Estate Planning in Greece

Greece, a country renowned for its rich history, breathtaking landscapes, and profound cultural heritage, stands out as a fascinating destination for those looking to preserve their legacy. Did you know that the first recorded will in history was created in Ancient Greece? This tradition of legacy planning continues today, reflecting the country’s enduring respect for family and heritage.

From the ancient ruins of Athens to the serene islands of Santorini and Mykonos, Greece captivates visitors with its beauty and culture. But as captivating as its landscapes are, understanding estate planning in Greece is crucial for residents and property owners. Whether you are a Greek resident or a foreigner with assets in the country, securing your future is essential. While Wills.com does not directly offer estate planning services in Greece, our Wills App simplifies the process with secure storage and automated distribution.

Overview of Estate Planning in Greece

Estate planning in Greece involves organizing your assets to ensure they are distributed according to your wishes. Greek inheritance laws, deeply rooted in both civil law and historical traditions, govern this process. These laws provide clear guidelines for asset distribution among heirs and are designed to minimize disputes while respecting family unity.

If an individual dies without a valid will, their estate is divided according to Greek inheritance laws. Immediate family members, such as spouses, children, and grandchildren, are given priority, followed by parents, siblings, and other relatives. Drafting a will can help ensure your assets are distributed as you wish, avoiding potential disputes among heirs.

Standard Estate Planning Documents

• Will (“Διαθήκη”): Outlines how assets will be distributed among heirs.
• Power of Attorney: Allows a designated individual to act on your behalf in managing your affairs if you become incapacitated.
• Deed of Gift: Transfers ownership of certain assets to loved ones during your lifetime.

Creating a Will or Equivalent Estate Plan in Greece

Required Documentation

• Personal identification documents, such as a passport or national ID.
• Detailed information about beneficiaries and assets, including properties, bank accounts, and investments.
• A written statement of your wishes for asset distribution.

Legal Requirements

• The testator must be at least 18 years old and of sound mind.
• The will must be written and signed by the testator.
• Two witnesses are required, and they must not be beneficiaries.

Steps to Drafting a Will

1. Gather all personal and financial information, including property details and account balances.
2. Draft the will, specifying how assets should be distributed and appointing an executor to manage your estate.
3. Sign the will in the presence of two witnesses who meet the legal criteria.
4. Store the will securely. Using the Wills App provides digital storage for easy access and safekeeping.

Navigating Local Challenges in Estate Planning

Estate planning in Greece comes with unique challenges. One common issue is understanding the “forced heirship” rule, which mandates that direct descendants, such as children, are entitled to a portion of the estate. This law ensures family members are provided for, but it can complicate the distribution of assets for individuals with complex family dynamics.

Additionally, disputes can arise over jointly owned property or unclear terms in a will. By clearly stating your intentions and securely storing your documents, you can minimize conflicts and ensure a smoother probate process.

Unique Aspects of Estate Planning in Greece

Greece’s inheritance laws are heavily influenced by cultural traditions. For instance, spouses have specific rights, including the right to retain their share of marital property, even if not explicitly stated in the will. This protects surviving spouses and ensures they are not left financially vulnerable.

Another distinctive aspect is the concept of “usufruct,” which allows a surviving spouse or family member to use property or assets without full ownership. This ensures that family members can continue to benefit from the deceased’s assets while maintaining family unity.

Using the Wills App to Secure Your Legacy

The Wills App offers a modern, secure solution for managing your estate. It allows you to store important documents, automate asset distribution, and preserve personal messages for loved ones.

• Secure Document Storage: Store wills, deeds, and financial documents securely in one place.
• Automated Distribution: Set inactivity triggers to initiate the transfer of assets according to your wishes.
• Personal Messages: Record heartfelt messages and share them with loved ones alongside your estate plan.

Frequently Asked Questions (FAQs)

• Is it mandatory to have a will in Greece? No, but it is highly recommended to ensure your assets are distributed according to your wishes.
• What happens if I die without a will? Greek inheritance laws will apply, prioritizing spouses, children, and grandchildren.
• What is forced heirship? A rule that guarantees direct descendants a mandatory portion of the estate, regardless of the will’s contents.
• Are pets included in my estate plan? Yes, you can make provisions for the care of pets in your will.
• What documents are needed for estate planning? Key documents include a will, power of attorney, and deed of gift.