When a parent passes away, your world stands still for a moment. You are primarily concerned with arranging a dignified farewell, not with legal or financial matters. Understandably so. But after the funeral, sooner or later the inheritance comes into play – and that first inheritance is often forgotten. A shame, because it can lead to unpleasant situations in the long run.
Why first inheritance matters
Many people think, “My other parent is still alive, right?” And so they put off dealing with the first inheritance. Yet it is precisely then that it is important to consider your legal rights as a child.
Suppose your parent did not have a will. Then the legal distribution applies: the entire inheritance goes to the surviving parent. But you as a child are entitled to a sum of money – your inheritance share. You usually only receive this when the other (step) parent dies. But that does not make it less important to establish now what your share is.
What is your inheritance?
After the death of one of your parents, you will first need to understand the inheritance. To know what your inheritance share is, the value of the inheritance must first be determined: your parent’s assets minus any debts. A simple math example:
Your parents together had €300,000 in assets and no debts. If they were married in community of property, when your father dies, €150,000 is his inheritance share. You, your brother/sister and your mother are each 1/3 heir. The entire inheritance goes to your mother through the legal distribution, but your inheritance share as a child is €50,000. Interest can even be charged on this in some cases.
Why you need insight now
Many children wait to request information about the first inheritance, leaving them and not knowing how much their inheritance is. But the longer you wait, the harder it becomes to surface that information. Banks, for example, only keep records for seven years. Without understanding the numbers, you will soon be unable to properly exercise your rights.
Moreover: on your inheritance share, the surviving parent pays inheritance tax directly on your behalf. Your inheritance share can therefore be entered as a debt in the second inheritance in the future, which prevents double taxation. An inheritance law specialist can help you with this.
What if you are not an heir? Consider your legitimate portion
Are you disinherited or receive only a bequest? Even then, as a child, you may be entitled to a minimal portion of the inheritance, called the legitimate portion. So in that case, it is also important to know how much your parent’s inheritance is.
Note that you must take action on this yourself within five years of your parent’s death. So get timely advice about your legitimate portion.
What can an inheritance lawyer do for you?
An inheritance lawyer will help you get legal assistance to:
- Make your inheritance or legitimate portion transparent – even if it is not due until the future;
- Representing your interests in the event of a disagreement over the amount of the inheritance or its settlement;
- Simply wanting to know what you are entitled to.
Has one of your parents died and would you like to know what this means for your inheritance position? Then contact our inheritance law specialists. Kimberly Rozema, Kim van der Bijl, Joey Moerings and their colleagues are ready to assist you.
