The importance of having a Spanish Will
You have probably heard about how important is to have a Spanish will in place as soon as you have any Spanish assets. Certainly, it is and set out below we are going to explore why:-
A Spanish will
- Ensures that your Spanish assets are passed to the beneficiaries you choose: Even if you have a will in another country, it is advisable to have a Spanish one for your Spanish assets as the content of the other will could be more complex to be understood here or the dispositions may not be familiar with Spanish Authorities (Notaries/Land Registrars) so it could lead to problems when executing a foreign will in Spain.
- Besides, it makes it easier and quicker to administer your Spanish assets: it will be always easier if the Authorities (Notaries/Land Registrars) in Spain fully understand the contents and the dispositions stated in a will and therefore if it is in Spanish, the content will always meet the legal formalities and it will be easier to execute the wishes of the deceased.
- Avoids unnecessary costs when distributing your Spanish assets:
If there is a Spanish will in place, the content will always be in Spanish (and also sometimes it is possible to include it in both Spanish and English or other languages). Therefore, there will be no cost for translating a foreign will.
Also, if there is a foreign will, probably the Notary in Spain would require additional documents that support said document, such as a Grant of Probate, certificates of foreign law… and those will always have to be translated and apostilled which would add more cost to the inheritance process.
If there is no will, costs could be even higher than having just a foreign will as if the deceased was resident in Spain, a declaration of heirs will have to be completed before signing the deed of Inheritance. Also if the deceased was domiciled out of Spain, a similar document will have to be issued by said authorities.
- Allows you to mitigate and possibly reduce Spanish inheritance tax due: if you contact us to prepare your Spanish will, we and normally lawyer generally, will also provide you with tax advice on your dispositions with the aim of mitigating and reducing inheritance tax as much as possible.
- Can be coordinated with other wills: you can have another will in your national country or any other country where you have assets and all of them can work together and it can be coordinated by mentioning them in your wills.
- Possibility of choosing your national Law:
If you live in Spain and do not have a will, then your succession is likely to be ruled by Spanish Law, meaning that your Estate would go to your children and just a small part to your spouse.
Whereas if you have a Spanish will, you have the option of choosing your national Law to apply said event. Depending on your national Succession Law, it could give you free disposition to appoint whoever you want as beneficiary/heir whereas Spanish law does not allow free dispositions.
My Lawyer in Spain is dedicated to providing comprehensive advice about Wills and Inheritance in Spain. If you need help with making your Will, an inheritance, or general legal advice contact us today.
