Inheritance Law

Areas of Expertise

MAGNA Lögmenn can assist with matters related to inheritance law.

Will drafting

Legally competent individuals may dispose of their assets through a will according to the law.
Individuals with children and/or who are married may allocate one-third of their assets through a will, while others may allocate their entire estate through a will.
Strict formal requirements apply to wills.
MAGNA Lögmenn can assist you with drafting a will.

Settlement of an estate

Private division
- - Upon death, the assets and debts of the deceased need to be divided
- - It is possible to apply for private division of the estate at the district commissioner
- - Inheritance distribution is governed by the Inheritance Act, No. 8/1962
- - For private division, a private division form and an inheritance estate report must be completed
- - MAGNA Lögmenn can assist with private division as well as everything related to it

Public division
- - In cases where there is a dispute over the division of an estate’s assets, the matter is often referred for public division.
- - The estate administrator manages the division of assets among the heirs and conducts the division in accordance with the Inheritance Act, No. 8/1962, and the Act on the Division of Estates, etc., No. 20/1991.
- - In public division, it may be necessary to have a lawyer by your side to ensure that your interests are protected.
- - MAGNA Lögmenn have experience with estate administration and representing the interests of heirs in cases where the estate has undergone public division.

Settlement in case of an undivided estate

The surviving spouse has the right to remain in an undivided estate if the parties were married.
If the spouses have children from previous relationships, it is necessary to obtain their consent or specify mutual rights to remain in the undivided estate in the will.
MAGNA Lögmenn can assist with obtaining permission to remain in an undivided estate.

Advance inheritance

When distributing advance inheritance, it is necessary to complete an inheritance estate report and pay inheritance tax, pursuant to the Inheritance Tax Act No. 14/2004.
MAGNA Lögmenn can assist with document preparation for advance inheritance distribution.