Réttylfarslög

Réttylfarslög, also known as the Icelandic Inheritance Law, is a set of regulations governing the distribution of property and assets upon the death of an individual in Iceland. The law aims to ensure a fair and equitable division of inheritance, taking into account the unique social and economic context of Iceland. It is based on the principle of "equal division," which means that all heirs, regardless of their relationship to the deceased, receive an equal share of the estate.

The law recognizes several types of heirs, including blood relatives, spouses, and children. In cases where there are no blood relatives, the estate may be distributed to other relatives or, in extreme cases, to the state. The law also provides for the possibility of testamentary disposition, allowing individuals to specify how their assets should be distributed upon their death.

One of the key features of the Icelandic Inheritance Law is its emphasis on the preservation of family farms and rural communities. The law includes provisions to ensure that family farms are not divided among multiple heirs, thereby promoting the continuity of agricultural production and the preservation of rural heritage.

The law is administered by the Icelandic Registry of Property and Land, which is responsible for registering and managing property transactions and inheritance matters. The registry ensures that the distribution of inheritance is carried out in accordance with the law and that all heirs receive their rightful share.

In recent years, there have been discussions and proposals to reform the Icelandic Inheritance Law to address issues such as the high cost of inheritance and the potential for unequal distribution of assets. However, these proposals have not yet led to significant changes in the law.