Ennakkoperinnän

Ennakkoperinnän refers to an advance gift of real property, typically in the form of an apartment or land, granted by a parent to their child before their death. This practice is common in Finland, where it is a permitted way to structure inheritance.

In Finnish law, the authority to grant an advance gift of real property lies with the property owner, who must be mentally sound and of sound mind at the time of the gift. The recipient of the gift must be the person whose paternal grandparents or their relatives held the property.

The recipient of the ennakkoperinnän is left with the property upon the donor's death, without any further transfer requirements. The donor retains full control over the property during their lifetime and can continue to live in it if that is their wish.

Ennakkoperinnän can be a popular way to transfer property to the next generation, as it allows property owners to avoid costly inheritance taxes and other transfer fees. It is also a way to ensure property is passed down within the family, rather than through an unwanted third-party acquisition.

To grant an ennakkoperinnän, the property owner must draw up a written agreement spelling out the terms of the gift, including the recipients, boundaries, and that the gift is irrevocable in the event of the property owner's death. Only a lawyer can assist in drafting the written agreement. The property owner must also notify the Land registry of the gift within a year, otherwise the validity of the agreement may be disputed.