24You

The new online banking of Bank Austria.

BusinessNet

The online banking for companies.

Anyone who has worked hard all their life would not like their assets to be lost after their death. 

Anyone who takes care of their inheritance during their life will subsequently save a great deal of problems or disputes, often costly, above all for their relatives.

The Will

With a will, the person making their testamentary disposition can determine what happens with his/her assets after their death. There is only one restriction: Even with a will, it is not possible to circumvent the legally established rules about the compulsory portions.

As a rule, any of the following can be appointed as heirs: Relatives, friends, associations, companies etc.
The correct legal term for a will is a "testamentary disposition that contains a list of the appointed heirs".

In addition, the deceased can also make other dispositions. If the testamentary disposition does not contain a list of the appointed heirs, but states the donation of a certain asset from the estate, this is referred to as a "legacy".

Note: Legally, certain close relatives are entitled to a compulsory portion of your estate. For more detailed information please see our PDF on the law on forced heirship.

Real estate agent showing new house to couple with digital tablet

How must a valid will be arranged?

The will is a one-page testamentary disposition that can be revoked at any time and with which a person can be appointed as heir, either alone or with others.

A testamentary disposition must be arranged in a certain form as it would otherwise be invalid and intestate succession would apply. A handwritten will must be entirely written by hand by the person making the disposition, and signed by him/her personally at the bottom. The place and the date on which the will is drawn up must also be indicated.

Anyone who does not compile his/her will personally, i.e. using a computer, typewriter or has it written by hand by another person, must observe the following formal requirements: The will can only be the last will if it is signed by the deceased and three witnesses. Furthermore, an addendum must be written by hand, from which it is clear that it involves your own last will. The three witnesses must all be present at the same time. As the deed must state the identity of the witnesses, next to their signatures, the full names and dates of birth must be written by hand by each of the three empowered witnesses in an addendum that confirms their witness status.

When drawing up a testamentary disposition, it is absolutely recommended to rely on competent advice from a notary or a solicitor. In this way, any uncertainties and family disputes regarding the succession can be avoided.

It is absolutely recommended to rely on competent advice from a notary or a solicitor. In case of any questions please do not hesitate to consult an expert about this.

This might also interest you: