Do you own a Spanish property? Do you know who you would like to inherit it when you die?  We all understand that making a will is part of the process of ensuring that our assets are passed on to those we love. It isn’t an easy step to take, none of us likes to think of the inevitable, but doing just that can ensure that our wishes are fulfilled. So, should you make one?

If you have assets in Spain, are you aware of how the inheritance process works? It makes no difference what your nationality is, if you haven’t made a will but live in Spain then Spanish inheritance law will take precedence when you die. And this could be at odds with what your hopes and wishes are for your family.

Wherever you live, it is important to make your wishes clear but even more so when there are different legal systems involved. You don’t want any additional unpleasant surprises for your family after you’re gone.

Why it’s important to make a will

You can make a Spanish will whether you are a resident or not. Your will includes your final wishes as to how your property is divided and assigned to the people you love. Most of us are aware that it is advisable and that there are benefits, but what actually are they?  

Which country’s inheritance laws?

You can decide, if you wish, to invoke the inheritance laws from your own country. In Europe it is necessary to designate which law you want to govern your succession – the laws from the country where you last resided (in this case Spain) or your national law.

Your national law is likely to be different from Spanish inheritance law and can be applied to you in Spain but only if you make that clear in a Spanish will. If you don’t, then it is Spanish inheritance law that will apply. British citizens should take particular note of this as the British national laws allow a much freer distribution of assets than Spanish law.

Ensuring compliance

If you do wish your own national law to apply then it is important that your will in Spain recognises the specific requirements of this. Your advisor will need to take account of these when drafting your will to ensure that there are no difficulties in the future allocation of inheritance.  

Avoid family conflicts

Without a will there can be more opportunity for misunderstandings to take place between family members – the last thing you want to leave as your legacy. A well-drafted will can prevent disputes between heirs and ensure a fair and equitable distribution of assets.

Protect those you love

You know how your family works and the different needs and aspirations of different family members. You may have a clear idea of how you want what you have accrued during your lifetime to assist them in their plans for the future.  The only way to do this and be sure that they receive according to your wishes, is by making a will.

Funeral planning

You can include in your will instructions about the type of funeral you wish for and what happens to your remains subsequently. Presented legally in this way, your wishes must be respected.

Bequeath your assets to individuals

There are some nationalities where the law works so that the assets left by you to your children are then passed on to their spouses.  This can create problems in the event of a sale or divorce. One example of this is Swedish law whereby inherited assets become matrimonial property if the will does not expressly state otherwise.

Simplify the process for your heirs

A Spanish will can make the inheritance process easier for your inheritors. When you die there will be less need for documentation from your country of origin with fewer official translations required. This can save time, emotional stress and, of course, money.

Make the best arrangements and reduce inheritance tax

You can discuss with your advisor what the implications will be of different options when it comes to inheritance tax. This can help you make the right decisions to simplify the process and reduce any tax requirements at a time when you are no longer there to help.

And finally

So, there you have it. These are what we consider to be the benefits of making Spanish will. It isn’t compulsory – you can just let time take its course and bureaucracy do the rest. But if you want to rest easy that you have done your best to support those you love after you are gone then it really does make sense.

It is vitally important that an experienced inheritance lawyer draws up your will. It can be a complex process and having the help of an expert ensures that the document is valid and meets all legal requirements. Ábaco’s professionals have extensive experience of drafting wills and can advise you every step of the way, from identifying your assets to signing them before a notary.

If you are thinking about making a will or want to review your existing one, do not hesitate to contact Ábaco at legaldpt@abacoadvisers.com or by phone at +34966703750 to receive the necessary legal advice and make sure that your interests and those of your family are protected.