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Attention! If you are Swiss and want your estate to be secure, you need to take into account the revised Swiss inheritance law that comes into force on January 1st, 2023. Not everything will change, but one of the new features is that from 2023 testators will be able to freely dispose of a larger part of their estate.
«Our child receives the compulsory portion, the freely available portion goes to my husband.» What is currently still considered a clear testamentary formulation could raise questions under the revised Swiss inheritance law from January 1st, 2023. In other words: If the wife dies in 2023, it remains unclear whether she would have chosen the newly smaller compulsory portion for the joint child under the revised law.
Modern? Flexible!
But what exactly has happened, or rather, what exactly is happening? «Today's Swiss inheritance law was created in 1912. Since then, it has been based on the traditional family image with married couples», explains Dimitar Jauch, CEO at Leo Trust Switzerland. «The revision is not a complete modernisation, but at least there will be more flexibility», he adds.
With this, Dimitar Jauch addresses the following:
A) The new legal basis (from January 1st, 2023) provides for a reduced compulsory share for descendants. The parental compulsory share is abolished altogether.
B) This means that more free funds are available, which can be bequeathed to a cohabiting partner, for example.
«Whether it is a will or a contract of inheritance – it is advisable to bring an expert on board when settling the estate. This also applies to gifts, where there will be stricter requirements in connection with an inheritance contract from 2023», says Dimitar Jauch.
Legal changes, formal requirements – it is not easy for the layman to keep track of everything. In addition, every inheritance regulation is different and every inheritance regulation is associated with emotions. «Estate planning is and remains complex. The options are not limited to wills and inheritance contracts. Family foundations and trusts are popular instruments that can also be used», says Dimitar Jauch. «Whether revised inheritance law or not, finding the right and, above all, forward-looking solution is only possible with professional support.»
Another reason to call on Leo Trust expertise!
Do you have any inquiries? Dimitar Jauch, Chief Executive Officer, will provide you with the information you need.
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This article is aimed at providing a general overview and summary of the issue. It is non-binding, and does not and should not be taken to constitute legal advice.
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