The new European Inheritance Regulation has been introduced and will apply to ‘international’ inheritances that come to be on or after August 17 of this year.
What will be its consequences for the cross-border successions of those who lived in the European Union at the time of death? Where do their successors begin to implement the settlement of the succession? In the country of nationality of the deceased or in his or her last country of residence? Which formalities must they observe?
The Regulation applies to the entire European Union, with the exception of the UK, Ireland and Denmark and provides answers to the following questions:
Which law applies to the inheritance? For instance: who are the heirs; who has a right to what; is there a legitimate portion for certain members of the family; and who is liable for the deceased’s debts?
Which law applies to the settlement and the formalities of the cross-border succession?