If you have property in Spain you will want to have arrangements in place so that everything goes smoothly when you die. It's a difficult subject, but failing to prepare can leave your inheritors with unexpected inheritance tax bills.
We can all be reluctant to make plans for when we or a loved one dies. It's hard to discuss and there can be a tendency to choose to ignore what is, after all, inevitable. When it happens, inheritors can be consumed by grief so that planning and organising even the smallest of matters can be a real trial for them.
This is even more the case if you have property in another country. Different laws, regulations and traditions make it difficult for those unused to it to navigate. Inheritors can be passed from one person to another not fully understanding procedures and having little chance to draw breath.
The speed of funerals in Spain can come as a surprise and with the practicalities over, family and friends are left to and work out how to manage the inheritance process.
We know from the queries we receive in our office and the questions on our forums, just how puzzling this process can be. Spain's law of succession is different to that of some other countries and people are also confused about the amount of inheritance tax to pay and what they must do to ensure the legal transfer of property.
If you own property in Spain, it's a wise move to consider what the implications will be for those who inherit from you. Many people search on the internet to understand the differences between Spain and their native countries. However, what generic articles don't do is clarify how the procedures apply to individual circumstances. This is where we can help.
Ábaco are now offering a free consultation service to assist our clients with their inheritance planning. Whether you are a resident or a non-resident, we can help you ensure that the best arrangements are in place to protect those you care about most. Our experts can speak your native language and clarify, according to your individual circumstances, what the implications for your inheritors will be.
Whatever stage you might be in thinking about inheritance, we can help you. If you have already made a will in Spain, have a will in your home country or haven't yet made a will at all, our consultation can clarify the implications and help you decide what to do next, if anything.
We have extensive experience of working with people of different nationalities and can explain what the best combination of national and Spanish wills might be given the assets that you will be leaving behind and your country of origin.
Of particular concern to those clients we meet is the question: ‘How much inheritance tax will there be to pay?'. Those bequeathing property do not want to pass on a burden to those they leave behind.
Payment of inheritance tax, even when you are a non-resident, takes place in Spain to the Spanish Tax Authority. The tax deducted varies according to your relationship with the deceased and where the property is located. The differences applied to residents and non-residents were removed following an EU ruling. However, this might be reinstated for British people following Brexit and we can explain the possible implications.
What to do next
Some people prefer the option of donating their property. This is an alternative that we can explain in greater depth to you, and one that could be financially better and simpler for your inheritors. We can outline what the implications are of the different alternatives you have and help you to make the choice that is right for you and your inheritors.
Our free consultation usually takes place in our offices in Torrevieja or Alicante. However, if you would prefer, we are also happy to communicate with you via skype, email or through a telephone call if you prefer. These are important decisions and it is vital that you have the correct information from people with the right expertise who speak your language.
Our Free Inheritance planning consultation includes
A personalised assessment of your inheritance:
- Introduction and overview of inheritance procedures in Spain
- Clarification of any actions you have taken so far e.g. making a Spanish will
- Explanation of what receiving your inheritance will mean for your inheritors
- Consideration of any other options there may be including donating your assets
- Information folder including useful information for your inheritors how to proceed and what to have prepared
- Discussion of any next steps that might be needed