Inheritance matters

According to Hungary’s law, succession enters into force immediately after the testator’s decease – this, however, may in many cases cause disadvantages in respect of the estate. In case of fiduciary asset management, on the other hand, sets of criteria may be established also for inheritance to help property-related decisions prevail even well past the testator’s death – which may ensure the unity and proper management of the assets even years later.

Regarding generational shifts or succession, the situation of the estate may often remain uncertain for months, whereby its owners may even incur a significant pecuniary disadvantage. Given that the government’s approval must be waited on in respect of all succession cases, all legacies and all heirs, months or, in complicated cases, even years may elapse between the testator’s death and the heirs’ acquisition of ownership; particularly so where a legal dispute arises among the heirs, too. In the absence of active, attentive and operational management and care, the asset’s value or yields may easily decrease or be lost entirely during such periods. Fiduciary asset management may represent an effective and flexible solution in such cases: it may partially or entirely replace bestowment, wills, succession agreements or even intestate succession.

An important factor is that the assets or their yields in fiduciary asset management may be distributed among the beneficiaries in different ways regarding time and proportions, and the date of delivery of the assets can also be specified in a flexible manner – even linked to a certain age, or a condition or a clearly defined event. Particularly important may be such prudent and comprehensive testamentary directions in the not uncommon case where the testator and his/her heirs or the assets in questions are subject to the jurisdictions of different countries, or where the heir may be a minor or an incapacitated person: owing to fiduciary asset management, the settlor may deviate from the statutory application of succession rules even in such cases and may define entirely by himself/herself who can receive what proportion of the assets bequeathed by him/her at what date and on what conditions.

Years of experience and expertise in asset management held by our staff ensures reassuring and adequate administration of succession law cases for our clients, whereby our undertaking is can effectively and professionally handle succession matters of family-owned real estate, undertakings and other assets.