The fate of inheritance and savings is an important issue for everyone, especially if we want to ensure that hard-earned wealth and savings go to our family members or beneficiaries. In Hungary, inheritance rules and the rules for managing different forms of savings can be varied and complex. In the following article, we will look at what happens to various savings when their owner dies and the rules that apply to their
The succession opens on the death of the testator. After the death, the local authority draws up an inventory of the estate’s assets. The local authority sends the inventory<\/strong> to the competent notary, who transfers the inheritance to the heir(s) as part of the probate procedure. It is important to know that the notary is entitled to a probate expense<\/strong> in the probate procedure.<\/p>\n\n In case of an inheritance, the tax authorities will impose a duty if the inheritance is not exempt.<\/p>\n\n The general rate of<\/strong> inheritance tax for heirs<\/strong> is 18% on the net value of the inheritance<\/strong> granted to a single heir, unless otherwise provided by this law.<\/p>\n\n Inheritance tax is not<\/strong> payable on inheritance acquired by a direct relative of the deceased<\/strong> (including by adoption) or by a surviving spouse<\/strong>. In addition, the inheritance acquired by the testator’s sibling<\/strong> is also exempt from duty.<\/p>\n\n Acquisition of assets under a home-savings account under the Home Savings and Loans Associations is exempt from inheritance tax.<\/p>\n\n Inheritance of government securities<\/strong><\/p>\n\n Government securities are securities issued by the state which are usually relatively easy for the heir to inherit. The inheritance tax is based on the value of the inherited government securities, which is entered in the inventory of the estate. In case of government securities, it is important that the testator ensures that proper documentation and records are kept so that heirs can easily access these assets.<\/p>\n\n Inheritance of bank deposits<\/strong><\/p>\n\n When bank deposits are inherited, the heirs also receive the savings deposited in the bank. During the inheritance procedure, the bank will contact the heirs and, after the submission of the appropriate documents, will give access to the deposits that are the subject of the inheritance, which will also be included in the inventory of the estate. It is important that the deceased leaves behind the information and documents needed for banking in an orderly manner.<\/p>\n\n Inheritance of life insurance<\/strong><\/p>\n\n Life insurance policies are in a special position because the amounts paid out are not usually part of the inheritance and are not subject to inheritance tax. In case of life insurance policies, the beneficiaries named by the deceased will receive the insurance amount directly. This procedure can be quicker and simpler than inheriting other forms of savings.<\/p>\n\n Inheritance of voluntary and private pension funds<\/strong><\/p>\n\n Pension savings can also be inherited and accessed directly by heirs through named beneficiaries. If the testator has not named a beneficiary, the amount becomes part of the inheritance. Inheriting pension savings can be an important part of long-term financial planning, so it is worth paying attention to the naming of beneficiaries.<\/p>\n\n In summary, during the succession process, it is important that the testator organises his or her finances carefully and in detail beforehand and names the appropriate beneficiaries. This avoids complicated and lengthy legal procedures. To understand the details of the inheritance rules and make the best decision, it is advisable to consult a lawyer with experience in inheritance law.<\/p>\n\n I hope you found this summary useful and informative!<\/p>\n","protected":false},"excerpt":{"rendered":" The fate of inheritance and savings is an important issue for everyone, especially if we want to ensure that hard-earned wealth and savings go to our family members or beneficiaries. In Hungary, inheritance rules and the rules for managing different forms of savings can be varied and complex. In the following article, we will look […]<\/p>\n","protected":false},"author":1,"featured_media":1066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-1081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-right-of-succession"],"yoast_head":"\n