We Offer a Complete Will Making Service in Spain
It's surprising how few people have made wills disposing of their assets in Spain.
If you are a foreigner with property or other assets in Spain, you should make a Spanish will disposing of them
to avoid time-consuming and legal problems for your heirs
The Spanish testament should clearly state that it disposes only of your assets
in Spain. Another will outside of Spain should be drawn
up for assets outside of this country and should clearly
state that it disposes only of the assets in the country
where it is drawn up
Some important points to think about:
You need to make a Spanish will disposing of your Spanish property in order to avoid time-consuming and expansive legal problems for your heirs. You can make a separate will disposing of assets outside of Spain.
As a foreigner, you will find that the Spanish authorities do not oblige you to follow the Spanish law of compulsory heirs, in which you must leave two-thirds of your estate to your children. You can leave your estate to whomever you choose, but you will be subject to Spanish inheritance tax, which is high when property is left to non-relatives.
Our Will Making Service Includes
 1. Preparation of the Will.
2. Presentation at the Notary Publics office.
3. Full translation of the document from Spanish to English
4. We will act as translator at the ** Notary publics office on the day of signing the will.
5. Included are the Notary fees and all other related expenses.
6. You will receive an original notarized will and three copies for your records.
INHERITANCE TAX PLANNING
Inheritance Tax is payable by each beneficiary of the Will, in respect of what they receive. The level of Tax is fixed according to a sliding percentage scale.Rates beginning at 7.65% and rising to the maximum of 34.00%.
Unlike the UK where there is a generous allowance before Inheritance Tax becomes payable, here in Spain, the allowance is 16,000 euros.
Again, unlike the UK, the Tax liability falls with the Inheritor and not the Estate. Further to this, each Inheritor is responsible for the Tax payable before the proceeds of the Estate are released. Failure to pay the Taxes within a specified period results in fines on a monthly basis.
By taking specialist advice in respect of correct Estate Planning, it is often the case whereby the liability can be substantially reduced or mitigated.
Please contact us if you would like further information on Inheritance Tax Planning via our In-House financial and tax representative.
If you are interested in making a will or receiving IHT planning
Contact Us and we shall email you
the preliminary forms and further information by return.
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