Inheritance and Draft a Will in Spain
If you have acquired a property in Spain, or have any assets or investment, although unpleasant, you should plan what you want to do with all your legacy once you passed away. The same way, you should think to whom and how you wish to divide such assets. In order to do so, you should get legal assistance to draft a Will. It is important to keep in mind that having a Will in your current country of residence may not sort out all the legal requirements and taxes that your inheritors shall fulfill to claim the inherence. If all the steps and legal elements are not meet, your family members, relatives or inheritors could be left empty handed or paying higher inheritances taxes for claiming what will be legally theirs.
In order to avoid any pitfall, in our experience, you shall produce two Wills one in Spain and other in your current country of residency. Both Wills are very important and must not contradict each other or represent an obstacle for the other in any case, for this could cause many problems that couldn’t be easy to sort out.
You must always consider that the legislation may vary from one country to another. Thus, our lawyers are fully aware of how the Private International Law works and thus, they can help you drafting and writing your last Will in accordance to the Spanish Law and international regulations.
If you have certain assets that could be inherited in the future for your family or any other beneficiary of your goods, you must keep in mind that in general the law of your nationality (“personal law”) or current residence (provided that you at least have the residency status) will be the one applying in case you do not draft a Will.
Another aspect that can make easier the process for the inheritors to claim your goods is to appoint in your Will an Executor. This “representative” is going to have the responsibility to execute your wishes and all the conditions stated in your Will. This Executor can be a lawyer or any other person, apart from the beneficiaries or inheritors listed on the Will. One of our attorneys can be the appointed person since he/she will know the content of the Will, your last wishes and the best way and steps to follow in order to claim the goods appearing on the said document.
Finally, you must consider that in Spain you can write an open or closed Will. In any case you shall sign it before a Notary who will keep the original and inform that such document has been made to the Central Registry of Wills in Madrid. If you need a copy of it, you may request it as well.
Remember that your inheritors shall pay taxes in the following 6 months after the death of the testator in order to be able to claim the inheritance. The taxes calculation may vary from one Autonomous Community to the other depending on the location of the inherited goods, therefore they should count with the help of a lawyer that explains this and other stages to fulfill the claim of the inherited assets. For instance, a solicitor could request on your behalf an extension for another 6 months period to pay such inheritance taxes. We will act on your behalf to help you avoiding unnecessary trips to Spain.
Our lawyers will make sure that your last whishes are respected and duly executed, with all the guidance and professionalism that have always been a key element in our Law Firm.