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Contract of Transfer

Contract of transfer and distribution of assets - contract of transfer

With a contract of transfer, the transferor transfers and distributes their entire or partial assets to their descendants during their lifetime.

It is a contract with certain elements of inheritance law and is comparable to testamentary inheritance. Its purpose is the distribution and transfer (in ownership and possession) of assets among descendants during the transferor's lifetime, rather than after their death, as in a will, which the testator can revoke at any time.

All descendants who would be called as first-degree heirs under the law to inherit from the transferor must participate in the conclusion of the contract. A descendant who did not participate in the distribution and transfer of assets can provide their consent later. If consent is not given, the contract of transfer is not valid but may be valid as another type of contract, such as a gift contract.

Descendants are not responsible for the transferor's debts. If the transferor's creditors have been harmed by the contract of transfer, they can challenge it on that basis.

The transferor can reserve the right to a life estate and receive care, support, and assistance in case of illness or old age through the contract of transfer.

Similar to a gift contract, the transferor can revoke the contract of transfer due to grave ingratitude.

Purpose of the Contract of Transfer

The essence of the contract of transfer lies in the fact that the assets transferred to descendants through the contract are not considered part of the transferor's estate and are not taken into account in determining the calculation value of the estate or in calculating any deprivation of the descendants' compulsory share and the spouse's compulsory share!

If all descendants and the spouse have agreed to the contract of transfer (signed it), none of them can claim deprivation of the compulsory share through the contract of transfer or challenge it on that basis.

Only the remaining assets of the transferor are included in the estate, and only those assets form the basis for determining the calculation value of the estate.

Rights of the Transferor's Spouse or Unmarried Partner

The transferor can also include the spouse or unmarried partner in the contract of transfer, but it is not mandatory.

If the spouse or unmarried partner is not included, their right to the compulsory share remains intact. The contract of transfer is valid, but the portion of the testator's assets transferred to the descendants is considered a gift to them and is taken into account in determining the calculation value of the estate as a basis for assessing any deprivation of the spouse's or partner's compulsory share.

If the spouse has participated in the contract of transfer (even without receiving anything), they do not have the right to claim the compulsory share from the transferred assets.

Subject of the Contract of Transfer

The transferor can distribute and transfer only the assets they possess at the time of concluding the contract of transfer.

Assets may include movable property, immovable property, and other property rights.

The transferor can transfer them in their entirety or only a portion or specific items.

The transfer can take place immediately, or the transfer can be deferred until death through a contract of transfer for death cases, in which case the descendants become owners and possessors of the property only upon the transferor's death.

The transferor can dispose of assets they may acquire until death through a will.

The transferor can also transfer their obligations to the descendants through the contract, provided that these obligations are specified or at least determinable in the contract and that the creditors agree to it.

Mandatory Notarial Deed

The contract of transfer must be concluded in the form of a notarial deed; otherwise, it is invalid as a contract of transfer.

If it meets the requirements for the validity of any other contract, such as a gift contract, it may be valid as a gift contract.

For more detailed information about the contract of transfer, please refer to the articles and questions and answers below.

Attorney Jurij Kutnjak from Slovenia, Maribor offers comprehensive legal assistance in inheritance and handling all inheritance law issues: from drafting wills and concluding contracts with inheritance law elements (contract for life interest, contract for lifetime support, handing over contract) to representation in probate proceedings and possible litigation related to the estate or inheritance throughout Slovenia.

To schedule a consultation regarding inheritance and representation in the probate process, call attorney Jurij Kutnjak during business hours at the phone number 00 386/2/25-23-780 or send an email to info@odvetnik-kutnjak.si.

Legal Documents:

e-forms
authorization for representation
will, revocation of will, inheritance statement, renunciation of inheritance, proposal for the issuance of a European certificate of inheritance

Legislation:

 

Judicial Practice:

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