Wills seem to be an issue which is easier to avoid than address. In
actual fact the procedure is quick and relatively straightforward.
The solicitor prepares the Will in both English and Spanish, and the
time taken from the first meeting to signing need be no longer than
a few days.
Whilst there is no obligation to prepare a Will in Spain, the existence of a Spanish Will is a cost effective means of simplifying the handling of your affairs. I have come across people who intend to rely upon their English Will (or, even worse, English intestacy rules where there is no Will at all) to deal with their Spanish estate. Unfortunately however, no action can be taken in Spain until the probate of your English estate has been finalised. This can take a very long time – irrespective of whether your English Will or affairs are complicated or straightforward. There is also the expense of preparing an official translation of the English Will and its legalisation to bear in mind, which together will cost significantly more than preparing a Spanish Will in the first place.
A closely related topic is inheritance tax. Many people are aware that the Spanish authorities impose tax penalties if matters are not dealt with quickly. You have only 6 months to pay the taxes due on the deceased’s Spanish estate following the date of death, failing which a surcharge will be applied and interest will start to accrue. It is rare for the English probate to be dealt with in time to allow this deadline to be met. In addition, many people mistakenly believe that by simply waiting 4 ½ years before informing the Spanish authorities of the death, there will be no tax to pay. This is a high-risk approach and also means that the estate (usually comprised mainly of a house) cannot be sold or borrowed against during this period.
Whilst the inheritance tax rules in the UK are different from those which apply in Spain, the basic advice is that a Will should be prepared in the country in which the assets are situated. In other words if you own property in the UK then you should prepare an English Will, and if you own property in Spain then you should prepare a Spanish Will. The term ‘property’ includes shares and investments, and is not limited simply to a house.
If you have any questions about Spanish
Wills, then please email us: info@spanishadvertiser.info using
your spanish advertiser email address and we will endeavour
to return your query as soon as possible.
So,
you have are thinking of relocating to Spain, of finding
a job to live and work in the Spanish sun. Now all you
need to do is work out the best and most efficient way to do
so. Below, we will give you as much information as we can,
to assist your journey through the bureaucratic systems involved.
If you have travelled, previously, you will know that being
prepared and learning from “Those
who have gone before”, lessens the inevitable frustration.
We hope that the information we have gathered, will do just
that.
In addition, visit our forum often…., make friends and
ask questions of others who have made the journey and found jobs.
Be assured that we at the Spanish Advertiser want to help you,
in any way we can to make Spain your home. Don't forget to visit
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we cannot be held legally responsible for any misrepresentation
that may occur by misprint. Whilst every effort is made to ensure accuracy
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