Inheritance laws overhaul on the cards

Greece is poised to revise its inheritance laws for the first time in 80 years as a Justice Ministry working group will meet, for a fourth time, on January 17 to deliberate a groundbreaking proposal for the introduction of inheritance contracts.

Already common in many countries, these inheritance contracts, banned under current Greek law, involve formal agreements between a future testator and one or more beneficiaries to set terms for the division of asset. An inheritance contract requires the agreement of all parties, limits future changes and reduces the risk of litigation.

Advocates argue that they could reduce disputes and streamline estate planning, especially for complex holdings such as businesses or intellectual property.

The reforms extend beyond contracts.

The working group is evaluating whether to require handwritten wills, now often found in...