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Spanish Property Choice property guide cover

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Currencies Direct

Inheritance and Wills

INHERITANCE TAX

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

If you have assets in Spain or have have now become a resident, it is advisable although not obligatory to have a Spanish Will, to make sure your wishes are covered.

How do Wills work 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”
Is it possible to write my own will in Spain?

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)

Does a UK Will cover property in Spain?
Spanish Law does recognise a foreign Will made abroad, so you can draft a UK Will to include your assets in Spain.
Do I need a Spanish and English will?
If you are a resident in Spain, the Spanish Law may apply to your assets rather than the English Law. If you choose an English Will to apply to your Spanish estate, the Spanish Law may apply and be aware at this can be quite costly.
Does a UK Will revoke a Spanish will?
If you have a later Will that effectively revokes all Wills, then any Spanish Wills would no longer be valid.
If I make a Will in Spain, is it Valid in the UK?
If you make a Will in Spain, the UK and Wales will recognise it as long as it complies with the Law in Spain, that you are a resident either at the time of the signing of the Will or at the date of your death.

Can you have a joint will in Spain?
Spain does not accept joint Wills so you will have to make separate testaments. The approximate cost for Notary is around 100€ per testament.
Who inherits property in Spain if you do not have a Will?
There is a forced heirship law in Spain, and if you are a resident it means that two-thirds of your assets will automatically be passed not to the spouse, but to your children.
Can a Spanish will cover UK assets?
It is best to have a Spanish Will to cover assets in Spain and a UK Will for assets in the UK. Make sure there are no tax conflicts between one or another.

Disclaimer: The information provided by Spanish Property Choice S.L. on our website www.spanishpropertychoice.com is for general informational purposes only. All of the information on our website is provided in good faith. We take every care and precaution to ensure that information published on this website is accurate when posted and regularly updated, however Spanish Property Choice S.L. cannot be held liable for its accuracy or timeliness and Spanish Property Choice S.L may change the information at any time without notice. Spanish Property Choice S.L make no representation or warranty of any kind, express or implied, regarding accuracy, adequacy, validity, reliability, availability or completeness of any information on the website or mobile applications either directly or indirectly including any other website linked to it. You must not rely on the information on the website and you acknowledge that you must take appropriate steps to verify this information provided with your legal representative prior to acting on it.