lucilastic

It is thought we grandparents should now leave everything to our grandchildren.Thoughts on this anyone?

Rosemary

Legalities in Spain will affect your ability to do this. I was told by my notario that I could not leave things to my grandchildren because at that time they were all under 25 years old. That was a few years ago and I had a 100% Spanish will however since then I have a new will stating that I wish my affairs to be dealt with according to English law so now I could include my grandchildren.

As for my thoughts on leaving everything to them I guess really it depends on their ages and their characters also on their parents views on this. I know that my daughter would be perfectly happy for me to leave things to her two children but she would be concerned about how her eldest would deal with things but would know that her youngest has a very sensible mind so no problem.

Rosemary

lucilastic

That is correct rosemary.You should make out your will under your own country`s rules.This was determined in Spain(possibly other EU countries) as so many nationalities were migrating elsewhere.France has the same rule,at present,that you cannot disinherit your offspring.I can see the point as if one parent dies having accumulated wealth with that partner,then remarries & later also dies,then the step children could inherit from the original family unit.

snikpoh

... are your grandchildren residents in Spain?

Have you looked into which is cheaper - transferring to them now or waiting and willing it to them later?

Rosemary

For some families it is important to make sure that only certain members of the family inherit and this may be for very personal reasons.

A few examples:
If one of the offspring distances themselves from the family and wants nothing to do with any of the members it is quite reasonable for the family to follow their lead and disinherit them.
Children from a first marriage inherit the first family home, holiday residence etc from the mother/father so it is not deemed fair that they should also inherit a share from the second marriage.
Maybe the parents have given one or two of their children golden handshakes in order to help with house deposits, debt clearance, car purchase or similar things but the remaining child/children were not in need so their inheritance portion would need to reflect this but under Spanish law that is not possible.

It can all become very difficult so writing a will under your own country´s laws seems to be the most sensible method.

What are your feelings of leaving things to the grandchildren instead of the children?

Rosemary

johnnyone

Slightly off topic but relates to wills.

This morning my wife reminded me that we do not have UK wills and we should make arrangements to remedy that as we are both in our 60's.

We do have Spanish wills for our Spanish assets that consists of two properties in our joint names.

My questions are:-

i) How do our Spanish wills effect, if at all, our proposed UK wills?

ii) Should we tell the UK solicitor about the Spanish wills and is there anything we ought to be aware of that may effect the drafting of the UK wills?


Thanks

lucilastic

Johnnyone,I have a Spanish will as you have.All correct but you do not have to explain that you also have an English will.My English will,for assets in UK has no bearing on my Spanish will.They are completely separate

Maur-Ross

I think you can have one will and decide which country you want it in. I am sure this is now EU law

snikpoh

Not quite.

The usual advice is to have a will for each country in which you have assets.

Each will should make it clear that the others exist.

Yes, if you don't agree with the inheritance rules is Spain (for example) include the Brussels clause to have the will read under the rules of your country of birth.

Having just one will is very problematic as Spain (for example) will not release the estate until probate has been granted elsewhere and it then can take ages!

johnnyone

Thanks for the replies.

Thinking a bit more about the Spanish will I think it is likely that we shall either sell our Spanish properties or transfer them to our children at some time.
It may be an easier option and seems to me (although I may well be wrong) broadly cost neutral.

guirijohn

Bear in mind that under Spanish law it is possible for beneficiaries to disclaim an inheritance. It is done before a notary and the assets pass to the next person entitled.

bobd22

Surely you cant be legally forced to take on an inheritance anywhere?

snikpoh

That's why you have the option of rejecting the inheritance.

So it's the other way around - you get it unless you say otherwise.

snikpoh

Why cost neutral? There is a 10% ITP charge (differs by area) when you transfer properties to others, plus other charges.

What are the inheritance costs - aren't there more allowances there?

dmu

Hi, butting in from the France forum.
Taxe de Succession (Inheritance Tax) is levied on all French properties/assets, whichever country's laws govern a Will. And it has to be paid within a deadline a few months after Probate....
Does Spain have the same rules? Something to consider, and a consultation with a Spanish Notary would be advisable, especially if it's desired to leave property directly to grandchildren....