If an individual does not create a Will, many people wonder whether the legislation itself can make sure of their loved ones inheriting their assets. The law cannot do this, but people mistakenly believe that it can. So, it is among the many different misconceptions related to Will for property in Israel.
In some nations, when you lack a Will, the government is likely to claim more portions of the estate of yours than you want, through Estate Tax or Inheritance Tax. The latter tax is not there in Israel. Anyhow, when a Will does not exist, a spouse might just have the right to a portion of the property. That said, your better half would not automatically have the right to your part of your property should you create no Will. So, when you die, that person would have to live in your property with the kids or even the parents of yours.
You may think of a Will for Israel property as a way for others to collect and organize details regarding the asset in the future. This is especially true when it comes to a property purchased years before. You would want to avoid a situation where your descendants or others are unaware of the information related to the house or even the bank account of yours. So, besides the Will, you must leave information that will allow locating inherited property in Israel, like bank account information or real estate title details.
No Israel-based property usually has original legal deeds related to its title. Anyhow, the block number and parcel number help to identify registered property ownership. On the other hand, the unregistered asset ownership is discovered through the creation of your buying-related contract or the confirmation of legal rights of yours.
Are you a non-resident who bought any property and/or opened a bank account in Israel, with another nation’s passport? If yes, you would want to check with that Israel bank whether your passport number is updated, when creating a Will.
In the event you have a Will overseas, you might wonder whether to make another one for your Israel-based property. Israel’s courts acknowledge an overseas Will, so you may choose to have one Will for any number of assets you possess in the world. Anyhow, we would usually recommend making this separate Will for the following reasons.
- To have specific directions concerning your Israel estate; and,
- To enable appointing Israeli executors to handle the property matters in the future.