Inheritance

An estate is what a person leaves behind after his or her death. An estate consists not only of money (the balances in bank accounts and investments), but also of items such as household effects, car, boat, caravan, etcetera. Furthermore, this includes all other assets such as the deceased's business, shares in a private limited company owned by the deceased, licences or claims the deceased had. Also included in the estate are any debts the deceased had, e.g. mortgage debt, personal loan with the bank, outstanding rent debt, and household debts such as an unpaid telephone bill.

Community of property

If the deceased was married in (a limited) community of property or entered into a registered partnership in (a limited) community of property, the estate also includes half of the joint assets and debts of the (married) couple. A donor or testator may have stipulated that the gift or inheritance should not fall into a community of property, by declaring an exclusion clause applicable.

For more information on estates and assistance in settling them, please contact us. We will be happy to advise you.