Where there's a will - there's a way.
There are also relations and if you don't want your hard earned money going
to one of the family's black sheep, you need to have a will securely in place.
Although the intention and hope of
some, none of us will take anything with us when we go. The best we can do is
leave what we have managed to accrue in this world to those we have cherished
most.
It is still quite common for many
people not to have made a will, perhaps not wanting to acknowledge their own
mortality or simply because they have never got around to it. Whatever the
reason, it's shortsighted and can cause untold problems at a time when they are
least able to be dealt with effectively. Especially in Spain!
No Will – No Way!
If a foreigner dies in Spain without
having made a will, his estate can be disposed of under the Spanish law of
compulsory heirs or enforced inheritance, which we discuss a little later in
this section.
Normally, a foreigner, living in
Spain, is permitted to dispose of his Spanish assets according to the law of his
home country - providing of course his will is valid under that country's law.
If you intend to live in Spain for a long time, it may be necessary for you to
create a legal domicile in your home country for the purpose of making a will.
It's probably a good idea to have wills in existence for all
countries in which you own property as your assets can be dealt with
immediately under the appropriate local law without having to wait for
the granting of probate in another country. It is far cheaper and
quicker to do this now, although by this time you may not be too
interested.
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Having a Spanish will for Spanish
assets will hasten the will's execution and avoid the miserably long and
complicated process of having a foreign will executed in Spain. If you have a
will in your home country and another in Spain you must ensure that neither
contradicts or invalidates each other. When you make a will, don't just forget
about it. Things change and hopefully for the better.
You need to be aware of your financial
circumstances which your will should reflect at all times. Having left all you
owned to the local dogs home was fine when all you owned was a three figure bank
account. But what if you had won the lottery and now had tens of millions. A lot
of happy dogs you may say but the point is made.
Surviving spouse
Under Spanish law, a surviving spouse may retain all assets acquired before
marriage, half the assets acquired during the marriage, and all personal
gifts or inheritances which have come directly to the spouse. The remaining
assets must be disposed of under the law of obligatory heirs. When a person
dies leaving children, the estate is divided into three equal parts. One
third must be left to the surviving children in equal parts and another
third must also be left to the children but the testator may decide how this
is to be divided. A surviving spouse has a life interest in this second
third and the children who inherit it cannot dispose of it freely until the
surviving parent dies.
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The final third can be freely disposed
of. If a child has died leaving children, they automatically inherit his share.
If you have no children your surviving parents have a statutory right to one
third of your estate if you have a surviving spouse and half of your estate if
you don't have a surviving spouse.
Just because you have written a
will does not avoid the heirs Inheritance Tax liability, It simply speeds up
the ability to transfer assets to the next of kin. Please read our section
on
Spanish Inheritance Tax.
Note: A will made by a foreigner regarding Spanish
assets isn't invalidated because it doesn't bequeath property in accordance with
Spanish law. As mentioned above, in practice Spanish law isn't usually applied
to foreigners and the national law of the deceased's home country governs the
disposal of property in Spain unless there is a dispute among the beneficiaries,
in which case Spanish law will apply.
If you require any
assistance in writing a will in Spain then please complete
the enquiry form.
Cost of writing a Spanish will:
• Single - € 350
• Joint - € 550
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