What is the estate and it’s genetic make up

What is the estate and it's genetic make up

According to inheritance law, the estate of the testator’s entire assets, both active and passive, is understood. Accordingly, the estate of a testator corresponds to the entire inheritance. The legacy of a testator includes not only goods left behind by the deceased, but also obligations under certain circumstances.

The heirs or, if available, the executor appointed by the testator in the will or inheritance contract must now regulate or liquidate and the estate planning consultant is necessary.

There are various instruments that can be used to leave all assets belonging to the estate. These include the inheritance contract, the will and the marriage contract . Those who want to settle their estate also have the option of distributing their assets during their lifetime, for example through gifts, or favoring certain people in life insurance policies.

Managing the estate with a will has the advantage that you can decide for yourself who you want to assign as heir. The claim of those entitled to a compulsory portion remains of course unaffected. A regulation without a will is of course also possible. This is where the legal succession takes effect . It is up the person whether they are still undecided whether you want to settle your estate without a will or with a will or are thinking about distributing your assets during your lifetime, an inheritance lawyer will be happy to help you.

estate planning consultant

When a person dies, all of his possessions and property belong to the estate or inheritance. This includes not only personal belongings such as clothing , jewelry and books, but also other assets . The heirs must divide the  inheritance  among themselves.

Prior to this, all assets are estimated in an inventory. If there are several heirs, they form a community of heirs that dissolves with the inheritance dispute. If there are inheritance disputes within a community of heirs , it is advisable to consult an inheritance lawyer.

Inventory, Assets Claims, and Distribution of Inheritance

First of all, the exact genetic mass and its value must be precisely determined in an inventory . The creation of the inventory is usually done by a notary, usually a notary. The latter receives the information necessary for the creation of the inventory either from the heirs themselves, the estate administrator or the executor . In the inventory, the notary lists the assets and liabilities of the testator, both of which belong to the  estate  . At best, the amount is then determined. On this basis, the division of the estate and the assessment of the inheritance tax can then be carried out.

Tahir Ismail

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