If there is a will, the execution of will should proceed as follows:
Have family court check the will (in case of holographic will)
In Japan, there are two types of will, one is holographic will and the other is notarized will. In case of holographic will, the keeper of the will should submit it to family court and have them acknowledge it as soon as the decedent passed away.
Since July 10, 2020, new register system for holographic will has started. In case a will is registered to regional legal affairs bureau, there is no need to submit it to family court later. But this registration is not mandatory, so this acknowledgement procedure should not be totally ignored.
Confirm all heirs
Usually a will designates to whom the assets should be distributed, and the assets should be distributed as such. In this meaning, the existence of other heirs is irrelevant. However, Japanese law stipulates legally reserved portion for surviving spouse, descendants and parents. The portion is one-half for surviving spouse and descendants, and one-third if parents are the only heirs. If the distribution designated in the will invades this reserved portion, heirs may claim abatement of a testamentary gift or lifetime gift. Heirs may exercise the claim of abatement within one year from the time of knowing of commencement of inheritance and the existence of a lifetime gift or testamentary gift to be abated. Considering the possibility of this abatement, checking who are the heirs is necessary.
Confirm who is the executor of the will
Usually a will designates the executor of the will, and he/she is the one to execute. However, sometimes the executor is not written in the will or the original executor has already passed away. In such a case, the executor should be designated by family court. Most of the contents written in the will can be achieved without an executor if all heirs cooperate, but it is practically unexpectable.
Pay inheritance tax
Under Japanese law, tax exemption limit is 30,000,000 yen + 6,000,000 yen by number of heirs. If the net assets (=deducting debts) exceed this limit, Japanese inheritance tax may apply. In this case, tax form should be submitted to Japanese tax bureau and inheritance tax should be paid within 10 months from the day decedent passed away.
The realm of assets to be taxed varies based on the nationality and residence history of decedent and heirs, so it should be carefully checked.
Execute the will as designated in it
As to real estate, the name of title holder should be changed to new title holder. The adequate form should be submitted to regional legal affairs bureau.
As to bank deposit, usually the decedent’s bank account should be closed and refund should be distributed.
As to securities, usually the new heir’s account should be opened and the securities are transferred to the new account.