Greece overhauls inheritance law, simplifying estate distribution and wills

Greece has officially entered a new era of inheritance law, with a significantly revised framework now in effect following its passage by Parliament and publication in the Government Gazette. This comprehensive overhaul aims to align the country's legal system with current realities, fundamentally altering established practices regarding the distribution of estates, the drafting of wills, and the rights of heirs.

A key institutional innovation, influenced by crucial interventions from the Panhellenic Federation of Property Owners (POMIDA) to the Ministry of Justice, is the expansion of the hereditary distribution agreement. Co-heirs can now enter into such agreements not only while the deceased is alive but also after their death. Previously, heirs often faced a protracted bureaucratic ordeal, involving years of tax declarations, notarial deeds, and acceptance of inheritance to avoid the fragmentation of assets.

The revised inheritance law includes a specific provision stating: "An agreement between co-heirs, by which the inheritance is distributed, in whole or in part, is also valid as acceptance of the inheritance by the contracting parties." This innovative provision is expected to significantly ease the process for each co-heir to manage inherited assets directly and to fulfill their respective inheritance tax obligations more efficiently.

"Ta Nea" highlights several emblematic provisions within the new law designed to regulate the sensitive area of asset disposition for both the deceased and the heirs, adapting it to the modern era. These include clarifying who can be an heir (individuals alive at the time of inheritance or even conceived), stipulating that wills must be drafted in person and according to legal formalities, and streamlining the process for depositing private wills with a notary for safekeeping. Furthermore, notaries are now obligated to promptly publish wills on a new electronic platform, "Registry of Wills," managed by the country's notarial associations, ensuring greater transparency and efficiency in the probate process.

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An agreement between co-heirs, by which the inheritance is distributed, in whole or in part, is also valid as acceptance of the inheritance by the contracting parties.