1. The most important recommendation withoght doubt is to not underestimate the importance of signing a Spanish will.
2. If you already have one, make sure it complies with new European Directive 650/2012 which came into force on the 17th of August of 2015. If you have children from other marriages this is the most important recommendation for you.
3 If you have children from other marriages it is perfectly possible to protect both your wife and your children by using life possessions etc. Make sure your will is correctly written so that it can not be contested by the beneficiary.
4. Make sure you understand the advantages of Sentence 3/9/2014 of the ECJ that allows non residents who reside in E.U. countries to claim the same extra exemptions as residents in Spain . If your will was done before then your solicitors will not have taken this into account when establishing the most advantageous way of distributing your estate from a tax point of view. Also make sure how Brexit affects this ..
5. Look into making sensible use of Life Possessions as an instrument to both mitigate inheritance tax and protect beneficiaries.This is not for everyone but in some circumstances it is very advantageous.
6. Be aware that in some regions of Spain exemption rates have been reduced or abolished during the credit crunch . (for example in Murcia Group II heirs ) while in others like Andalucia they have been increased . A revision of your estate planning may be convenient .
7. Make sue that the will is sensible from the point of view of inheritance tax, and understand the effect being a non resident or a resident has on what has to be declared in Spain. Normal families will normally not pay any inheritance tax in Spain as long a the will is sensible. Different ways of distributing your estate amongst your loved ones can make a considerable difference to the final tax bill.
8. Make sure you understand the difference being a resident or non resident can make to your inheritance tax declaration.
9. Do not make a will that is unnecessarily complex. If it is complex ask your solicitor if he has handled probate on a will exactly like the one he is proposing.
10.Never mention a trust on a Spanish will. (it will be a disaster). The situation will be even worse if there is not Spanish will and the u.k. that needs to be used in Spain mentions a trust.
11. Make sure your solicitor has plenty of experience with probate and the Spanish inheritance tax office. If he does not he is not the correct person to prepare you will.
If you would like an appointment to discuss making a new will or need help with probate e-mail me today.
It is much cheaper to have a Spanish will that is in perfect order than to have to go to probate on a bad will.
We guarantee that with a typical estate in Spain consisting of a property or two a bank account and a car or two we can obtain probate , tax clearance and the need deed to the properties fully registered and ready to sell by the beneficiaries of the estate if they wish to do so within 4 months of receiving the death certificate and being retained.
