The Turkish law and Civil code have provisions for allowing a resident to declare his will which might include the matters of inheritance of assets, capital, or other items. Upon finding the will of a deceased person, it is supposed to be sent to the probate court or to the Turkish Legal Authorities. It is required to be proven valid before it is opened to the respective beneficiaries in a month or longer.
The matters of Probate are separated into four stages to carry out the duties written within the will in an orderly manner. Also, any mobile or immobile assets are not allowed to be inherited before receiving the probate decree.
The Turkish Legal System summons the birth certification details of beneficiaries stated within the will to correctly identify the inheritors before providing the probate decree.
Inheritance Tax Procedure
Post obtaining the decree, the tax documents of the relevant property should be procured before filing the inheritance tax return form in the name of the inheritors to obtain their tax numbers. Any pending tax on the estate should be paid along with the applicable inheritance tax.
Registration of Inheritance Personnel
The assets need to be registered to the names of the inheritors without which it’s not possible to transfer them to third parties. This stage also allows the transfer of funds to the legal inheritor’s account from the deceased person’s bank account.
Disposal of The Assets
This stage allows the transfer of both immobile and movable assets to the respective inheritors and it also allows them the ability to put those assets on sale.
The Direct Inheritors as Per Turkish Inheritance Law
When a notarized will isn’t made or found, the following are inheritors of the estate of the deceased as per the rules of the Turkish State under Turkish Inheritance Law:
- The Children & The Spouse.
- The Parents in absence of any descendants.
- The Siblings in absence of both Parents & any descendants.
- The Grand Parents and their children are the last in the order of succession.
Thus, the Turkish Inheritance Law provides proper provisions for passing all assets to the heirs thereby making the future of the investments secure and unambiguous.