We understand that Spanish property law and Spanish Inheritance Tax for non residents and residents is often a daunting and confusing area for individuals and couples with property in Spain. Worryingly, Spanish Inheritance Tax Planning and Wills aren’t usually the first things that purchasers in Spain are informed about or address when buying their Spanish property, however, it’s an area that anyone owning Spanish property should seek professional advice on as soon as possible.
Legal Property Eye has helped many British citizens who have unfortunately only become aware of the Spanish Inheritance Tax liabilities following the death of a loved one and are struggling to know how to deal with this unexpected cost on top of their loss.
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Frequently, steps could have been taken BEFORE a partner or loved one has passed away that would have ensured that the Spanish Inheritance Tax liability left to those inheriting the Spanish property was manageable and planned for.
Our panel of Spanish Inheritance Tax lawyers can help you in two ways to:
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Manage an existing Spanish Probate and Spanish Inheritance Tax case -
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Plan and prepare in advance to ensure that those you care about avoid added stress and financial worry BEFORE it happens, ensuring that liability for Spanish Inheritance Tax is planned for and limited to the lowest possible levels.
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Spanish & UK dual Wills services
- Are you Resident in the UK?
- Do you own Spanish property?
- Do you have a UK will but no Spanish Will detailing how you would like to distribute all your UK and Spanish assets, including properties, bank accounts, cars, personal belongings etc when you pass away?
If so, then you and your loved ones may be facing a big problem as Spanish Inheritance Tax must be paid within 6 months of the deceased’s passing. Failure to do so incurs additional financial penalties and many people rely upon being able to access cash etc held in the deceased’s estate in order to pay this Tax.
When you own a property and other associated goods and chattels in Spain as well as the UK (or other country of your origin), it’s not sufficient to simply detail what is going to happen with your worldwide estate when you pass away in a UK Will alone. An accompanying Spanish Will is also vital. The loved ones of those with only a UK Will face a complicated and drawn out process to handle the Spanish Inheritance Tax and Spanish Inheritance Law system if there is no Spanish Will.
By arranging Dual Wills, covering your wishes in both UK and Spanish version Wills, your loved ones are afforded peace of mind that when the time comes they will not face the added stress of dealing with additional Spanish bureaucracy and costs. Without a Spanish Will your loved ones will have to instruct Official Translators, liaise with The Foreign Office, High Court of Justice and Spanish Lawyers to obtain the Grant Of Probate before the Will can be executed. This all coming at a time of immeasurable stress and sometimes with the inheritors being unable to speak Spanish fluently.
Five fast Spanish Inheritance Tax facts
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These are just some of the important exemptions to take into account when planning for Spanish Inheritance Tax, which applies to each inheritor not to the total estate.
Many British owners of Spanish property are totally unaware of the above facts resulting in added stress, financial problems and bureaucratic difficulties for loved ones. By taking our expert Spanish Inheritance Tax advice and acting in advance now, you can be assured that you and those you care for can rest easy knowing everything is in place when the time comes.
Spanish Inheritance Tax Planning, Probate & English & Spanish Wills
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