First topic message reminder :

Just been reading about inheritance and bank accounts. For us this may be less complicated, but we still need to know the best way to go about things? My husband and I have been married since 1967 and our four children (and ten grandchildren) are all descended from this union. We intended our four direct offspring to jointly inherit anything we have to leave. Neither of us have been married to anyone else or had any children with anyone else. I'd intended to open a company in the children's names to buy the house, but can it be a joint company/property owned by the four of them? If I can't do that and have to buy the house in one name only, should this be mine (I'm slightly younger than my husband) or our eldest son's or what? How long is it likely to take for the inheritance process to be completed? Can we set up a trust in the UK and have that own the company/property?

We have no other money to invest, but may save some from our pensions, intending it to pay fares out for our children and back to UK for us to visit. Is there a convenient way to do this in Bulgaria and take advantage of possible better interest rates, without making it inaccessible to those who need it when one of us dies?

We intended to buy very soon so this is clearly something we need to know all about quickly!

As far as i have found out unlesss you make a will in Bulgaria your property will go to both of your children,thats Bulgarian law,your uk will has very little impact here,but if you make a Bulgarian will you wont have a problem


Mike

this is an interesting development. we have arranged to take all our money out of bulgaria because of the inheritency laws. the account matures in mid february. we informed the bank why we were doing this.
the bank has just phoned us now, wanting to arrange a meeting with the manager, they are obviously looking for a way to keep us banking with them. we are not married and the money is in one account, which will cause problems if anything happens to my partner.
appointment tuesday, will let you know what they say.

My wife and i have the same problem,so we opted for an offshore account,where you can dictate what happens


Mike

Woah now.

This is not so clear cut or easy. Everyone has different circumstances, and no two cases are alike.

There are many factors here:

Residency: UK or BG?
Children: Your own or previous marriage?
Company: If a BG company is subject to BG company and inheritance law
Taxation
Wills
etc.

For example: you set up a company as 'man and wife' to buy a house in Bulgaria.
Husband has a 'child' from a 'previous' marriage.
Husband dies.
You would think that son would therefore inherit Dad's shares in company/stroke house, as per BG law.
However, the 'shareholders' (the wife, or anyone else on the books) have to 'agree' for this 'son' to even become a shareholder in the company / house, before he is allowed to have shares.

So, what happens if surviving wife doesn't like son-in-law and says no?

Wife could possibly buy him out of shares, but, and I mean BUT how much of an 'asset' is the property the declared companies books? Meaning, a minefield.

I could go on and on but the permutations are endless.

There are various ways around these things but get a really good lawyer to be sure.

PS. I am NOT a lawyer, nor a legal advisor, but just thought I should point out a few pitfalls before thinking you're safe with a BG company and a UK will.

Good post Chris,i have 3 children my wife has 3 we have both been married before,when you do your residency permit for bulgaria you are given the option to declair your children,both my wife and i said we have none,it makes it much more simple if anything happens,but you still have to make a will,or it will go to the state,thats how we understand it here,correct me if i am wrong



Mike

fruitlover wrote:

Would it be a good idea to re-start this thread as 3 topics? i.e.

1-Wills &
Banking for married couples with no stepchildren or former spouses;

2- Wills &
Banking for married couples with step-children and/or former spouses;

3- Wills &
baning for non-married couples.

Because the answers to the same questions are different in each case. It's getting difficult on this thread for people who know the answers (obliged to cut &
paste in the question) and confusing for the people reading the answers to know who they apply to?

If others think this is a good idea I will start mine as a new thread.

So looking at this option ie have a separate topic for each won't work because of the combinations that may exist

Mike, bearing in mind that BG is now part of the EU, there are a few more problems to consider ...

First of all .... UK law does not apply in any other country than UK (not even in France, Italy, Spain, etc.), if you are 'resident' in BG, then certain BG laws have to be adhered to.

I asked Jain for her twopenneth (who used to work in a Notary in France), and this is what she says:

The fundamental problem seems to be :

- UK residents are used to being able to will their property wherever they want.

- Whilst, this is understandable given UK law, it is contrary to all mainland European inheritance law.

- There are strict lines of succession which cannot be undone by a will.

Not declaring your own children for a resident permit makes no difference at all. You are resident in Bulgaria for one thing, plus your property is in Bulgaria thus subject to Bulgarian law.

Lawyers can find any offspring in any dispute across Europe very easily. Lying does not help at all. Indeed, they are required to undertake this in case of death.

So, if you have children, particularly if you have children by a previous marriage,... even parents, uncles/aunts/cousins... this is a serious matter. It is not simple at all.

As a note, if you do not make a will in Bulgaria, your property does not go to the state.

Besides, if you are talking a company which owns a property, this brings in another whole ball game. That of Bulgarian company law.

Seek good professional advice, don't ask on a forum.

Hey, it might cost you 50 euros or even 100, but you will get peace of mind and know that your property and inheritance is going where you intended.

--

PS. As said before, I am NOT a legal advisor (nor is Jain), I'm just saying what we believe to be true ... so please everyone get a good lawyer to sort our your own inheritance.

Although forums are great place to share views and certain information when it comes to the law you need professional help and advice . Well said Chris

fruitlover wrote:

Would it be a good idea to re-start this thread as 3 topics? i.e.

1-Wills &
Banking for married couples with no step-children or former spouses;

2- Wills &
Banking for married couples with step-children and/or former spouses;

3- Wills &
banking for non-married couples.

Because the answers to the same questions are different in each case. It's getting difficult on this thread for people who know the answers (obliged to cut &
paste in the question) and confusing for the people reading the answers to know who they apply to?

If others think this is a good idea I will start mine as a new thread.

Would some moderators comment on this suggestion please?

fruitlover wrote:

Would some moderators comment on this suggestion please?

Hi fruitlover

I am a 'Mod' and as I said before, everyone's personal circumstances are totally different (companies, residence, taxation, children, other children, etc.).

Even if we split the topic as suggested the permutations are impossible to cover.

My advice, as previously stated, is seek professional advice regarding inheritance. Forums are great for many things, but not when it comes to protecting your hard earned dosh!

Thankyou. I asked this because I got a helpful reply from "
Trifono"
that sounds authentic, so I asked him more things relevant to my own situation (the title of this topic) but they've got buried under an avalanche of different material, most of which was already being covered on a previous thread. The majotity of these exchanages now have nothing to do with what I'm trying to find out, so I'm merely asking is it reasonable to start another thread specific to what I need to know? When we engage a lawyer to purchase our property it will be helpful if I know what questions to ask.

HI fruitlover, If you want to start your own topic that is specific to you then please go ahead but you must remember this is a forum and we are not legal experts in the Bulgarian law field so do be careful with the information that is offered by members, as already said by Chris a good lawyer is what you need but please feel free to start your own topic.

fruitlover wrote:

Thankyou. I asked this because I got a helpful reply from "
Trifono"
that sounds authentic

So long as "
Trifono"
is a qualified lawyer, that is qualified to give advice on current EU vs BG legislation, then fine. But PLEASE get his/her qualifications prior to acting on something that sounds 'authentic'.

I'm not trying to be difficult, I'm trying to protect your interests here.

Can I just add that Chris has had a great deal of experience in Bulgaria and knows what he's talking about I always say to anyone if Chris has given advice then take it he's always got your interest at heart

Many thanks, I do really appreciate your good advice. You are absolutely right and I will need a good lawyer. I'm just hoping to find out as much as possible prior, so I know what to ask him or her. I really am interested in other people's situations too, and hoping they get help with their issues especially those who have already bought and then encountered problems. It must be so frustrating, not being able to have one's property inherited as one would wish, and especially if not realising this at the time of invested one's capital in Bulgaria! We're very fortunate to be in a less complicated position, and I do sympathise with the plight some other forum menbers are finding themselves in. For ourselves, we may be over looking at property in a week or two or three, so I naturally want to learn as much relevant information as I can as quickly as possible! But I will be heeding your advice too.