Sunday, February 17, 2008

Inheritance from Germany

My mother just told me that our share of the proceeds from the sale of a property in Eastern Germany that our family jointly inherited with others came through finally to her bank account. She'll send on £4,000 to me (and £4,000 to my brother). For some reason she decided to keep £595, though originally we agreed that she'd pass all the money on to her two children. The amount is less than I expected we'd receive from this property - only about as much as we received from the first of the two properties. The main thing is that this saga that has been going on since 1995 I think is finally complete. Legal processes can be very slow. Our family lost this property when they fled Germany in the 1930s. The house served as an orphanage for some years. When I visited in 1998 it was derelict. So all we received was the value of the land - it was in a suburban area on large grounds. For 45 years after the second World War the communist government in East Germany wouldn't deal with any property claims. So it was only after the fall of communism that any compensation could be received. This is one reason I'm not much of a fan of property as an investment. I'm planning to invest the money in the US as part of our policy of reducing exposure to the Australian Dollar. The Man investment also will reduce Australian Dollar exposure.

No comments: