|
|
|||
|
sponsored by business partners with
|
|
Honest advice from a reputable estate agent |
and Make your money go further |
| ||||||||
|
|
Spanish WillI f you are a foreigner with assets in Spain, you should make a Spanish will. This will help avoid time-consuming and legal problems for your heirs. The Spanish testament should clearly state that it disposes only of your assets in Spain. If you have other assets in the UK you should also have a will & testament drawn up there clearly states that it disposes only of the assets in the UK. Spanish Inheritance Taxes are payable after 15,025€ and there is no exemption from these taxes. However, if you are an official resident in Spain, and if you leave your inheritance to a spouse, you could be eligible for a 95% reduction in the value of your property for inheritance tax purposes. Spanish law requires that two-thirds of an estate must go to the children, as compulsory heirs. However, as a foreigner, this law does not apply to you and you will be able to leave your estate to the person of your choice. You will not be exempt from paying the inheritance taxes. The will itself is in two columns, one in Spanish and the other in English or the language of your choice. It will be checked by the Notary Public and signed in his presence, with three witnesses. This is the most common type and is called an open will (testamento abierto). The Notary Public keeps the original in his file and give you an authorised copy and will send a notification to the Registro Central de Ultima Voluntad, which is the Central Testament Registry in Madrid. Each will is given a certification number and kept on file to make sure that a legal copy can always be found. If you have lost your copy contact the central registry to get a copy.
Alternatively
you can make a closed will (testamento cerrado), or holographic will,
hand-written by you, or a verbal will, which requires the presence of five
witnesses.
So you've made a will. Now see the next topic re Funeral expense insurance. |
