Best Estate Planning Lawyers in Floriana

About Estate Planning Law in Floriana, Malta

Estate planning in Floriana, Malta refers to the process of arranging the management and disposal of an individual’s assets during their lifetime and after their death. Estate planning is not just about drafting a will but also involves making important decisions regarding inheritance, tax considerations, trusts, donations, charitable legacies, and powers of attorney. This legal area seeks to ensure that your wishes are clearly expressed and legally binding, while also minimising potential disputes among heirs, and reducing taxation on your estate as much as possible within the framework of Maltese law.

Why You May Need a Lawyer

Many people in Floriana seek legal advice for estate planning because the process can be complex and consequences of mistakes can have lasting effects for your loved ones. Common situations where professional help is needed include:

• Drafting or updating a will to ensure it reflects your current wishes and complies with Maltese law
• Establishing, modifying, or dissolving trusts for the benefit of family members or causes
• Understanding how property and assets will be distributed in the absence of a will (intestate succession)
• Planning to reduce inheritance tax and other fiscal liabilities for heirs
• Appointing guardians for underage children or dependents
• Dealing with complex or international assets, including real estate, bank accounts, and business interests
• Managing disputes among family members or potential heirs
• Executing the role of an executor or administrator for someone else’s estate

Given these complexities, consulting an experienced lawyer helps ensure that your intentions are carried out effectively and lawfully.

Local Laws Overview

Estate planning in Floriana, Malta is governed by a combination of the Civil Code, tax law, and specific regulations. Some of the key legal aspects include:

• Forced heirship rules: Malta imposes rules that protect certain heirs, notably spouses and descendants. This means part of the estate must go to specific family members, regardless of the will’s provisions.
• Wills: Wills can take several forms in Malta, but the most common are public wills (drawn up and registered by a notary) and secret wills. To be valid, a will must comply with certain formalities outlined in the Civil Code.
• Succession law: If a person dies intestate (without a will), the estate is distributed under Maltese succession law, usually to surviving spouses, children, and other close relatives.
• Inheritance tax: Malta does not levy inheritance tax, but stamp duty may be payable on the transfer of immovable property, shares, and other assets.
• Trusts: Malta permits the creation of trusts for estate planning purposes. These are governed by the Trusts and Trustees Act.
• Powers of attorney: Individuals may appoint a trusted person to manage their affairs should they become unable to do so themselves.
• International considerations: Special rules may apply to non-Maltese citizens or those with assets in multiple countries, owing to international treaties and private international law.

Frequently Asked Questions

What is the legal age to make a valid will in Malta?

The minimum age to make a will in Malta is 18 years old, provided the person is of sound mind and free from any legal incapacity.

Can I leave my entire estate to anyone I choose?

No. Maltese law imposes forced heirship rules, requiring that a portion of the estate is reserved for spouses, children, and sometimes other relatives. The rest can be distributed as you wish.

Is inheritance tax applicable in Malta?

While Malta does not charge inheritance tax, stamp duty is payable by heirs on inherited immovable property and shares, subject to certain exemptions and rates.

Do I need a lawyer to prepare a will?

While it is not mandatory, having a lawyer or notary prepare your will ensures that all legal requirements are met, reducing the risk of disputes or invalidity.

What happens if I die without a will?

Your assets will be distributed in accordance with Maltese intestate succession laws, usually among your closest family members, per fixed rules.

Are foreign wills recognised in Malta?

Malta may recognise foreign wills if they meet certain legal requirements, but it is advisable to consult a local lawyer to ensure validity, particularly if Maltese assets are involved.

How can I provide for a dependent with special needs?

You may set up a trust, make specific bequests, or appoint a guardian to ensure a dependent with special needs is cared for after your passing.

Can I change my will after it is made?

Yes. You are free to amend or revoke your will at any time as long as you remain competent.

What is the difference between a public and secret will?

A public will is made before a notary and witnesses, while a secret will is delivered to a notary in a sealed format. Both have specific requirements and legal effects.

Who can be an executor of my estate?

You may name any adult person who is legally capable as your executor, including a lawyer, a trusted friend, or a family member.

Additional Resources

For further help and information about estate planning in Floriana, you can consult the following resources:

• Court Services Agency Malta: Provides information regarding probate processes and succession matters.
• Office of the Notary to Government: Offers guidance and services related to wills and notarial deeds.
• Chamber of Advocates Malta: Directory of qualified lawyers specializing in estate and succession law.
• Maltese Tax and Customs Department: Information on inheritance related taxes and stamp duty.

Next Steps

If you need legal assistance with estate planning in Floriana, Malta, consider the following steps:

• Identify the key issues you wish to address, such as property distribution, care of dependents, or minimising taxes
• Prepare a list of your assets, family members, and any special wishes
• Consult a qualified Maltese lawyer or notary with experience in estate planning and succession law
• Discuss your requirements openly and ask for advice on the best legal instruments for your circumstances
• Review and update your estate plan regularly as your life situation changes

Taking these steps will help ensure that your wishes are properly reflected and that your loved ones are protected in accordance with the law in Floriana, Malta.