A will in Spain...should I make it ?
Should I make a will in Spain? This question comes to mind when you buy a house in Spain.
The answer is yes, you really should make a will in Spain. A Spanish will only relates to property (assets) in Spain. Keep it simple. Another will is necessary for assets in your home country.
Inheritance tax will apply to your assets in Spain and vary depending whether you are resident or non-resident, which province you live in, and to whom you leave your assets to. Close family will have less to pay than others.
How do you make a will?
Prepare your details first, if necessary with the help of a solicitor. The will must be in Spanish, so you may also need the help of a translator. You will need to go to a notary, who registers the will in a national databank. (The notary’s cost is only about 40€).
What if I don’t make a will?
There is a fine if inheritance tax is not settled within six months. If there is no will, all probate work would need to be completed before then. Everything will need to be in Spanish and translations officially approved.
This all takes time and six months may not be enough. It is far easier to think ahead and take the relatively simple path of completing a will. Wills can be changed at the notary at any time.
Please call or email if you would like any more information.