Whilst it might seem like a depressing subject, you cannot underestimate the importance of Succession Planning for your overseas assets.
Once you own a property in Spain, it’s important to consider how you would like it to be distributed to your loved ones once you are no longer around. Whilst it is not obligatory to write a will in Spain, we highly recommend it, so that your prized property and possessions are passed on exactly according to your wishes.
Wills in Spain
When a loved one passes away, it is already a difficult time for the family to deal with, without the burden of Spanish bureaucracy to handle. There are few specialist lawyers that have experience in cross border inheritance, so the smart way is to ensure your Spanish Will reflects exactly what you already have in place in your home country.
As far as Spanish Inheritance legislation is concerned, there is a very specific way in which assets are allocated to the surviving family of the deceased, which may not match how you would have chosen to distribute your assets. A Spanish Will, will ensure there is no confusion or misinterpretation of your intentions.
Even if you have a valid last Will and Testament in your home country, it’s important to have this translated and legalised in Spain so that it is clear that you wish to dispose of your Spanish held assets in accordance to the law of your home country. Unlike the inheritance law in Spain, your home country may permit you to bequeath your property exactly how you see fit rather than applying a blanket rule of division to your Spanish assets.
Ultimately, drawing up a Will in Spain is of great importance to ensure that your Spanish Will legally declares that your home country rules should apply irrespective of the conditions, location or residency at your time of death.
Speak to us today about Spanish Succession Planning for complete peace of mind ➞
