Do you also have a next door neighbour who seems to know all there is to know?
What if he is giving you advice about something he has NEVER had the opportunity to experience like his own inheritance process? Reading this can make it sound like a joke but it is a very serious matter that will obviously not affect the person who passes away but can cause great distress to their loved ones who will have to deal with an Inheritance while trying to get through very difficult times.
In order to make the Spanish Inheritance Process smooth and easy a Spanish Will MUST exists. No matter what you have heard, what you have been told, what you have read there is no question about it IF YOU OWN A PROPERTY OR HAVE ASSETS IN SPAIN YOU NEED TO HAVE A SPANISH WILL DRAWN
A Spanish Will is drafted in accordance to your national Law anticipating any possible changes of the European Law. Will reduce the possibility for your Spanish Will to be contested.
There can also be a mirror English Will for assets located in the UK if needed (depending on the case).
There is no need to wait for the English Inheritance Process to be finalized before starting the Spanish Inheritance Process which means you will be able to comply with the 6 months period given by the Spanish Authorities to pay the Inheritance Taxes IHT.
The Spanish Will should be drawn under the advice of an Anglo-Spanish / International Law Firm, knowledgeable of Spanish Inheritance Law and Tax, and also of your national Law, ( i.e: English Law if you are English, etc).
It is a cost effective way of simplifying the handling of your affairs.
If your Spanish Will is correctly drafted by an expert IHT lawyer the Spanish Inheritance Tax can be greatly minimized.
There is no need for a person named beneficiary in a Spanish Will to have an NIE number when he is named however the same person NEEDS TO HAVE AN NIE NUMBER IN ORDER TO BE ABLE TO INHERIT when the time comes.
The percentage to be paid for Inheritance Tax in Spain depends on some of the following facts:
.-Estate to be awarded.
.-Deceased was tax or non tax resident in Spain
.-Deceased was resident or non resident in the Valencian Community (Castellon, Valencia or Alicante)
.-Beneficiaries are resident or non resident in Spain and/or in the same Autonomous Community than the deceased.
.-It is possible for family members named beneficiaries to benefit from a tax reduction.
Some of the question that regularly arise on this subject are:
Do more beneficiaries in a Will mean a bigger tax reduction?
Does the Executor (Albacea, contador, repartidor) of a Spanish Will need an NIE number?
For the expressed above if you or a family member have assets in Spain and have not yet drawn your Spanish Will we advise you to do it as soon as possible, or at least get some advice about the possible consequences of not having a Will in Spain. We will be more than please do assist you.
For additional information about Spanish Wills and Inheritance please click on the below link
The information provided in this article is not intended to be legal advice, but merely conveys general information related to legal issues.
Carlos Baos (Lawyer). Tel: 966 426 185. E-mail: firstname.lastname@example.org. White & Baos 2011 – All rights reserved.