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|English to German translations [PRO]|
|English term or phrase: forced heirship|
|The bank accepts no responsibility for advice concerning the tax and legal consequences (incl. inheritance or forced heirship provisions).|
"forced heirship": Pflichtteil/Pflichtteilsrecht
"forced heirship provisions": Pflichtteilsbestimmungen
The concept of a legally protected portion is not only known in Austria in Germany.
In some English-speaking countries it is known as "forced heirship".
In certain countries (In the US eg the state of Louisiana, also the Bermudas etc.) the law stipulates to a considerable degree how an individual may bequeath his or her assets.
For example, the law may decree that a certain minimum percentage of the estate must pass to the legal wife, another minimum percentage to each legitimate child, another minimum percentage to each common-law wife, and yet another minimum percentage to each ‘natural’ child (i.e., an acknowledged child born outside formal wedlock.)
Even in countries where such statutory stipulations are not in place, a Will favouring one party over or excluding another can be contested in court – a costly exercise which may take years to resolve, and might be decided against your wishes.
Assets held in a properly-established Trust are virtually immune from such litigation and can be distributed entirely according to the Settlor’s wishes.
Under the terms of the Settlor's Letter of Wishes, the assets would be transferred to the beneficiaries automatically, and are totally confidential from examination by any third party.
For these and other reasons many individuals with substantial assets (cash, fixed-term deposits, unit trusts, stocks & shares, life insurance, real estate) nowadays choose to remove the uncertainty by creating an offshore trust & company structure as part of their overall approach to financial and estate planning.
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Local time: 12:25
|Thank you very much for the very detailed answer - it is exactly the word I was looking for but could not remember!|
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