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If I want to give a large amount of money to somebody as a gift, do I need to create some sort of gift contract, or can I just hand them the cash? Is a contract legally required? If not, would you recommend that I write up a contract anyway?
Hi there,
Creating a contract is beneficial because it acts as proof of the timing of a gift and the amount of assets tranferred.
This is useful if, for example, the person making the gift dies - because gifts are only counted as part of a giver's estate for inheritance purposes if they are made less than 5 years before their death. A contract can help prevent disputes among heirs.
A contract may also be beneficial in settling any tax-related questions which arise with regards to the gift.
Best regards from Moneyguru
More on this topic:
Basic guide to Swiss inheritance laws
Inheritance tax explained
Compulsory inheritance shares explained
