Property Transfer and Estate Planning in Malta
Maltese succession law is well evolves and today regulates all aspects related to inheritance. Maltese law provides for testate succession in the case of a will, or intestate succession where no will is present.
When a person passes away, someone is left to deal with their estate by bringing all funds together, paying off any debts, and distributing the remainder amongst recognised successors.
Throughout the years Valletta Legal has assisted a vast array of clients in all aspects of inheritance law both locally as well as overseas. Here are some of the services we offer in this regard:
- Drafting Wills
- Fiscal Implications of Transferring Property inter vivos and causa mortis
- International Property Management
- Litigation in relation to Inheritance
- Settling of an Estate
- Spendthrift Trusts
- Succession law
Succession Law and Wills in Malta
The demise of a testator will effectively bring his or her will into effect, and a number of requests may be carried out by virtue of title. Through these dispositions, the testator is able to leave all or a part of his estate to his or her heirs. In other cases, a testator may choose to bestow his or her individual assets onto a number of legatees. If for some reason the inheritor or legatee is unable to accept this inheritance, a testator is able to provide for the substitution of one or all of the parties.
There are several types of wills under Maltese law that fall under one of the following categories:
These refer to documents compiled by a testator or third party that have been signed, sealed and delivered to a Public Notary. In turn, the notary will then proceed to draw up an act on the delivery of said will. After that, the document will eventually been delivered to the courts.
Wills of this nature are received and published by a Public Notary in the presence of two (2) witnesses.
It is important to keep in mind that one is able to dispose of their estate as one pleases, however the law rigorously protects the interests of surviving spouses, children and/or relatives by reserving a portion of the estate for aforementioned people.
Trust Estate Management in Malta
Trusts Estate Management is a delicate and complex matter, especially when dealing with planning one's inheritance. This can complicate itself further in situations where the estate is particularly large and distributed over two or more jurisdictions. Valletta Legal is able to offer the appropriate legal advice regarding the management of one's estate, including guidance regarding the options available for the settling of one's estate. This may include drawing up a last will and testament, setting up of a trust in order to preserve one's assets and to provide for the heirs' individual needs, or other alternatives that our clients may require.
Inheritance in Malta
Receiving property and money by way of inheritance may involve the undertaking of testamentary searches in Malta, the drawing up of the declaration of preparation and the settlement of death dues in the case of immovable property and shares, the drafting of advice to banks, stockbrokers and treasury regarding the settlement of the estate, and liaising with foreign attorneys and authorities.
- OTHER ADVISORY SERVICES