Inheritance is a concept related to inheritance. Its purpose is to secure the interests of persons closest to the testator.
When is a parent entitled to a reserved portion of inheritance and how much is it?
A reserved portion is intended to protect the property interests of persons who are closest to the testator. A reserved portion relates to a family relationship. It links the person who is entitled to a lump sum and the testator. A reserved share is due when the testator has no intention of leaving anything to the person. In the case of a parental retainer, it will be to safeguard the interest of the family if they did not receive anything in the will.
It may be that the testator has given all the property to a stranger, unrelated to him. In such a situation, a retainer protects the next of kin so that they can enjoy certain benefits. If the parents did not pass anything in the will, the children are entitled to a reserved portion of the estate. To be entitled to a reserved share, it is enough if you are omitted from the will.
Who is entitled to a reserved share?
The first and foremost children will be entitled to a reserved share. The spouse and the parents of the testator are also entitled to a reserved share.
It is important to know that when talking about a succession, we are always dealing with a monetary claim. Although part of the inheritance may be e.g. real estate, the reserved portion is always a certain amount of money. It will not be specific things or objects.
That is because a restitution is a compensation for that heir, not that he should receive specific objects that constitute the inheritance. Of course it is possible to fulfill the obligation connected with the reserved portion of the estate in a way other than money, but the interested parties have to agree on this way. The parties will be the person entitled to receive it and the person obliged to pay it.
No retention will be due when separation has been ordered and also when it has not yet been formally ordered, but the case is still pending.
Settlement of a reserved share
Above all, it is the heirs, legatees and the beneficiaries of a gift contract who have to settle the reserved portion of the estate. It is the responsibility of the heirs to settle the reserved portion of the estate. The extent of this responsibility is proportional to the share in the inheritance.
Amount of the reserved portion
A person who is entitled to receive a retainer may receive half of the share of the inheritance that would fall to him if he were to receive something, taking into account the statutory inheritance. The exceptions are minors, as well as permanently incapacitated persons. In these cases, the reserved amount is 2/3 of the value of their share of the inheritance.
Can a parent’s reserved portion be time-barred?
A parental retainer is a property claim, and as such is subject to a statute of limitations. The statute of limitations on a reserved portion of an estate is five years from the date when a will is executed. If the deceased did not leave a will, the statute of limitations begins to run from the date on which the estate was opened.