Why is a notary necessary in inheritance and what does his work involve?
A notary acts as an impartial judicial commissioner in succession proceedings. What does this mean in practice? He or she ensures that all legal procedures for the distribution of property during the succession proceedings are fair and followed. The succession is always heard by a notary appointed by the court. The system thus guarantees transparency of the proceedings and prevents possible conflicts between heirs.
The notary is in charge of drawing up the necessary documents, securing the rights of inheritance, ascertaining the value of the property and also supervising the correct distribution of the inheritance among all the heirs. However, this service is not free of charge. The notary charges a fee for his/her work, which depends on the value of the property under consideration or on the complexity of the will to be drawn up.
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How much does it cost to have a will drawn up by a notary?
The price for making a will is very individual. For a very basic will without specific requirements, the price can be several thousand crowns. This is the standard fee for basic wills where a simple division of property without special conditions is required. However, if you want to include specific conditions in the will (e.g. shares of inheritance, division among several heirs, conditions for minor heirs, etc.), the price for drawing up a will may rise in proportion to the requirements that need to be specified. At our law firm , you will get a will at a predetermined price, so even if you have a larger number of requirements and conditions that need to be individually worked out, you will not be surprised by any extra fees.
Why should a notary make a will?
There are several advantages to having your will drawn up by a notary. A handwritten will may not always be recognised by the authorities after the death of the drawer. Especially in cases where the will contains formal errors or is not clearly understandable. In contrast, a will drawn up by a notary provides you with greater legal certainty and a guarantee that all the necessary formal rules will be followed, minimising the risk of it being challenged. The cost of drawing up a will may therefore vary according to its scope and complexity, but it is an investment in the certainty that the estate will indeed be distributed according to the testator’s wishes.
Tip na článek
Tip: Did you know that you also have the right to refuse an inheritance? Read our article about the conditions under which you can renounce your inherited property.
What is the notary’s fee for the hearing of the succession and the fee schedule?
The notary’s fee for the hearing of an inheritance is fixed according to the value of the inheritance through the so-called fee schedule. This determines a percentage based on the value of the estate. This fee is compulsory and is based directly on the total value of the property subject to the succession.
Fee schedule for probate:
- Up to a value of CZK 500,000, the fee is approximately 2% of the value of the inheritance. If the inheritance is worth CZK 400,000, the notary’s fee is CZK 8,000.
- Above CZK 500,000, the percentage rate gradually decreases. If the value of the inheritance is up to CZK 1,000,000, a rate of 1.5% of the value is usually charged. Above CZK 1,000,000, the percentage rate drops to 1%.
So if the value of the inheritance is CZK 750,000, the fee will be 2% of the first CZK 500,000 (CZK 10,000) and 1.5% of the next CZK 250,000 (CZK 3,750), for a total of CZK 13,750. Or if the value of the inheritance is, for example, CZK 1 500 000, the fee is approximately CZK 20 000.
Each inheritance item has its own value, which counts towards the total amount for calculating the fee. In addition, the notary may charge special fees for certain acts, e.g. for assets abroad or for inheritance assets that require further valuation.
Tip na článek
Tip: Wondering how securities inheritance works? Find out what legal deadlines you need to meet and what you can expect if you inherit bonds, shares, notes or other financial instruments.
What is the difference between notary fees and inheritance tax?
In the Czech Republic, inheritance tax used to exist as a separate cost in inheritance proceedings. However, this was abolished as of 1 January 2014. This means that inheritance tax no longer needs to be paid, but notary fees still remain and are an important part of the costs of the inheritance proceedings. The advantage is that compared to inheritance tax, notary fees do not burden you with additional financial costs and formalities that would complicate the inheritance. Notary fees are therefore the only major cost you have to take into account when settling your inheritance. It makes the whole process easier.
Tip na článek
Tip: Unfortunately, there are also many problems associated with dealing with an estate. What if you inherit a debt? Is it possible to defend yourself? And what if, for example, two-year-old children inherit such a debt? Find out more in our article.
Why use the services of a notary?
Although notary fees may discourage you from using the services of a notary at first, a quality professional brings many advantages thanks to his/her work. A notary will ensure that your inheritance proceedings are fair and legally certain. A will drawn up by a notary is considered a more reliable document than a handwritten will, which minimises the risk of contestation. A notary also plays an important role in the event of disputes between heirs and is able to help you deal with more complex situations.
Advantages of using the services of a notary:
- Legal certainty: the notary will ensure that all legal requirements are met and that the succession takes place according to the law.
- Speed and efficiency.
- Protection of heirs: The notary ensures that each heir receives a fair share according to the applicable law.
On the other hand, notarial fees can reach tens of thousands of crowns for larger estates, which can be a significant financial burden for some heirs. However, investing in the services of a notary is definitely worthwhile as a prevention of potential legal problems.
Summary
Notarial fees in inheritance proceedings can be a significant cost, but they ensure the smooth running of the inheritance proceedings, both in the drawing up of the will and in the distribution of assets among the heirs. The cost of drawing up a will is in the thousands of crowns, while the notary’s fee for the probate hearing is based on the value of the estate according to the statutory fee schedule.
Using the services of a notary in succession brings legal certainty, protection of heirs and fair distribution of property. Although inheritance tax has been abolished, the notary’s fee for inheritance is still an important part of the costs and reduces the risk of legal conflicts.
