INHERITANCE AND WILLS
Recently we saw in the Spanish press, that 21 Spanish NGOs, charities, social non-profit organizations, have launched a joint campaign. The aim is to try to inform Spanish society about the possibility of including in Wills a legacy in favour of entities. These money injections could provide them with means to start new projects or maintain existing ones. Inheritance and Wills in Spain in favour of charities, is becoming habitual.
These “social ” legacies are not very common in Spain, when compared to some of our neighbouring countries.
In our experience, most of the Wills where there was some kind of provision in favour of charities, whilst Spanish wills, were granted by expatriates.
Such bequests are absolutely legal and possible, but they need to be made respecting the applicable law to Wills and inheritance
. For example, if under the applicable law it is imperative to leave a portion of the estate to a family member this “solidarity legacy” must not affect that portion. It is therefore necessary to know the applicable law and its limitations before making any will.
We have been able to help many of our clients in drafting their Wills correctly in favour of Spanish and non Spanish charities, foundations, etc.
It is essential to identity perfectly the NGO, with the full name, charity or association number in the relevant country, full address, etc.
Unfortunately we have seen cases where, it has been impossible to execute the Will, as it was made incorrectly, or did not accurately identify the beneficiary.
It could be advisable that the testator name an executor of the Will in Spain, to ensure that the will be fulfilled, and to simplify the inheritance process to the charities.
Also, because non-profit entities do not pay inheritance tax, (although they pay other taxes), from a tax point of view, the inheritance cost is often much cheaper for an entity of this kind, than for an individual.
We have been able to help NGOs, associations, foundations, charities and all kinds of Spanish, English, and international institutions.
We help them to take the necessary steps to be able to inherit in Spain, helping them to get their tax identification number, necessary documents and paperwork, etc.
Therefore, if you want to name a charity as your heir, beneficiary or legatee in your will, or if you are a charity that needs to inherit in Spain, for any legal advice regarding: Inheritance and Wills in Spain in favour of charities , our firm can help you.
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)
White & Baos
Tel:+34 966 426 185
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