Customised Estate Planning through Wills
A Will is the classic instrument of testamentary succession, offering the testator a high degree of freedom in structuring their estate. In Germany, one can choose between a holographic (handwritten) Will and a notarial Will. While the handwritten form may appear straightforward, it carries significant practical risks due to ambiguous phrasing or formal errors, which can lead to invalidity.
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DR. SCHMIDT LEGAL places particular emphasis on the legally sound drafting of legacies (Vermächtnisse), partition instructions (Teilungsanordnungen), and the appointment of heirs. Our goal is to define the testator’s intentions with such precision that disputes regarding the interpretation of the Will among heirs are avoided from the outset.
The Contract of Inheritance as a Binding Instrument
In contrast to a unilateral Will, which can be revoked or amended at any time, a Contract of Inheritance (Erbvertrag) is characterised by its binding nature. It is concluded between the testator and at least one other party and strictly requires notarial certification. This instrument is particularly suitable for arrangements where the appointment of an heir is linked to a consideration, such as lifelong care for the testator or the securing of business succession.
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DR. SCHMIDT LEGAL provides a detailed review of contractual withdrawal and amendment clauses to ensure that, despite the binding effect, the parties can respond flexibly to unforeseen life events.
Strategic Succession Planning and Compulsory Share Law
A vital aspect of drafting testamentary dispositions is the consideration of compulsory share law (Pflichtteilsrecht). Although testamentary freedom allows a testator to disinherit close relatives and spouses, German law guarantees these individuals a minimum share of the estate. DR. SCHMIDT LEGAL develops strategies to minimise compulsory share claims and advises on the options for compulsory share waiver agreements. Through proactive planning, liquidity bottlenecks can be avoided which might otherwise lead to the forced liquidation of real estate assets or businesses.
Review and Update of Existing Dispositions
Circumstances change—whether through marriage, divorce, the birth of children, or significant changes in assets. A Will or Contract of Inheritance, once created, must therefore be regularly reviewed for its relevance and legal validity. DR. SCHMIDT LEGAL offers a comprehensive analysis of existing documents to ensure they remain in line with current case law and the testator’s personal situation. Especially with older joint Wills (so-called "Berlin Wills"), there is often a need for adjustment to correct tax disadvantages or unintended binding effects.