In case of an inheritance with minor children as beneficiaries, many additional statutory rights and obligations become relevant. In addition, the court plays a prominent role making sure the assets of these children are protected. The court often has the only and final word.
Shortly after the parent’s death, the intervention of the court already becomes relevant. The legal representative must, on behalf of the minor child, make a statement about the acceptance or renunciation of the estate. Unconditional acceptance is statutorily excluded. Often, acceptance without liability to debts if there are not enough assets to pay for them, also known as acceptance under the benefit of inventory, is chosen. Acceptance under the benefit of inventory implies that the rules of the statutory settlement are applicable.
Renunciation is only possible with authorisation of the court. In this respect, it is important to keep a close eye on the statutory time-limit.
Authorisation of the court also becomes relevant when certain assets, like a house, are part of the estate. A sale of the house can only take place on the condition that the court granted authorisation for it.
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Thomas Janus