Why do I need a Will?

The hard work of finding and buying a property is the first stage on the road to owning a Spanish property. But there are many more things to consider, not least of which is what you might want to with your new estate when you die. It might sound odd to be thinking of this now, but leaving it unresolved will cause a multitude of problems for your family, and will probably result in you paying too much tax.

When you buy property abroad, your circumstances are changing so you need to review your exiting English Will –or write one if you do not already have one. You may need an English Will even if you have no estate left in England , as more than likely you'll still be ‘domiciled' there. If you have Spanish property you will also need a Spanish Will.

Spanish law is extra bitter for the beneficiaries of those without a Will, for they are required to pay Inheritance Tax immediately upon death (perhaps thousands of euros), even though it could take up to three years in the Spanish legal system to sort out the deceased's estate.

It really is worth investing an hour or so of your time to get good tax advice and write an English and Spanish Will, rather than risking your hard-earned money and your family's time when you are gone.

Inheritance Tax

You do need to think about inheritance tax both in Spain and the UK .  Bear in mind that this is a big revenue earner for the English Exchequer and catches those that are not prepared. 

Whilst the EU has standardised many things, each country has its own system for tax. Inheritance tax is no exception and there is no specific treaty between UK and Spain relating to inheritance tax and having to pay it to both jurisdictions. This makes it imperative to organise your affairs so that your family do not have to pay too much tax to the Spanish or English exchequers.

What kind of Will do I need?

Your Will can be as basic as you like, but do talk to a professional. Sound advice from an expert will ensure that your Wills fulfill all the necessary requirements of both Spain and England .

What is the process for writing a Spanish Will?

Once you have considered who to leave your Spanish assets to, your Spanish Will can be prepared. If you do not speak Spanish, the Will can be written in your native tongue and in Spanish. Every Will in Spain must be signed in front of a Notary so at the appointed time you, and a translator if you are not a Spanish speaker, must attend your local Notary's office. Your Spanish Will is then stored in Madrid .

This is a basic account of the issues affecting you and your estates. For more information, advice, or assistance in making sure your affairs are in order, contact Nigel Cobb at Dragonfly Wills. Based in the UK and Spain , Dragonfly Wills specialize exclusively in their area of expertise- Spanish and English Wills.