If your spouse is the first of you both to die and the deceased did not make a will then as the surviving spouse you inherit the entire estate. The children receive a non-recoverable claim against the survivor. If the claim exceeds the amount exempt for inheritance tax, tax must be paid.

An apartment right is a share in the ownership of the (usually) apartment building or a piece of land with the exclusive right to use a certain portion (your private portion). Often this private part is the house, but it can also be an associated storage room or parking lot, for which a separate apartment right is created. An apartment right is created by dividing an (apartment) building into smaller areas of use. Legally, this is called division into apartment rights. Division into apartment rights takes place through a notarial deed of division.

The owners of all apartment rights jointly own the entire (apartment) building and the common areas. In order to regulate everything concerning the use and maintenance of the common areas, an Owners' Association is compulsorily and automatically formed in which all apartment owners become members.

A promissory note is a document containing the obligations of only one party. A promissory note involves having to pay a sum of money.

The request to draw up a promissory note often comes from lawyers who have made agreements on behalf of their client regarding a dispute. By recording this agreement in a notarized deed, if the debtor fails to comply with the payment agreements, the creditor can immediately have the debtor's income seized without court intervention.

The meaning cost buyer, in short, is that as a buyer of a home you pay the additional costs. These are the transfer tax and the mortgage and conveyance deed.

Transfer tax is a tax levied in the Netherlands when you purchase real estate. Real estate includes a house or business premises or, for example, the right of superficies or ground lease on a house or business premises. The percentage of transfer tax you have to pay depends on various aspects related to the property.

A deed of partition you need to divide common property when you divorce and when ending a registered partnership or cohabitation agreement. In a marriage, you not only share your life with each other, but often also your assets when you are married in community of property. A deed of partition is prepared by the notary. With the help of the deed of division, joint assets are properly divided between you and your ex-partner.

Under the law, one's own children are heirs and not ‘children-in-law. Thus, children-in-law do not inherit directly. However, a divorce may result in the child-in-law still being entitled to a portion of your inheritance. If your child is married in community of property, the child's ex-spouse is entitled to half of the inheritance in the event of a divorce. Also under prenuptial agreements, an ex-spouse may be entitled to a portion of the (value of the) inheritance. You can prevent this by making a will. In a will a so-called ’exclusion clause‘ can be included. Through this clause, your inheritance is exclusively for the benefit of your own child and thus remains private for your child. This is especially important in cases such as bankruptcy of the child's spouse or divorce. The inheritance then does not have to be shared with the (ex-)spouse of the child. The exclusion clause also applies to a child who has entered into a registered partnership with the municipality.

If you are in the Netherlands marries, then you are automatically married in a limited community of property. Everything you build up together after you say yes to each other becomes yours together. Savings, possessions, your business, but also your debts. All assets and debts received or incurred after the date of marriage fall together into one common estate. If spouses already have private assets before the marriage date, these will remain that person's. This applies, for example, to a house, but also to savings or a business. This is to keep track of what happens to these assets during the marriage and to whom they ultimately belong when the marriage ends (through divorce or death).

The mortgagee is the one making the mortgage loan, often a bank, but sometimes an individual. The mortgagee accepts the register property, on which the right of mortgage is established, as collateral for the mortgage loan

The mortgagor is the one who gives the right of mortgage. This is the owner of the registered property on which the right of mortgage is established. A right of mortgage is established by mortgage deed at the notary.

A mortgage deed is a notarized document that settles the mortgage loan (the mortgage) with the bank. Most buyers need financing from a bank to purchase for a home. In exchange for the loan given to you, the bank wants security in the form of a mortgage lien. This means that you give your house as collateral to the bank. This gives the bank the right, if you fail to meet your obligations, to sell the house in extreme cases and pay the outstanding loan from the proceeds.

Signing the purchase agreement is not enough to become the legal owner of a house. When buying a house, you only become the owner of the house when it is delivered to you. This is done through a deed of delivery at the notary. A deed of delivery is also called a deed of conveyance or deed of delivery.

The deed of delivery is registered at the Land Registry after signing. After registration, the buyer is registered as the owner at the Land Registry and is visible to everyone.

A purchase agreement records the purchase of a house, apartment or vacation home by a private buyer. A verbal agreement is not valid. Thus, the seller and buyer record in a purchase agreement that the house will become the property of the buyer under certain conditions, upon payment of a certain price and on an agreed date. Furthermore, the seller must provide information about the house. In turn, the buyer must clearly put his wishes about its use on the table. After signing the purchase agreement, you do not yet own the house. Ownership is transferred by the deed of delivery.

A sole proprietorship does not necessarily mean that you cannot hire employees. The word ‘sole proprietorship’ refers to the legal form, not the number of people employed within the business. A sole proprietorship is one of the possible legal forms you can choose from as an entrepreneur. The sole proprietorship is the most commonly chosen legal form. When you have a business for your own account and risk, it is a sole proprietorship. In that case, there is no distinction between business assets and private assets.

For a sole proprietorship, notary intervention is not required but recommended. The actual running of a business often involves more than you expect.

A UBO is the person who holds the beneficial interest in the entity in question. A UBO is always a natural person. Depending on the entity, different grounds are used to determine who should be considered a UBO.

European rules require all EU member states to have a UBO register. These registers serve to prevent financial-economic crime, such as money laundering, corruption, tax evasion, fraud and terrorist financing. The registration requirement will apply to the following entities:

• Private and public companies (unlisted)
• Foundations
• Associations (with full legal capacity OR with limited legal capacity but with corporation)
• Mutual benefit societies (owm).
• Cooperatives
• Partnerships: partnerships, general partnerships and limited partnerships
• Shipping companies
• European limited liability companies (SE)
• European cooperative societies (SCE).
• European economic interest groupings that have their registered office in the Netherlands according to their articles of association (EEIG)

An association must be formed by a minimum of two people. An association can be formed privately or by notarized deed.

With a private incorporation, the incorporation of the association takes place by oral agreement or by private deed. For incorporation by notarized deed, you need to go to a notary. The choice is up to the founders. However, there is a difference in legal consequences between incorporation by notary and by private deed.

Establishing a foundation can only be done by notarial deed or will. The deed of incorporation must include the foundation's bylaws.

The notary takes in the statutes among others on:

• The name of the foundation;
• Municipality in the Netherlands where the foundation is located;
• Purpose of the Foundation;
• Method of appointment and removal of directors;
• Appropriation of the surplus on dissolution or the manner in which the appropriation is to be determined.

The business succession facility is a regulation in the Inheritance Tax Act that allows for no gift and/or inheritance tax in the event of business succession need be paid on the acquired business assets.

A limited liability company (BV) must be incorporated by notarial deed by a notary public. The memorandum of association contains the company's articles of association. The BV's articles of association state who the founders, directors and shareholders of the BV are. In addition, the articles of association also include the share capital.

• A noiseless conversion

When you convert your general partnership (VOF) or sole proprietorship into a limited liability company (BV), you run fewer risks as an entrepreneur. In addition to reducing these risks, it can also be more fiscally attractive to do business in a BV

Marks Wachters notaries has extensive expertise in advising on the conversion of such a legal form. We, at Marks Wachters notaries, would be happy to advise you on the potential benefits that a conversion of legal form can bring to your business.

When you convert a VOF or sole proprietorship into a BV, the legal form of your company is changed. For tax purposes, there are two ways to convert a VOF into a BV:

• A noiseless conversion
• A murmuring transposition