Without a will, a community of heirs often arises
If there is no will, legal succession automatically applies. In this case, the entire estate – including real estate – passes to the legal heirs.
If several people are entitled to inherit, a community of heirs is created. This means: The property belongs to all co-heirs together and different interests often lead to conflicts. Decisions about renting, renovating or selling must always be made together. This can quickly lead to tensions between heirs, especially with real estate in cities like Bremen, where houses and condominiums often make up a large proportion of the family’s assets.
There is also a practical problem: real estate often has the greatest value in the estate. If an heir wants to keep the house, other heirs usually have to be paid out financially. If the necessary liquidity is missing, the only option in the end is often to sell.
A will creates clear relationships
A will enables owners to specifically regulate their estate. You can determine who will receive the house or apartment and how other heirs should be taken into account.
“Especially when it comes to real estate, a clearly formulated will can avoid later disputes,” says Katharina Heid, managing director of Heid Immobilienvaluation. “Anyone who decides early on how the estate should be distributed creates more planning security for their relatives.”
Private or notarized will?
There are basically two ways to create a will: a private (handwritten) will or a notarial will.
A handwritten will can be drawn up quickly and at no cost. However, there is a higher risk of formal errors or unclear wording. Even small inaccuracies can lead to legal problems later.
A notarial will, on the other hand, offers significantly more legal certainty. The notary advises on structuring the estate and ensures that all legal requirements are adhered to. This option can be particularly useful if a property is part of the estate.
Various design options for real estate
Depending on your family situation, there are different ways to regulate a property in your will. The most common variants include:
– Berlin Will: Spouses appoint each other as sole heirs, the children only become heirs after the death of the second partner.
– Legacy: A specific person receives a property or a specific asset.
– Division order: The testator determines which heir will receive which assets.
– Pre- and subsequent inheritance: The estate first passes to a previous heir and later to a subsequent heir.
Which solution makes sense depends heavily on the individual family and financial situation.
Typical mistakes with wills involving real estate
Mistakes often occur, especially with privately written wills. These include, for example, formal errors, unclear wording or an inaccurate description of the property.
An incorrect assessment of the property value can also cause problems. If a house is awarded to one heir in the will, other heirs often have to be compensated financially. Without a realistic assessment, disputes or financial difficulties can quickly arise.
“The best will design fails if the value of the property is set incorrectly,” explains Katharina Heid. “A well-founded property valuation helps to make the distribution in the will realistic and fair.”
Early planning creates security
A will is particularly useful if real estate is part of the estate. It ensures that the last will is clearly documented and can help avoid conflicts within the family.
Especially in cities with a lot of condominiums and houses like Bremen, it is worthwhile for owners to start thinking about estate planning at an early stage.