Planned property management, i.e. personal succession.

“There are only two things in life: death and taxes”
– Benjamin Franklin.
Today I can confidently add that the downturning disagreements are very likely – says Jadwiga Reszelewska, training and development manager, and at the same time an agent with 25 years of experience.

Although statutory inheritance generates stress in 90% of cases, it creates conflicts and destroys personal finances, there is still a belief in the public awareness that this is the right approach to the transfer of property. Where does this belief come from? Definitely not enough educational activities!

Despite the fact that we are paying more and more interest in financial education, little space is still devoted to the subject of inheritance and adequate protection of loved ones in the event of their departure.

The period of the last several dozen years is a time of political and economic transformations, & nbsp; cultural, moral and social changes, which is particularly noticeable in the current models & nbsp; families and childless relationships. Frequent divorces, partnerships called cohabitation, and patchwork families are no longer something incidental. We divorce, we part, we enter new relations with new expectations and a baggage of experiences, and with us our children, fortunes and often financial obligations.

With our death, no vacuum is created, but our existing rights and obligations are transferred to the legal heirs. We can decide who and what will inherit ourselves, or be content with the general principles of statutory inheritance. Before making a decision, it is always worth knowing the tools and mechanisms of inheritance.

Do we have the necessary knowledge of what personal succession is? 
Do we know how to properly plan the inheritance process?

From the PIU report “Polish risk map, how to effectively manage concerns”[1] It appears that we are most afraid of the death of a loved one. Three consecutive items are related to diseases that may affect us or people close to us, and on the fifth, fear of the lack of money in old age. In each of these circumstances, there is death and financial security. However, few people wonder what will happen to their fortune when they leave. The vast majority, when asked directly about it, is convinced that it will simply be the property of the family, partner, and the rest no longer have to be interested in them. A small percentage of people think about securing their loved ones for the purposes of inheritance proceedings, taking place in accordance with our will, different from the general principles of inheritance.

We are talking about personal succession, that is, consciously disposing of our goods in life or after death. when we ourselves transfer the rights and obligations to the selected persons in the scope and time indicated by us. Whether it is in the form of a donation to the recipient (singer succession) or after our death with the help of, for example, a will to our heirs (universal succession).

[2].
“The Kantar survey shows that 69 percent of people who made a will chose a notarial form.

Testament – who is it really securing?

When talking about conscious management of our property, we think about & nbsp; possessions and that they should be in good hands. Do we also think about the obligations that weigh on us and will not die with us?
It is worth bearing in mind that the safety of the heirs will depend on our decisions.

Returning to the aforementioned social transformations and various models of relationships, it is highly probable that we want to make our legal heir a person unrelated to us. An example may be the death of one of the partners in an informal relationship, which means that a surviving person does not acquire the right to statutory inheritance after him. If the deceased did not have descendants, then the parents of the deceased in & nbsp; equal parts, and in the absence of them, then siblings. What about the partner? We can live with someone on the so-called cat’s paw, feel confident, safe and loved, and at the least expected moment to remain exposed to the pavement by the heirs of the deceased.
Therefore, the only way out of this situation is to include a partner in a will. Even the person closest to our hearts, but formally a stranger, is not included in the catalog of people entitled to inherit.

The situation will become much more complicated when we are in an informal relationship and being a patchwork family, we raise three children. One common, the other two of Jażd’s previous relationships with partners. In the event of the death of one of the partners, we face not only the loss of a loved one, but also a new reality, for example related to the issue of a credited apartment. It should also be remembered that the sale of real estate inherited, among others, by a minor is not an easy thing. standing up for the interests of the minor, & nbsp; To sell the property, the consent of the court is needed. & nbsp; Let’s not forget about the property policies concluded by the testator. Do we know what is happening to them? This is already a topic for the next article.

What can alleviate the above inconveniences? The last will in the form of a will and a good life policy!

In the previously cited cases of partnerships, writing a will and indicating the partner as the only heir will automatically become the owner of everything that belonged to the deceased person, and at the same time not deprive the entitled persons in accordance with the statutory inheritance of the right to demand payment reserved.

The will should be supplemented by a life policy, in which the beneficiary is the partner of the deceased. It is important that the sum insured is increased by the amount of the reserved share and the amount of inheritance and donation tax.

Analyze your situation and based on it:

• write a will – indicate in it the persons who will be the legal heir,
• Purchase a life policy – the payment of the benefit in the event of our death will help to fulfill financial obligations towards the entitled, financial institutions and the tax office.

Jadwiga Reszelewska
Training and Development Manager eofwca.pl

[1] https://piu.org.pl/blogpiu/mapa-ryzyka-polakow-jak-ukcecznie-zarzadzac-obawami/
[2] https://biznes.newseria.pl/news/polacy-nie-doceceja-wagi,p1860074453