If you own property in Spain do you know how it will be dealt with when you die?
It is quite well known that, in Spain, there are restrictions on who can inherit property when someone dies. However, in most cases, an English national person will avoid those rules and can leave their property to whoever they wish.
Nevertheless, it is advisable to have a Spanish will to deal with the Spanish property in order to avoid delays and high costs of administration. A Spanish will, which can be made either in Spain or England, can also help to reduce Spanish inheritance taxes which can be very high. There is no nil rate band in Spain nor any exemption for a transfer between spouses or civil partners.
Instead, each beneficiary has a tax allowance based on the proximity of their relationship to the deceased person and the amount of tax they will pay is also dependent upon their pre-existing wealth in Spain.
We can provide English nationals with advice on Spanish wills, the administration of Spanish estates and Spanish inheritance taxes.
For more information, help or advice on wills please contact Keith Hately on 0191 211 7928 or email [email protected].