Inheritance in SpainIt is perfectly understandable that most people do not want to think about this subject, particularly as it is not a very nice one, but it is of course a vital element of consideration for anyone who owns a property and in this case in Spain.
It is an important aspect to consider regardless of your age, because just like you would make a will in the UK or your own country, you should make plans in Spain especially when you own property. It is always a good idea to investigate in to wills and inheritance and respective taxes, because while you may be aware of protocol in your country, you may find that things are rather different in Spain, either by a lot or little. When it comes to wills and inheritance which may involve oversea transaction, then things can get difficult and complicated very quickly, if the right measures were not out in place to protect your assets the general outcome.
Inheritance in Spain usually passes to the next of kin in terms of children and if not then other members of your family will be in line accordingly. In Spain there is a period of six months in which to complete the change over and transfer including all documentation. In this time all taxes must be up to date and paid for. The process does not have to be complicated and stressful, but can be rather straightforward, as long at the initial process was done correctly. Unfortunately the Spanish authorities can block accounts until the probate period is over, so it is important to have everything in order to prevent this from happening is that utilities can be continued to be paid. The thing people most worry about is the inheritance tax which again is not that bad if you were prepared and advised correctly, however if it just left up to the tax office then things then get messy.
It is important to have a qualified lawyer/solicitor draw up your will in Spain and make the appropriate arrangements for it to be carried out correctly. This applies to non-residents and particular residents. Anyone who owes a property or assets in Spain should protect their investment against something ever happening, ever though no one likes to think about.
ABAD Legal and Tax Firm are profession experienced lawyers in Spanish and international rules, regulations and law, and would be more than happy to be able to help you organise your affairs in Spain and make all the appropriate arrangements there forth, giving you peace of mind that everything is in place and taken care of.