PROPERTY SEARCH
The importance of making a will in Spain
The team at Heniam & Associates can help get your affairs in order
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Having a will is the best legal tool to ensure that a person’s wishes are carried out after their death, and it is especially important if you own property or have financial assets in Spain.
A will is essentially a document that allows us to set out who will be the beneficiary of our assets, or how they should be used, when we are no longer here.
Why is it advisable to make a will?
It’s vital to make a will before any illness or accident occurs and if one isn’t in place, the law will decide what is to be done with any assets. Making a will is a simple and relatively cheap procedure that allows you to control what happens to your worldly goods, and know that your wishes will be carried out after your death.
Furthermore, having the details in place ensures that your loved ones are taken care of financially and will avoid any conflict between family and friends.
There are three types of wills in Spain but the most common option is an open will. Contrary to its name, the contents of an open will are completely confidential and can’t be accessed until after a person’s death.
Other benefits of drawing up a will
1. Tax planning
A well-structured will could minimise the tax burden on your estate, since certain tax exemptions or deductions may be available for beneficiaries.
2. Nominating executors and guardians
In your will, you can nominate an executor to distribute your assets and carry out your final wishes. You can also appoint guardians for any children you might have.
3. Foreigners
If you are a foreign citizen with assets in Spain, having a Spanish will will simplify things greatly for your heirs, who won’t have to navigate the complicated legal system without clear instructions.
4. Property
If you own property in Spain, a will can specify how you want it to be transferred to beneficiaries, preventing disputes and legal complications.
5. Expedited Probate Process
Having a will in place can expedite the probate process in Spain, making it easier for your heirs to access and manage your assets.
A will can be made at any time during adult life and up to the time of loss of capacity, which must be requested from a notary. This document can be changed as often as you like but it’s usually recommended that you alter it evert five or ten years to reflect your circumstances.
It's important to consult with legal professionals who specialise in international estate planning, as the process of creating a will for Spanish assets may involve considerations related to Spanish inheritance laws, your home country's laws and potential tax implications.
Heniam & Associates, based in Los Belones, offers a range of legal services including conveyancing, property disputes, appeals to regulatory bodies, wills and inheritance advice, company formation and assistance with the Spanish system, residency and TIE applications, and all other communications that may become necessary with the Spanish Administration.
