Opinion poll
Big sums, big worries: taboo topic of inheritance
Most people want to avoid arguments about inheritance. Many people would prefer to sort everything out early. But only a minority do it.
Every year a fortune is inherited in Germany: money and gold, houses and apartments, stocks and other securities. More and more people are planning an inheritance for their own retirement – but very few people talk to each other openly and in a timely manner about inheritance and inheritance during their lifetime, as an Allensbach survey commissioned by Deutsche Bank showed.
“Basically, large parts of the population as well as heirs and testators are reluctant to deal with the issue of inheritance,” says the analysis. Almost two thirds (64 percent) of the 1,068 respondents answered accordingly. Compared to the previous surveys in 2015 and 2018, “the population’s unwillingness to deal with the issue has increased.”
Big worries about inheritance disputes
A good 50 percent of potential testators and previous heirs as well as 69 percent of future heirs find it rather unpleasant to think about this topic. At the same time, four out of ten respondents (41 percent) would still like to be more open about such questions in their personal environment.
Because one thing is at the top of the wish list of both those who are likely to inherit something and future heirs: that there is no dispute over the inheritance. 71 percent of future heirs attach particular importance to the division of the inheritance being clearly regulated, and 67 percent of potential testators see it the same way.
Very few people have a will
However, only a minority write down their last wishes. A good third (35 percent) of those who are likely to leave something behind say they have already made a will. In 2018, 39 percent of those surveyed said this.
Older people in particular settle their inheritance; on average, potential testators write a will at just under 58 years of age. Of those under 50, just 11 percent said they had a will. This shows that young families are often unprepared, the Deutsche Bank concluded.
Inherited assets grow
In 2023, according to official figures, inheritances and gifts in Germany totaled a record value of 121.5 billion euros. That was almost 20 percent more than a year earlier – and the total amount of assets transferred was even higher because the tax statistics do not reflect inheritances and gifts.
The expectations of future heirs are also increasing: according to the analysis, a good third (34 percent) expect an inheritance of 250,000 euros or more. In the 2018 survey, 22 percent of respondents named such an amount. The proportion of those who want to use an inheritance for their own retirement provision has also increased: from 52 percent in 2018 to 60 percent in the current survey.
But when is the best time to broach the delicate subject of inheritance? A large majority (82 percent) of Germans believe that the initiative for a conversation lies with the person who will inherit something. If a conversation does occur, it usually happens after strokes of fate or death – rarely at family celebrations such as Christmas.
Four out of ten respondents (39 percent) believe that if a family member or friend becomes seriously ill, this is an opportunity to discuss the topic of heirs. For 28 percent, the death of a close person would be the time. 17 percent of those surveyed find family celebrations appropriate.
Raffael Gasser, Head of Wealth Management & Private Banking Germany at Deutsche Bank, advises: “If you discuss asset succession with family and experts at an early stage and organize it professionally, you will avoid misunderstandings and conflicts – for the benefit of both the testator and the heirs.”
Press releases Deutsche Bank Federal Statistical Office: Inheritance and gift tax 2023 Federal Ministry of Justice on inheritance law
dpa
Source: Stern
