipality or canton.
Important: In case of legal shares, the testator is obliged to give at least 50 percent of the legal shares (mandatory share) to his/her relatives. The testator may freely dispose of the remaining 50 percent of the relevant shares.
The third chapter of the Swiss Civil Code (ZGB) defines the legal share of inheritance of relatives of the deceased. The inheritance law has been revised as of January 1, 2023. The following shares are subject to law:
Married with children
50 percent of the inheritance goes to the partner (marriage or registered partnership, but not cohabitation). The remaining 50 percent goes to children or their descendants.
Married without children
75 percent of the inheritance goes to the partner (marriage or registered partnership, but not cohabitation). ∼25 percent goes to next of kin or their descendants (parents, siblings, nieces and nephews).
Unmarried with children
100 percent of the inheritance goes to the children or their descendants.
Unmarried and childless
100 percent of the inheritance goes to the parents or their descendants. If the parents are already dead and have no other children, 100 percent goes to the grandparents. If parents, grandparents or siblings are not alive, 100 percent of the property goes to the municipality or canton.
Important: In case of legal shares, the testator is obliged to give at least 50 percent of the legal shares (mandatory share) to his/her relatives. The testator may freely dispose of the remaining 50 percent of the relevant shares.
3
The will is invalid
For a will to be valid, it must meet certain formal and material criteria. Therefore, it must be handwritten from A to Z, dated and signed. If the will does not meet these formal requirements, it must be notarized. According to Sigg, a will must meet both formal and content-related criteria. This means that it must not violate inheritance law and, for example, not transfer compulsory shares to individual heirs (Article 470 et seq. ZGB). Additionally, the testator must have mental capacity at the time the will is written. According to Sigg, the invalidity of the will becomes important if one or more heirs feel that the will is invalid. “It is the heirs’ responsibility to check the validity of the will,” says Sigg. The will will only be checked if a lawsuit for invalidity or reduction is filed. Such a lawsuit can be filed in the criminal judgeship of peace in civil proceedings and, if necessary, in the relevant regional court.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
