Estate Planning: Writing a Will for Your Greek Property to Avoid Legal Complications

Reading time: 15 minutes

Table of Contents

• Introduction
• Understanding Greek Inheritance Laws
• The Importance of Writing a Will for Greek Property
• Legal Requirements for a Valid Will in Greece
• Steps to Write a Will for Your Greek Property
• Potential Challenges and How to Overcome Them
• Tax Implications of Inheriting Greek Property
• The Role of Professional Advisors
• Conclusion
• FAQs

Introduction

Owning property in peloponnese or any other part of Greece can be a dream come true for many. The allure of Mediterranean beaches, rich history, and vibrant culture makes Greek real estate an attractive investment. However, with property ownership comes the responsibility of estate planning, particularly when it comes to international assets. This comprehensive guide will walk you through the intricacies of writing a will for your Greek property, ensuring that your legacy is protected and your wishes are honored.

Understanding Greek Inheritance Laws

Before delving into the process of writing a will for your Greek property, it’s crucial to understand the nuances of Greek inheritance laws. Greece operates under a civil law system, which differs significantly from common law jurisdictions like the United States or the United Kingdom. This distinction can have profound implications for estate planning and property inheritance.

Key Principles of Greek Inheritance Law

Greek inheritance law is based on several fundamental principles:

• Forced Heirship: Greek law recognizes the concept of “forced heirship,” which means that certain close relatives (typically children and spouse) are entitled to a portion of the deceased’s estate, regardless of the contents of the will.
• Legal Share (Nomimo Meridio): This refers to the portion of the estate that must be reserved for forced heirs. The size of this share depends on the number and relationship of the heirs.
• Testamentary Freedom: While forced heirship limits complete freedom, testators still have the right to dispose of a portion of their estate as they wish through a will.
• Intestate Succession: In the absence of a valid will, Greek law prescribes how the estate should be distributed among heirs.

Understanding these principles is essential for effective estate planning, especially for foreign property owners who may be accustomed to different legal systems.

The Importance of Writing a Will for Greek Property

Writing a will for your Greek property is not just a good idea; it’s a critical step in protecting your assets and ensuring your wishes are carried out. Here’s why it’s so important:

Clarity and Control

A well-drafted will provides clarity on how you want your Greek property to be distributed. This clarity can prevent potential disputes among heirs and ensure that your specific wishes are respected. Without a will, your property may be subject to Greek intestacy laws, which might not align with your intentions.

Avoiding Legal Complications

International property ownership can create complex legal situations, especially when it comes to inheritance. A properly executed will can help navigate these complexities, reducing the likelihood of lengthy legal battles or unexpected outcomes.

Tax Planning

A well-structured will can also be an effective tool for tax planning. By understanding and planning for the tax implications of property inheritance in Greece, you can potentially minimize the tax burden on your heirs.

Peace of Mind

Perhaps most importantly, having a will in place provides peace of mind. You can rest assured knowing that you’ve taken steps to protect your loved ones and your legacy.

Legal Requirements for a Valid Will in Greece

To ensure your will is legally binding in Greece, it must meet certain requirements. Understanding these can help you avoid potential pitfalls that could invalidate your will.

Types of Wills Recognized in Greece

Greek law recognizes several types of wills:

• Holographic Will: Handwritten entirely by the testator, dated, and signed.
• Public Will: Drafted by a notary public in the presence of witnesses.
• Secret Will: Written by the testator or a third party and submitted to a notary in a sealed envelope.
• International Will: Following the format prescribed by the Washington Convention of 1973.

Key Legal Requirements

Regardless of the type of will, certain requirements must be met:

• The testator must be at least 18 years old and of sound mind.
• The will must be in writing (except for extraordinary circumstances).
• The testator must sign the will.
• The will must be dated.
• For public and secret wills, specific procedures involving notaries and witnesses must be followed.

Steps to Write a Will for Your Greek Property

Now that we understand the importance and legal requirements, let’s outline the steps to write a will for your Greek property:

1. Consult with Legal Professionals

Start by consulting with both a lawyer in your home country and a Greek lawyer specializing in international estate planning. This dual approach ensures your will complies with both jurisdictions.

2. Choose the Type of Will

Decide which type of will best suits your needs. For international property owners, an international will or a public will drafted by a Greek notary are often recommended.

3. List Your Assets

Create a comprehensive list of your Greek assets, including property details, bank accounts, and any other valuable possessions in Greece.

4. Determine Beneficiaries

Decide who you want to inherit your Greek property. Remember to consider Greek forced heirship laws when making these decisions.

5. Consider Appointing an Executor

An executor will be responsible for managing your estate and carrying out your wishes. Consider appointing someone familiar with Greek law and procedures.

6. Draft the Will

Work with your legal advisors to draft the will. Ensure it’s clear, unambiguous, and complies with Greek legal requirements.

7. Execute the Will

Follow the proper procedures for signing and witnessing the will, depending on the type you’ve chosen.

8. Register the Will

Consider registering your will with the Greek National Will Registry for added security and ease of discovery.

Potential Challenges and How to Overcome Them

Writing a will for Greek property can present several challenges. Here are some common issues and strategies to address them:

Forced Heirship Laws

Challenge: Greek forced heirship laws can limit your ability to freely distribute your estate.

Solution: Work with legal experts to structure your will in a way that respects these laws while still reflecting your wishes as much as possible.

Language Barriers

Challenge: Greek legal documents are typically in Greek, which can be challenging for non-Greek speakers.

Solution: Use certified translators and bilingual legal advisors to ensure you fully understand all documents.

Conflicting Jurisdictions

Challenge: Your home country’s laws may conflict with Greek inheritance laws.

Solution: Consider creating separate wills for your Greek assets and assets in your home country, ensuring they don’t contradict each other.

Changing Laws

Challenge: Inheritance laws can change over time.

Solution: Regularly review and update your will, particularly after any significant life events or changes in Greek law.

Tax Implications of Inheriting Greek Property

Understanding the tax implications of inheriting Greek property is crucial for effective estate planning. Here’s an overview of the key tax considerations:

Inheritance Tax in Greece

Greece imposes inheritance tax on inherited property. The tax rate depends on the relationship between the deceased and the heir, as well as the value of the inherited property. Here’s a general breakdown:

• Close relatives (spouse, children, parents): Tax-free up to €150,000, then 1-10% on excess
• Other relatives: Tax-free up to €30,000, then 5-20% on excess
• Non-relatives: Tax-free up to €6,000, then 20-40% on excess

Property Transfer Tax

In addition to inheritance tax, a property transfer tax may apply when the property ownership is transferred to the heirs. This is typically 3% of the property’s value.

Double Taxation Treaties

Greece has double taxation treaties with many countries. These agreements can help prevent the same inheritance from being taxed twice. Check if your home country has such an agreement with Greece.

Tax Planning Strategies

Consider these strategies to potentially reduce the tax burden:

• Gifting property during your lifetime
• Setting up trusts (though these are not widely recognized in Greece)
• Structuring ownership through companies (consult with tax experts for implications)

The Role of Professional Advisors

Given the complexities involved in writing a will for Greek property, the role of professional advisors cannot be overstated. Here’s how different experts can assist you:

Greek Lawyer

A Greek lawyer specializing in international estate planning can:

• Ensure your will complies with Greek law
• Navigate forced heirship requirements
• Handle the legal formalities of executing the will

Home Country Lawyer

A lawyer from your home country can:

• Ensure your Greek will doesn’t conflict with your home country’s estate planning
• Advise on any relevant international laws

Tax Advisor

A tax advisor with international experience can:

• Help you understand the tax implications in both Greece and your home country
• Develop strategies to minimize tax liabilities

Notary Public

A Greek notary public plays a crucial role in:

• Drafting and executing public wills
• Handling the formalities for secret wills

Translator

A certified translator can ensure:

• Accurate translation of legal documents
• Clear communication between you and Greek legal professionals

Conclusion

Writing a will for your Greek property is a complex but essential task. It requires careful consideration of Greek inheritance laws, tax implications, and potential challenges. By understanding these factors and working with qualified professionals, you can create a robust estate plan that protects your assets and honors your wishes.

Remember, estate planning is not a one-time event. Regularly review and update your will to reflect changes in your life circumstances, asset portfolio, or relevant laws. With proper planning and expert guidance, you can ensure that your Greek property legacy is preserved and transferred according to your desires, providing peace of mind for you and your loved ones.

FAQs

1. Q: Can I write a will for my Greek property in English?

   A: While it’s possible to draft a will in English, it’s highly recommended to have an official Greek translation. For legal proceedings in Greece, a Greek version will be necessary. To ensure accuracy and legal compliance, work with a certified translator and a Greek lawyer.

2. Q: How often should I update my will for Greek property?

   A: It’s advisable to review your will every 3-5 years or after any significant life events (marriage, divorce, birth of children) or changes in Greek inheritance laws. Regular reviews ensure your will remains current and reflective of your wishes.

3. Q: Can I exclude certain family members from inheriting my Greek property?

   A: Due to Greek forced heirship laws, it’s challenging to completely exclude close family members (like children) from inheritance. However, you can work with a Greek lawyer to explore legal strategies that maximize your control over asset distribution while respecting these laws.

4. Q: What happens if I die without a will for my Greek property?

   A: If you die intestate (without a will), Greek inheritance laws will determine how your property is distributed. This may not align with your wishes and can lead to complicated legal processes for your heirs. Having a valid will is crucial to ensure your property is distributed according to your desires.

5. Q: Can I appoint an executor who doesn’t live in Greece?

   A: Yes, you can appoint a non-resident executor. However, consider practical aspects like language barriers and familiarity with Greek legal procedures. It might be beneficial to appoint a local co-executor or grant power of attorney to a Greek lawyer to handle matters in Greece.

Article reviewed by Everett Bellingrath, CEO | Business Growth Consultant | Transforming Mid-Sized Companies Through Operational Efficiency & Market Expansion Strategies, on March 23, 2025