What we need to know about the will?
Will for Real Estate: Legal Framework and Practical Guidelines
Introduction
A will is a unilateral legal act through which an individual (testator) expresses their intention regarding the distribution of their assets after their death. It is a crucial tool for managing inheritance relations, allowing for personalized allocation of assets in accordance with the testator’s wishes. A will plays a key role in regulating inheritance matters in Bulgaria and is subject to strict legal requirements.
Legal Framework
Primary Legal Acts
- Inheritance Act:
Defines the conditions for the validity of a will, types of wills, and the procedure for their execution. - Civil Procedure Code (CPC):
Regulates procedures for challenging and executing wills. - Law on Persons and Family:
Includes rules on the legal capacity and mental competence of the testator.
Types of Wills
1. Handwritten Will
- Preparation: Entirely written by the testator.
- Requirements: Must include the date and signature to be valid.
- Storage: Kept by the testator or entrusted to a third party.
2. Notarial Will
- Preparation: Drafted and certified by a notary in the presence of two witnesses.
- Advantages: Ensures compliance with legal requirements and minimizes the risk of challenges.
- Storage: Stored in the notary’s archive and recorded in a special register.
3. Voidable Will
- A will that can be contested if there are legal violations or irregularities in its creation.
Procedure for Drafting a Will
Step 1: Preparation
- Identify the Heirs: The testator must clearly designate the individuals who will inherit.
- Define Shares: The will may include specific assets or percentages of the estate.
Step 2: Choosing a Form
- Handwritten Will: The testator writes it personally without technical means.
- Notarial Will: Requires a visit to a notary, who records and certifies the contents in a special register.
Step 3: Storage
- Handwritten Will: The testator may keep it independently or entrust it to a trusted individual.
- Notarial Will: Safeguarded in the notary’s archive and accessible after the testator’s death.
Validity and Contestation
Conditions for Validity
- Legal Capacity: The testator must be of legal age and mentally competent.
- Compliance with the Law: The will must adhere to the prescribed form and not infringe on the reserved share of lawful heirs.
Grounds for Contestation
- Invalid Form: The will does not meet the formal requirements.
- Lack of Capacity: The testator lacked the necessary legal capacity.
- Coercion or Fraud: The will was created under duress, deception, or threat.
Procedure
- Contestation is conducted through a court claim.
- Heirs must provide evidence supporting the grounds for contestation.
Tax and Legal Aspects
Tax Obligations
- Tax Exemptions: Heirs in the first and second degrees of kinship are exempt from inheritance tax.
- Taxation: Further relatives or third parties are subject to tax rates specified by law.
Legal Risks
- Challenges by Heirs: Can result in lengthy legal proceedings.
- Violation of Reserved Shares: Heirs with reserved shares may file claims to restore their rights.
Practical Tips
- Consult a Lawyer: An attorney can ensure compliance with legal requirements and safeguard your interests.
- Choose a Notarial Will: Provides additional legal security and reduces the risk of challenges.
- Regularly Update the Will: Changes in family circumstances (e.g., birth, divorce) may require amendments.
- Secure Storage: A notarial will is the most reliable option for safekeeping.
Conclusion
A will is a vital tool for estate planning, enabling the testator to ensure that their property is distributed according to their wishes. Adhering to legal requirements and proper drafting guarantees legal security and minimizes the risk of future disputes. Consulting legal professionals and selecting the appropriate form of a will are crucial for successful inheritance planning.
If you need assistance with drafting or executing a will, our team of legal experts is here to guide you through the process and provide professional support.
