Making a will in Spain: An essential step to managing your spanish assets
No one wants to think of making a will just when they have finally bought their Spanish Property, however, the importance of doing so cannot be overstated. Leaving your nearest and dearest with a clear and readily applicable will is the best gift you can leave and will help them avoiding needless red tape while they deal with their loss.
It is true to say that the best will is a simple will. More often then not a simple will is more than enough to adequately cater for the Spanish assets held by a non resident. At the same time, if you wish, we can provide complex estate planning so as to ensure your estate receives the best possible tax treatment available.
Our fee to assist you to make your will in Spain is €150 plus IVA per will excluding the notary’s fee. If you need specialist estate planning services we can provide international tax advice. The fees for such tax advice are expressly excluded from the above fee quotation.
Accepting a Spanish Inheritance
Martin has assisted clients from many different countries in relation to Spanish inheritances and Spanish donations. This is a frequently a complex area of legal practice as it involves the application of home law of the deceased person. This sometimes leads to a conflict of laws where for example the laws of the home country give a conclusion which is at odds by what is provided by Spanish law. This most frequency occurs in the case where no will can be applied in Spain.
Careful attention must be made regarding the application of tax rules. We can offer excellent tax advice not only in relation to the Spanish estate but we can also work with tax advisors in the countries where the beneficiaries are from so as to ensure a completely seamless tax solution is realised at the moment when the proceeds of the estate are repatriated.
Spanish Donations
Some clients need assistance in relation to providing their children with an advance of their inheritance during their lifetime. This is classed as a gift and is subject to Spanish gift tax in the case that the recipient of the gift is tax resident in Spain. So for example, if the parents making the gift are resident in the United Kingdom and their child who is to receive the gift is resident in Spain, this gift will be subject to Spanish tax. We are on hand in such instances to ensure that the gift is made in the most tax efficient manner.
If you need assistance with any matter regarding a Spanish will, a Spanish inheritance or a Spanish donation contact us on +34 960 912 325 or by email using the form.
