Can I distribute my inheritance during my lifetime?
October 1, 2022 | 40,00 EUR | answered by Felix Richter
Dear estate lawyer,
My name is Clara Schmid and I am facing an important decision regarding my inheritance. My parents have already passed away and I have no siblings. Currently, I possess a substantial amount of wealth that I would like to distribute during my lifetime. Is it possible to distribute one's inheritance during one's lifetime?
I have done some research and found out that one option is the anticipated succession. However, I am unsure if this option is suitable for me and what legal aspects need to be considered. I want to ensure that my assets are distributed fairly and in accordance with the law.
My main concern is to financially secure my loved ones during my lifetime and avoid any disputes within the family after my passing. I also want to ensure that my inheritance is distributed in line with my personal wishes and preferences.
Could you please assist me and provide information on the various options for distributing my inheritance during my lifetime? What legal steps do I need to take and what risks may be associated with it? I would be very grateful for your expertise and support in this matter.
Yours sincerely,
Clara Schmid
Dear Mrs. Schmid,
Thank you for your inquiry regarding the distribution of your inheritance during your lifetime. It is indeed possible to distribute your assets during your lifetime. One option for this is the anticipated succession, which allows you to transfer parts of your assets to your loved ones while you are still alive.
With anticipated succession, you can determine during your lifetime who should receive which part of your assets and thus regulate the future succession. This can help prevent potential disputes in the family after your passing and ensure that your assets are distributed according to your personal wishes.
There are various legal aspects that you should consider. First and foremost, it is important that the transfer of your assets is done in compliance with the law. Therefore, you should seek advice from an experienced probate attorney to ensure that all legal requirements are met.
Furthermore, it is important to consider potential risks involved in anticipated succession. These include tax aspects, such as gift and inheritance taxes that may apply when transferring assets. An experienced attorney can provide comprehensive advice on this and help you minimize tax risks.
It is also important to note that anticipated succession cannot be undone and may have long-term effects on the distribution of your assets. Therefore, it is advisable to research thoroughly and carefully plan before making a decision.
Overall, anticipated succession offers a good opportunity to fairly distribute your assets during your lifetime and financially secure your loved ones. However, I strongly recommend seeking advice from a specialized probate attorney to ensure that your decision is in compliance with the law and aligns with your personal interests.
I am available for any further questions and happy to support you in planning and implementing your anticipated succession.
Best regards,
Felix Richter, Probate Attorney
