Why have a (life) will?

It is sometimes thought that a living will is not necessary when you are at a younger age. Unfortunately, there are plenty of examples of young people ending up in a coma as a result of an accident. A coma may be temporary, but it doesn't have to be. And then, who is going to make decisions for you on a private and business level? Who will make decisions about your medical situation?

Without a living will, the question of assets, of financial interests, can be resolved by the district judge. He/she can appoint an administrator at the request of parents or partner. As an entrepreneur, you have to deal with two types of financial interests: those of the company and those of your private assets. The decision on medical matters will be made by the attending physician with the next of kin, parents or partner. Of course, they may differ in their opinions, which quickly makes the matter complex. Who makes that decision on medical matters if the coma turns out to be "forever"?

Precisely because of these issues, it is important, even if you are at a younger age, to make your own arrangements in a living will for who will make decisions for and about your interests. For business and private interests, different proxies can be included in the living will. It is not necessarily one and the same person to whom you leave the decision making. Someone else can also be designated for medical representation, someone you know is the person best able to do so.

A living will prevents problems in a situation that is already difficult for yourself, your loved ones and the progress of the business. It is a notarized power of attorney that designates representatives in the various areas of responsibility. If at any time the situation changes because another life partner or business partner appears in your life, the power of attorney can be changed without any problem at any Dutch notary.

The provisions in the living will end at the situations contained therein, but in any case when the principal dies. The power of attorney works only as long as the principal is alive. After his/her death, the rules of inheritance law take effect. Without a will, these are the legal rules.

But it often turns out that those rules have civil and tax law consequences that are undesirable and can even jeopardize the progress of the business. For this reason, it is advisable to get advice on civil and tax law in which the BV structure is scrutinized with an eye to inheritance law.