I am a married woman with no children. By law, my spouse will inherit from me if I do not have a will. I started thinking about this a few years ago when we got married and were putting our own affairs in order. In a blended family, it's particularly important to consider: when remarrying, the concept of family expands. My spouse has children, nice ones, and I wish them only good things in their lives. So, in a way, I think of them like a parent thinks of their own children, but according to the law, regardless of my good intentions, they will not inherit from me like my children would, unless I make a will.
I looked into the matter and came to the wish that my spouse's children would inherit from me in due course. I made Testament to them, otherwise they would not inherit from me. My spouse would receive the inheritance. They would then, in due course, transfer the assets to their children, and inheritance or gift taxes would be paid twice. First to my spouse inheriting from me, and then to their children inheriting from them after their passing.
So, with a will, I influenced the children's inheritance tax class and the fact that taxes are not paid twice on the same property. That is, when I make a will for my spouse's children, their tax class changes. The Tax Office treats them like direct descendants in inheritance taxation. The difference in saved tax percentages is considerable.
It is worth making a will, if only for tax planning purposes.
Article by Lawyer Tuula Rainto, Amos Law Firm. You can always call him free of charge on 010 299 5090. You can consult our price list Here
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