Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Estate Planning in Aarhus C, Denmark, involves making plans for the disposal of an individual's estate - their assets and obligations - in the event of death or mental incapacity. It includes the bequest of assets to heirs and the settlement of the estate taxes. In Denmark, the primary laws regulating estate planning are the Inheritance Law (Arveloven) and the Danish Administration of Estates Act (Dødsboskifteloven).
An attorney specializing in estate planning can be crucial in various circumstances, especially if you have a large estate, your financial situation is complex, or there are potential disputes among the beneficiaries. Legal counsel can assist in drafting a sturdy will, establishing trusts, preparing a durable power of attorney, and advising on tax implications. Any mistake or oversight might lead to unnecessary legal disputes or increased tax burdens, something an experienced lawyer can help to avoid.
The Inheritance Law in Denmark covers the rights of the deceased's spouse and children, and how the assets should be proportionally distributed. The Danish Administration of Estates Act, on the other hand, describes the legal procedures involved in probate and estate administration. Denmark also has a specific set of laws related to taxes on inheritance and gifts. As of 2019, the inheritance tax in Denmark, known as boafgift, is 15% for amounts above 289,000 DKK (about €38,700) that are left to close relatives, and 36.25% for amounts inherited by others.
Estate Planning covers wills, trusts, powers of attorney, and healthcare surrogate designations, among other legal documents. It ensures that your wishes concerning the distribution of your assets and healthcare are followed.
If you die without a will in Denmark, your estate will be distributed as per the rules set out in the Danish Inheritance Law. This may not always align with your personal wishes regarding the distribution of your assets.
Inheritance tax is typically unavoidable. However, proper estate planning can help reduce the impact of these taxes on your beneficiaries.
A power of attorney plays a significant role in estate planning. It allows you to appoint a person or organization to manage your estate if you are unable to do so.
While it is possible to draft a will without professional legal help, it is advisable to hire a lawyer experienced in the field of estate planning to ensure the legality and accuracy of the will.
The Danish Ministry of Taxation ("SKAT") is a helpful resource for understanding tax specificities related to estate planning. Similarly, the Justice Ministry provides useful information regarding estate laws in Denmark. In addition, various non-profit organizations and legal services provide free or low-cost advice on estate planning and related fields.
If you decide to seek legal assistance for estate planning in Aarhus C, Denmark, it would be wise to conduct thorough research. Look for a lawyer specializing in estate planning with a positive reputation and experience handling cases similar to yours. Consider preparing a list of questions to ask your potential lawyer, related to your unique circumstances and the lawyer's expertise and fee structure.
