Wills

Why make a Spanish Will?

Peace of Mind and the avoidance of unnecessary taxes would be the first reasons that can occur to us along with the avoidance of problems with the law that can apply to some inheritances.

We also believe that there is another important reason. That is your right to have the ability to dictate exactly what you want to happen to your Spanish Assets. Without a Will, your heirs will be bound by the 'default rules' which may well not suit your wishes.

When we talk about wills we talk about very personal issues. For this reason we like to listen and from there explain and advise.
In the vast majority of cases, whoever owns a home in Spain wishes to leave the spouse or partner, his or her share of the property. It is not about wanting to exclude children, they are almost always appointed substitutes, but it is intended to ensure that the heirs will not have any problems using or disposing of the property.

However it does not necessarily have to be so. there are ways to make a different Will. What we know as 'Mirror Will' is the most usual solution but it is not always what you want. The origin of the money with which the house was bought, the existence of children from different marriages, the absence of relationships with any of the children and the willingness to help those who are in a less favourable situation are circumstances that our clients want to have taken into account.

That's why we listen, because in some cases what you want to do and what you think you should do are not always compatible.

Making a Will is considered an act so personal that it is not possible to do it jointly.

There are different kinds of wills, open, closed and holographic. The most used is the open. This is granted before a Notary Public and a series of formalities should be followed.
There are four general considerations to be known:

  1. Every Will can be revoked or modified.
  2. The original of the will is kept at the Notary office, we only receive a copy. After death, the heirs request what is called an authorized copy. The notary confirms the existence of the will with a central registry in Madrid and so, with the correct documentation, it can be established before which Notary the last Will was made by a person before death.
  3. If we have a will made in Spain and we grant another one anywhere in the world it is necessary to record in this will that the testament granted in Spain maintains its effect, it should not be considered revoked.
  4. Even if you do not want the contents of your will to be known, it would be sensible to let your relatives or interested persons know that it exists. We also advise our clients to inform whoever communicates that Ferrández Solicitors holds a copy of the Will.

Tax is usually one of the main reasons that lead our clients to make inquiries about a Will. The concern to know the amount of taxes that their heirs will have to pay if they die.

The problem is that, as we all know, taxes are something that all governments like to change frequently. Therefore it is impossible to know if what is now in force will be what is applied six months later.

What we can do, and do, is make an estimate. A calculation based on the value of the inheritance at the time the Will is made taking into account the tax rules in force at the time. It is not definitive but it helps our clients in many cases to decide on making their Will in one way or another.

If you make a Spanish Will, to avoid confusion, it will be necessary to tell us of the name of the Solicitor or person in the UK who drew it up as it will need an amendment which will refer to the Spanish Will. We will provide that form of words to them so as to avoid any discrepancies.
Communication is very important and our clients' peace of mind even more so. Therefore although the consequences are designed for the future, making a Will is a very important act that is beyond purely economic considerations.