Tag

deed of variation Germany

German ProbateGerman Succession & Inheritance LawInternational ProbateProperty in Germany

International Wills: What your English Solicitor does not tell you (but should)

Drafting Wills for British or American Clients with Assets outside the UK / USA You are a British or American citizen but have assets abroad, let's say in Germany, Austria, France, Italy or Spain. Your English solicitor or your American lawyer suggests you make a Will which deals only with your national estate, i.e. the Will is restricted in such a way that it shall only apply to your assets located within the UK or…
Bernhard Schmeilzl
July 24, 2017
German ProbateGerman Tax Law

Deed of Variation and International Succession

Careful when using a Deed of Variation to mitigate UK Inheritance Tax! The Deed may backfire if there are foreign assets or beneficiaries who live outside the UK If someone dies intestate and leaves both a surviving spouse and a child (or children), then UK inheritance tax is due if the value of the estate exceeds GBP 900,000. In these cases, it is tempting to make use of a Deed of Variation in order to…
Bernhard Schmeilzl
November 9, 2016
German ProbateGerman Succession & Inheritance LawGerman Tax Law

Careful with Deed of Variation if Estate comprises Foreign Assets

Using a Deed of Variation in the UK may cause additional Taxes Abroad Let's take an easy example: An English testator owns property or a significant investment in Germany, which already triggers German inheritance tax, even if neither the legator nor the beneficiaries are resident in Germany. He has two children and gives the German house (or flat) to child 1, the German investment to child 2. For whatever reasons, the children prefer a different…
Bernhard Schmeilzl
June 1, 2016