What is an inheritance procedure and how does it work? – Lichtenstein
VADUZ – Unfortunately, the death of a person is not only a sad event, which often entails an emotionally challenging time, but can also pose a number of challenges for the bereaved, for example what has to be observed or observed legally. especially what happens to the assets of the deceased.
The inheritance procedure is a formal procedure which serves in particular to process the estate (also referred to as inheritance) of the deceased. Inheritance means the rights and liabilities of the deceased; i.e. active and passive assets such as money, real estate, valuables, debts, etc. According to Liechtenstein law, an inheritance may not be taken arbitrarily. It is therefore sometimes advisable not to simply take things from the deceased. Probate proceedings are therefore required in which the assets of the deceased are determined and then transferred to the rightful heirs.
Specifically, the purpose of this procedure is that some regulatory function WILL be applied, as the deceased’s property WILL BE assigned to specific individuals. It could also be used to prevent disputes when multiple people wish to take ownership of an asset. The organs of the probate proceedings are the municipalities and the court.
The probate process can be divided into three sections: the preliminary process, the probate process and the process outside the process. In principle, the preliminary proceedings WILL be initiated ex officio as soon as a death WILL BE known. This is followed by recording the death and various surveys, possibly securing the estate and transmitting or accepting testamentary dispositions. In most cases, this is followed by an explicit probate treaty. As part of this, it is determined, among other things, who the heirs are and subsequently whether they want to accept the inheritance or whether they want to refuse it. The further steps of the probate process sometimes depend on the respective declarations of the heirs. If the heirs and the inheritance quotas are then determined in the further course of the procedure and all the requirements are met, the so-called inheritance decision is issued. The inheritance is hereby handed over to the heirs, whereby the takeover into legal possession takes place. Finally, the procedure outside the treatise designates the first steps after submission; For example, when land register entries are made.
The inheritance procedure can be designed differently depending on the individual case. Among other things, the existing assets of the deceased as well as the behavior of the potential heirs are also decisive. In order to achieve the best possible protection of the interests of the bereaved, it is advisable to consult legal advice.
FURTHER INFORMATION
Lawyer Mag. iur. Fabienne Seppi
(approved in Liechtenstein and Austria)
NÄGELE Rechtsanwälte GmbH
dr Grass Strasse 12, 9490 Vaduz, Liechtenstein
Phone +423 237 60 70
Fax +423 237 60 71
www.naegele.law