 |
|
| Valencia Local Reference INFOrmation
Information about wills for UK citizens in Spain: whether a British will is valid or if a Spanish will is necessary; how the estate and will is handled by the notary, gestor or lawyer after death; and when the Escritura of Partition can be drawn up.
A British will is valid in Spain but it is always recommended that a separate
will is drawn up for each jurisdiction in which assets are held. Regardless of
the size of the assets (even simply one or two bank accounts), a legal instrument is required in order
for those assets to be divided up efficiently and according to the deceased's wishes.
UK Citizen with Assets in Spain and No Spanish WillIf there is no Spanish will, the UK will is used but it must pass though the English courts and the Spanish legal system to be proven "valid". This takes time and additional expense - the services of a lawyer with expertise in international probate issues is required. Care must be taken to ensure that there is no conflict between existing wills in different countries. Mention should be made in each will of the existence of the others and which assets it covers. If the traditional UK wording of "last will and testament" is used without reference to other wills, this will effectively make them null and void resulting again in avoidable international probate. UK Citizen with a Spanish WillIf the deceased has drawn up a Spanish will with the help of a notary, a certificate of this is lodged with the Central Registry of Spanish Wills (Registro Central de Última Voluntad) in Madrid. Once the Spanish will has been called down from Madrid by the notary, a tax declaration must be made to the tax office. This process requires knowledge of both the Bonificación Familar and the Small Inheritance Rule in order that the correct form is submitted. An heir is advised to engage the services of a gestor or lawyer for this process. If the tax authorities agree with the figures (note that the tax authorities reserve the right to send out inspectors to officially value a property - this equates roughly to taking a third off of what might be considered the market value) then an Escritura of Partition can be drawn up which effectively transfers the deceased assets into the names of the heirs according to the provisions of the will. From submission of the tax office declaration to receiving an agreement from them can take six months and Spanish probate ideally should be completed before the UK probate is dealt with. Any foreign inheritance taxes paid need to be reflected on the UK Inland Revenue forms. Related Information
Information provided by John Siddall Financial Services
Limited 0908ww
|
myAngloINFO Today
|
Share
Print
+
Related reference INFOrmation on AngloINFO Valencia:
The Weather:
Relax for a few minutes in our online leisure zoneCopyright © 2000-2009 AngloINFO Limited. All rights reserved. Privacy Policy, Terms of Use, About, Advertising, Contact.
AngloINFO: Everyday life in Spain, in English
Find out more about AngloINFO in Spain...