MAKING A SPANISH WILL

No matter how many times we write about it people still don't realise how serious it is that they have a Will to cover their assets in Spain should they die.

For many they seemingly believe that it doesn't matter. Well it does.

All too often we are left with the remnants of once a happy life.

Firstly, a loved one has passed away. Then when it comes to the practicalities of sorting out the assets it becomes clear that everything is not in order.

With no Spanish Will we have to look at alternatives. If an English Will exists then we have to look at whether there are any assets in the UK upon which we can obtain Probate. Sadly, when many move to Spain they move all their assets as well so there often isn't anything.

If that is the case then working our way through the complicated system to identify the legal inheritors is both time consuming and can prove expensive.

It leaves the family fustrated and unable to comprehend why this situation exists. As many will know the laws of inheritance in England often do not cause too much problem if someone dies without a Will. This is not, however, the case in Spain.

One fundamental problem if obsticles can be over come is that of Inheritance Tax. Again the difference in application of this tax is often a surprise to those involved.

The simple solution is to get a Spanish Will covering your assets. You can leave them to whoever you wish as you are governed by the laws of your nationality not Spain. However, be warned the Inheritance Tax implications can be enormous and serious advice should be taken from those that really understand the implications.

There are many who will prepare a Spanish Will with a basic understanding but really knowing the consequences for a Client is paramount. If an advisor is not able to tell you the Inheritance Tax figures then be careful.

For anyone considering making a Spanish Will they should consider carefully just who they are going to leave their assets to. There may be practical problems as well as financial. A good advisor will be able to guide you in the right direction.

Making a Spanish Will does give peace of mind and once done should not need to be changed.

Throughout April Costa Blanca Lawyers are doing Spanish Wills for 100€ plus the Notary Fee.

For anyone wanting comprehensive advice on Spanish Wills and Inheritance Tax then see http://www.costablancalawyers.com or email them at webenquiry@costablancalawyers.com.

This article was written by Jo Caress of Costa Blanca Lawyers