The issue of succession planning is often overlooked, even though it is of paramount importance to many people. Planning is essential! Even when the family and property situation seems simple, planning based on good foundations can take a lot of time.
“Estate planning is personalized planning, because the initial situation, which is decisive, rarely repeats exactly the same,” explains Nathalie Eser Wolfer, Senior Wealth Planner at Julius Baer. Tailored estate planning is therefore essential. Nathalie Eser Wolfer attaches great importance to understanding the overall situation of her clients. “It’s not just about wealth and family situation, but usually also about emotional aspects,” she explains. She relies not only on her legal expertise but also on her psychological skills. It is precisely when someone feels disadvantaged or pent-up tensions arise that empathy is necessary. “In most families there are one or two points of disagreement and it is not uncommon for them to only come to light when the question of inheritance is discussed.”
Estate planning is personalized planning, because the initial situation, which is decisive, is rarely repeated identically
In this context, both individual needs and legal and tax aspects must be carefully taken into account. It is a complex and time-consuming task that must be approached “with caution”, often with the help of internal specialists at the private bank or external partners.
A profitable investment
Even for the estate planning of Rolf and Anita, whose asset structure was relatively simple and who maintained harmonious family relationships, six months passed from the first discussion to the notarial deed, including the drawing up of the inheritance contracts. and donation. The larger and more diversified the fortune, the more complex the process. In complex cases (concerning the family situation and/or the composition and valuation of the estate), careful settlement of the estate may well take a year or more. International relations also complicate planning. “Nothing lasts forever, so it is recommended to check the planning situation at regular intervals, especially when circumstances change,” explains Nathalie Eser Wolfer.
The most important legal bases of the matrimonial regime and inheritance law in Switzerland
Matrimonial regime: Swiss Civil Code (CC) art. 181 et seq.
In the event of the death of a married person, the liquidation of the matrimonial regime takes place before the inheritance is shared. Swiss law has three matrimonial regimes: participation in acquisitions, community of property and separation of property. Participation in acquisitions is the ordinary matrimonial regime. The spouses can, however, choose another matrimonial regime or agree to modifications to their matrimonial regime by marriage contract. These changes may have consequences on the amount of the inheritance.
Inheritance law: Swiss Civil Code (CC) art. 457 et seq.
In the absence of a valid will or inheritance agreement, the inheritance is transmitted in accordance with the law. The law defines an order of priority according to which parents are taken into account (see graphic).
Estate regulations (reserved shares, will): Swiss Civil Code (CC) art. 470 and following
The testator or testatrix can modify the order of succession by will or inheritance agreement. Testamentary provisions which infringe on the hereditary reserve may be contested by the reserved heirs (descendants, spouses and registered partners). The reserved share amounts to half of the legal inheritance share. Anyone who does not have reserved heirs can freely dispose of their entire estate.
