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Estate Planning in Izmir, Turkey, primarily involves defining how your assets will be distributed after your demise. Turkish law mandates that a certain portion of your assets should automatically go to your surviving "legal heirs" such as direct descendants, spouse, or parents. However, you also have the freedom to designate a portion of your estate to any individuals or organizations of your choice through a Will.
You may need the expertise of a lawyer in instances where your estate is substantial or complex, involves foreign assets, or there is a potential for disputes among family members. A lawyer can also help you reduce your inheritance or estate tax liabilities, advise on long-term care planning, and ensure the estate plan is compliant with changing laws. If you plan to leave assets for a minor or someone with special needs, a lawyer can guide you on setting up trusts and guardianship.
In Turkey, the governing laws on this matter are the Turkish Civil Code and Inheritance Tax laws. Of particular note, Turkey applies a system of "forced heirship". This means that a specific portion of an individual’s estate (Reserve Share) is reserved by law for certain family members (spouse, children, parents), even against your will. Additionally, if you're a foreigner with assets in Turkey, international private law rules, which involve considerations of reciprocal agreement and nationality principle, will apply.
Excluding a family member who is a legal heir becomes difficult due to the system of forced heirship, but a lawyer can advise on possible legal strategies.
A lawyer can guide you on legal strategies for efficient tax planning such as setting up trusts, gifts during your lifetime, or allocating your assets to legal heirs proportionally.
Under Turkish law, if you die intestate, your estate will be distributed among your legal heirs in accordance with the statutory ratios set out in the Civil Code.
A foreign Will can be effective but it must conform to Turkish law and procedures for enforceability.
An executor is an individual or institution appointed by you to execute your Will and manage your estate upon your death.
Helpful resources include local law libraries and online Turkish law repositories, the Turkish Bar Association, or Turkish Ministry of Justice. Professional firms that specialize in estate planning and management, inheritance law, and tax planning can also assist.
Commence by creating an inventory of all your assets. Contact a local lawyer specializing in this field who can customize an estate plan based on your specific needs and also conform to the local laws. Ensure you keep the plan updated with changing life circumstances such as the birth of a child, divorce, or acquisition of new assets.
