Brussels, 13/03/2012 (Agence Europe) - In Strasbourg on Tuesday 13 March, MEPs adopted the report by Kurt Lechner (EPP, Germany) on cross-border inheritances, which picks up the Commission proposal seeking to make it easier to settle inheritances by allowing people to choose the applicable law. The 2009 draft regulation aims to avoid disputes involving a number of national legal systems. Under the terms of the text adopted, a European Certificate of Succession will be introduced “to make the legal position clearer for the person who draws up the will and to safeguard the rights of heirs, as well as other parties, such as creditors”.
When drawing up the will, the person will also be able to opt to make the law of his/her member state of origin applicable at the reading of his/her last wishes. The proposed legislation would, then, grant “EU citizens a new right, which … would be a major improvement, as it would allow anyone living abroad within the EU to retain close links with their home country and ensure that specific national provisions, such as rules governing gifts made during a lifetime, are respected”.
Cross-border inheritances make up 10% of all inheritances in the EU, and are worth some €123 billion per year. The new regulation, which will mean no change whatsoever to national rules, including tax rules, could come into effect by mid-2015, but will first have to go to the Council. The Council is expected to adopt the regulation very shortly and, indeed, informal agreement has already been reached with the Parliament, the Danish Presidency of the EU Council of Ministers said in a press release on 13 March. According to a separate Council press release, the United Kingdom and Ireland, which wanted to participate in the text on condition that they obtain assurances on the issue of lifetime gifts, will now remain outside this policy. (SP/transl.rt)