In its decision of 16 December 2024 (5A_89/2024), the Federal Supreme Court issued an important leading ruling on the inheritance-law treatment of Liechtenstein Treuunternehmen. The case concerned a deceased person who, until his death, was the sole beneficiary of a Liechtenstein Treuunternehmen with assets of around CHF 1.37 million. After the deceased’s death, two of his children became beneficiaries, whereupon the grandchildren requested a subsequent division of the estate.

The Federal Supreme Court held that the Treuunternehmen has its own legal personality and must therefore be treated as an independent legal entity. During his lifetime, the deceased had irrevocably waived his rights, which meant that the trust assets no longer belonged to his assets and therefore could not form part of the estate.

No piercing of the trust assets – forced-heirship beneficiaries receive nothing

Piercing the trust assets was likewise rejected. The court found no indications of an abusive legal arrangement or a so-called sham trust. The legal independence of the Treuunternehmen therefore remains preserved, and forced-heirship beneficiaries cannot access the trust assets if the deceased transferred them effectively and irrevocably.

No equalization obligation for discretionary beneficiaries

The Federal Supreme Court also denied that there was a benefit subject to equalization under Art. 626 SCC. The beneficiaries had no enforceable claim to distributions, which is why their designation as discretionary beneficiaries does not constitute a benefit subject to equalization.

Leading ruling strengthens legal certainty for Liechtenstein structures

The decision is of considerable significance for estate planning with Liechtenstein structures. It confirms that Treuunternehmen that comply with Liechtenstein law are, in principle, recognized in Switzerland. Assets that were irrevocably contributed to a Treuunternehmen do not automatically form part of the estate. For heirs and forced-heirship beneficiaries, this means that they cannot readily rely on the trust assets. An equalization obligation arises only if there is a legal claim to distributions or if distributions have already been made.

The decision underscores the need for careful and early estate planning, particularly in the case of international asset structures. Clear documentation and legal coordination are crucial to avoid later disputes.

Maier supports clients in the legally compliant structuring and planning of international assets and is always available to provide comprehensive advice.