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Old 16.12.2006, 13:39
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joint ownership of property

We are in the process of buying an appartment in Zug in joint names. Since we are not yet in Switzerland, does anyone know what happens should one of us die? There is no mortgage.
Thanks
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Old 16.12.2006, 15:51
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Re: joint ownership of property

do you have a will? are you married?
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Old 16.12.2006, 22:09
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Re: joint ownership of property

will does not currently include this property, but one being sold. Not married.
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Old 17.12.2006, 00:03
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Re: joint ownership of property

Like so many things - it depends.
If you have kids - their part goes to an official "caretaker" until they are 18, even if only one of you dies.
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Old 17.12.2006, 00:52
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Re: joint ownership of property

Even in Zug you can't take it with you (however big the pockets in your shroud are)...
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Old 17.12.2006, 20:00
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Re: joint ownership of property

you should stipulate it (who would "own" the property if one of you dies; "own" would then get complicated if there are legal heirs who would lose their right to inherit the share of the property, in this case their consent would also be necessary) in writing and have it notarized.
that's just as far as I know, but then again, I'm just a student not even majoring in swiss law..
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Old 19.12.2006, 09:49
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Re: joint ownership of property

Quote:
We are in the process of buying an appartment in Zug in joint names. Since we are not yet in Switzerland, does anyone know what happens should one of us die? There is no mortgage.
Thanks
In Switzerland the answer would be it depends.

Firstly as a foreign national you can elect to have your will interpreted under the jursidiction of your home country or if there are two different one of those countries.

Secondly, assets held abroad theoretically come under the probate laws in Switzerland but might not be counted dependent on the foreign country where they are held and the laws in place there.

So If you do not write a foreign law will then the property by default would switch to sole ownership of the surviving partner. HOWEVER, as Brownie eluded to in Switzerland your relatives have rights to your estate - the value not any specific component. This could then force the surviving partner to sell the property in order to meet other financial obligations. These obligations also include debts be warned if the boot is on the other foot check whether the estate has an overall positive balance...

If the deceased has children you have no problems until the children are 18 at which point they are entitled to 50% of the estate - split equally between the number of siblings. Your 50% remains fully intact. If your children are over 18 then they have the right to the value of their part of the estate - often quite a substantial sum.

IF you have no children then your parents which becomes then brothers or sisters or those of your partner respectively have the same rights however now only 25%.

If there are no children, parents, brothers or sisters you get the lot.
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