Unclaimed inheritances brought Belgium around €18 million last year, according to data released on Thursday by FPS Finance.
Tax authorities are entitled to take over the administration of inheritances if the heirs refuse them or do not come forward. Last year, 47 estates fell into the hands of the state, totalling €17.8 million.
According to statistics published by the Federation of Notaries in 2020, more than 3,000 Belgians decline an inheritance each month. This is typically due to the deceased person leaving large debts or the high level of inheritance tax. In Belgium, direct heirs pay 3% and other beneficiaries pay 7% in inheritance tax for movable assets.
Like any heir, FPS Finances pays inheritance tax to the regions. This amounted to €12.5 million in 2022. The state can only definitively take control of assets after a period of 30 years. Before this time, legitimate heirs can still claim the estate. Last year, 14 estates were returned to their rightful heirs.
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Sometimes, regional authorities are listed as the beneficiaries in multi-million euro wills. In October 2022, a Dutch woman left €5 million in property and assets to the City of Bruges in her will. The woman was the descendant of a family that had been active in the industrial sector.
In total, the woman left €3.3 million in cash in the bank, €945,000 in securities and other assets, as well as a home worth €700,000.
