Thinking ahead when it comes to inheritance

Inheritance Tuesday, April 10, 2018
Thinking ahead when it comes to inheritance

It's not a subject that we like to talk about. However, not preparing for when you die can leave those you love with additional arrangements to make. Ábaco's Inheritance Planning Pack can help answer those difficult questions and prepare for when the time comes.

You have spent many years building up your assets through hard work. Now, you want to make sure that you pass them on to the people you care most about. You don't want lack of knowledge or planning to prevent your wishes being carried out when you die. For this reason, our experts have put together the Inheritance Planning Pack.

Whether you are resident or non-resident, having assets in Spain means that you should think ahead. Making provision for those you love is very important. The rules in Spain are different to those you are probably used to and people can be taken by surprise if plans have not been put into place.

For example, the inheritance taxation process. Inheritance tax must be declared before the property is sold rather than after. This can cause difficulties where a certain amount of money is involved and people do not have it spare to settle the tax bill up front.

There are ways that this can be reduced in some cases. For example, by donating the property before you die or by ensuring that it is split between a number of inheritors.

Differences between the amount that resident and non-resident children must pay has recently reduced for those who are based in a country belonging to the EU. We have seen the threshold for tax payments raised in the Andalucia region, for example. However, it is important to discuss with a professional your individual circumstances to make sure that you are not leaving those you love with a tedious process to settle.

People are also sometimes unprepared for the fact that inheritors will need an NIE to inherit the property.

The NIE is the tax identification number in Spain that everyone who has property here must have. Before anything can change hands your inheritors need an NIE of their own.

It's another hurdle to overcome if you're not aware of it and one that anyone newly bereaved can do without.

It is important to make your inheritors aware of this information before they come to inherit your property. Enabling them sooner, rather than later, to obtain their NIE and providing them with details about all your assets and documentation - what it is and where it is kept - could make a significant difference to them when you die.

Ábaco's Inheritance Planning Pack

Ábaco has developed a pack of guidance that is aimed at those having assets in Spain. The pack gives a good indication of what's needed and the process that your inheritors must follow.

Some people will find it beneficial to take a look now at what's required. Leaving this until bereavement means that inheritors are faced with the double anxiety of dealing with grief and the Spanish  Authorities.

The pack aims to clearly present what's involved. It includes:

  • Details of what the Ábaco Inheritance Service includes
  • A list of the documents your beneficiaries will need during the inheritance process
  • An explanation of these key documents
  • A checklist of assets and information needed by your heirs
  • Steps to take following a death in Spain
  • Information about the Ábaco Inheritance Team

It's a comprehensive pack that has been put together by our experts to help you prepare the ground for those you care most about. It won't ease the pain of bereavement but it will ensure that your inheritors have one less thing to worry about.

The Ábaco's Inheritance Planning Pack gives a good indication of what's needed and the process that your inheritors must follow when it comes to inherit assets in Spain.

Do you have any questions?

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