Inheritance and Wills
The Spanish Inheritance Tax system is not easy to say the least and like wealth tax, it differs depending upon where you live in Spain. For this reason we have decided that, we are just mere real estate agents and in our opinion, this matter would be better served by people who deal with this issue daily so that you get the right information for your personal circumstances.
It is a specialist area that needs specialist advice as it changes on a regular basis. So The Garners feel it is best to guide you to such information.
This link and the links below https://www.expatica.com/es/finance/taxes/inheritance-tax-in-spain-102092/
WILLS IN SPAIN
To be able to make a Will in Spain, firstly you have to be over 14 years old, you will need 2 witnesses and the Will should be signed and certified before a Notary. The Notary will then register the Will at the Central Registry in Madrid, known as “Registro General de Actos de Ultima Voluntad”
Yes you can write your own Will, an open Will is the most common type of Will in Spain. Again you will need 2 witnesses and a Notary to certify it. The Notary will then keep the original copy.
What to add to your Will:
- Name the executor of your will.
- Name a guardian for any minors.
- Organise and inventory assets.
- Name the beneficiaries.
- Write your residuary clause.
- Sign your will with witnesses.
- Store your will someplace safe and update it when necessary.
What is the cost of a Will?
There are companies here who will draw a will for you for around 250€, this price included Notary fees.
However please be aware that a more complicated Will such as for example a divorced couple, could cost considerably more dependent on how much work is involved.
Where are Wills kept in Spain?
All Spanish Wills are registered in the Will Registry located in Madrid (Registro Central de Ultimas Voluntades)
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