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I prepare my estate

A wise man is worth two. Preparing your estate now will allow your heirs to enjoy your assets legally. Find out about the laws governing estate rights.

Discover all the information you need to save your heirs from paying heavy taxes, without stepping outside the legal framework.

I’m organizing…

In the event of the death of a loved one, heirs must pay estate taxes to take possession of the deceased’s assets. They must pay taxes that can range from 3% to 27% for a direct line transfer, and even up to 80% if the beneficiary has no family relationship with the deceased.

Belgian legislation prohibits the “inheritance pact”, that is, a written contract where a person determines in advance with their future heirs how to share their assets after their death.

Belgian tax regulations on inheritance

People with their main residence in Belgium see Belgian inheritance law applied to their assets upon death. The region where the deceased’s main tax domicile was located for the last five years determines the tax rate. Note, for an individual who died a non-resident in Belgium but owned property in the country, the heirs only have to pay transfer tax.

How to reduce inheritance taxes?

In Belgium, inheritance taxes are progressive. This means that the higher the value of the deceased’s assets, the higher the taxes to be paid by their heirs. It is possible to distribute part of your assets to your heirs during your lifetime to reduce the taxes payable.

Donation: An interesting alternative that can reduce successors’ charges by up to 50%. Belgian law applies the three-year rule to reduce donation taxes. The owner makes donations in tranches with a three-year period between each gift. This solution is interesting provided that this period is respected.

Duo legacy: If only distant people inherit your assets, they will be taxed on inheritance taxes ranging from 25% to 80%. The solution can come from the duo legacy. You grant a large part of your assets to a foundation or association, which is responsible for paying the corresponding inheritance taxes. It then gives part of the assets to the distant people. These taxes are quite reduced, ranging from 5.5% to 7% for the Walloon Region, 6.6% to 8% for the Flemish Region, and 6.6% to 25% for the Brussels-Capital Region. Besides the obvious tax benefit, this alternative also helps a charitable organization.

Practical advice

The will

To facilitate your estate, a will is the best way to avoid any dispute among heirs. It specifies each person’s share while stipulating the conditions they must meet to benefit from their inheritance. There are three types of wills:

The authentic or notarized will: A deed drawn up by a notary in the presence of two witnesses or a second notary. The testator dictates their wishes to their lawyer.
The holographic will: Its validity is conditioned by being written in the testator’s own hand, the apposition of their usual signature on the document, and the presence of the date. Handwritten, it cannot be typed on a computer or machine.
The international will: More complex, it is executable in all countries where the convention regarding this type of will is ratified.

Creating a company or foundation

If you have significant assets and wish to preserve them, you can create a foundation or a company. This solution requires the assistance of a specialist. You have the choice between:

The common law company: Without legal personality, this process allows parents to give assets to their offspring while retaining management of the company.
The limited partnership by shares: If you are a business owner, this type of company allows you to gradually transfer your shares to your children.
The private foundation: By means of an authentic will or a notarial deed, it is created to act in the charitable or selfless field. This solution can also be used by parents to ensure care for a disabled child after their death.

Checklist

There is no specific time to write a will. Death can occur at any time, so it is prudent to do it as soon as you have assets you wish to pass on. In principle, this deed cannot be written by a minor under 16 years of age.
Upon the death of a parent, heirs must file an inheritance declaration. If the deceased lived in Belgium, it will be done at the registration office of their last place of residence. If they lived abroad, at the municipality where their property is located. The deadlines for filing this declaration are 4 months if the death occurred in Belgium, 5 months if it is in Europe, and 6 months outside Europe.

Do you want to save your heirs from the significant procedures and costs related to inheritance? Take the necessary steps. Our financing solutions can only help you.