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at a glance
Estate Planning and Wills
Estate planning advice and Will drafting are fundamental elements of our work. In addition to simple Wills, sophisticated schemes for property in Greece can be employed, including parental and inter-vivos (between living parties) gifts for significant legal and other savings.
We have expertise in all aspects of estate planning in Greece. We will ensure that all of your property is protected and passed on according to your wishes.
Types of Greek Wills
Greek law allows for a handwritten or a more formal notarial will to be probated by the Greek Court after the passing of the testator. Will types allowed under the law are:
The Holographic Will
This is a handwritten document and should be signed and dated by the testator. It does not need to be witnessed or follow any other formalities. A trustful person—preferably a specialized attorney— can hold the will and undertake its probate to the Greek Court right after the passing of the testator.
The Public Will
This type of will is executed before a Greek Notary, in the presence of witnesses. Here again, it must be probated by the Greek Court, after the testator’s passing.
The Secret Will
A Secret Will combines privacy and formality, allowing the testator to keep their last wishes private until after their passing. Handwritten or typed by the testator it is submitted to the Greek Notary, to be sealed in the presence of witnesses. The notary keeps the will until the testator’s passing.
Will involving property
A Will executed in the U.S. may regulate the inheritance of property in Greece owned by the testator. To be recognized in Greece, it must be registered at the Athens Magistrate Court. A Will under Greek law may be executed in the absence, or as a supplement, of a U.S. executed Will. Generally, under Greek law, the spouse, children, or the parents, cannot be completely excluded from their inheritance rights. This is called a “forced share” right (“nomimi moira”). In the absence of a Will, intestate succession determines the heirs. It is recommended that the drafting of a Will be very carefully reviewed by an experienced lawyer because of the legal and tax obligations that may burden the heirs.
Parental Gift
Many parents wish to convey property to their children to avoid any Probate or Taxation obligation at the time of their passing. Greek Law regulates Parental Gifts favorably. When there is real estate property involved, the conveyance is implemented through the execution of a Notarial Deed by both the parents and children. The property may be gifted in full title (pliris kyriotis), or by the parent withholding the life estate (epikarpia). Parental gifts of real estate property with value up to €150,000 are tax free. The remaining of the property’s tax value is taxed on a progressive tax scale of 1% to 10%. When the parental gift concerns funds, such parental gift is taxed on a fixed percentage of 10%.
Will or Parental Gift?
If you have children and you are considering estate planning and succession of ownership for properties in Greece, our recommendation is to both execute a Will and move forward with a Parental Gift. With the Will your wishes would be immediately expressed and captured in a binding document. The Will takes effect after the death of the testator and the heirs will need to proceed with acceptance of inheritance. With the Parental Gift the title of the property will be transferred to the children at the present time and no further process will be needed after the death of the parent.
Schedule a Virtual Meeting
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Mailing address
P.O. Box 386, Oregon House, CA 95962
Office (by appointment only)
USA: 720 Howe Avenue, Suite 110, Sacramento, 95826
GREECE: Tataki 38, Glifada, 16675
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