Mon, 17 Aug, 2015 12:09:08 AM FTimes – STT Report, Aug 17  File Photo – Lehtikuva. Debt inheritance will become possible from Monday as the new European Union Succession Regulation comes into force, reported Karjalainen, a Finnish language daily.
According to the regulation, matters of inheritance will comply with the EU country in which the deceased lived at the time of his death.
In Finland, the heir is in principle not liable for the deceased debts if, for instance, the heir did not benefit from the estate.
In principle, debts are paid from the assets of the estate and the kin are not liable for the debts even if the debts exceed the assets of the estate.
The regulations, however, vary in the EU countries. The regulation does not precisely define the permanent residence criteria.
Surprises can be avoided by indicating in the testament, that inheritance be governed by the Finnish legislation.
The new regulation affects tax issues related to the succession of assets.
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