Radical Overhaul of Inheritance Law: Wills, Contracts, Renunciations – What Changes for Everyone

Greece is entering a new era in inheritance law, 80 years after the first implementation of the Civil Code. Justice Minister Giorgos Floridis, Deputy Minister Ioannis Bougas, and Emeritus Professor Apostolos Georgiadis unveiled a bill set to radically change wills, inheritance contracts, and renunciations.

Key innovations include:

• Surviving spouses inherit 33% if there’s one child, 25% if there are two or more. If there are no children, spouses take precedence over parents or other relatives.
• Two types of inheritance contracts: one by the living testator and one where a heir renounces their rights before the testator’s death.
• Partners without formal civil unions can inherit if they’ve lived together at least 3 years and submit a claim within 4 months.
• Shared homes can be used for one year or longer for families with children.
• Minimum age for making a will is now 16, and people with disabilities can create wills with technological assistance.

Deputy Minister Bougas highlighted the four key pillars of the reform:

1. Adapt inheritance to modern family structures and partner relationships.
2. Rationalize statutory shares to protect businesses and real estate.
3. For the first time, allow inheritance contracts, ensuring property goes to those who can manage it responsibly.
4. Separate inherited assets from a heir’s personal property, limiting renunciations and boosting economic activity.

The economic impact is massive:

• Fewer renunciations and a huge volume of property returns to the market.
• Support for family businesses and preservation of jobs.
• Increased liquidity of real estate and strengthened investor confidence.
• Market stabilization and higher public revenue.

Minister Floridis described the bill as an “exceptional scientific achievement that will serve Greek society and the economy for decades”, emphasizing that inheritance law hadn’t been overhauled in 80 years.

The new framework represents a complete modernization, with strong social and economic implications, reinforcing stability, productivity, and national growth.

Source: pagenews.gr