appman999

Looking for advice on making simple Portuguese wills in the Algarve just mirroring our straightforward UK wills.

From previous threads it would appear that you can just take your UK wills to a notary for translation, has anyone got further info on what is a reasonable charge.

I'm not sure if recommendations are allowed?

Rosemary

Recommendations are allowed, advertising is not. So a member can say that Fred Blogs is good but not if they are related or they are best friends etc.

Rosemary

appman999

Thanks Rosemary.

toots sweet

Coincidentally I rang our solicitors in the UK today as I had been given contradictory info about this. You can put a codicil on your Uk will to cover assets abroad ,but it would depend on whether this is accepted in PT.
Otherwise in depends on whether PT accepts UK wills,which on doing some reading I think they do.(Hoping)
They advised me to go a PT solicitor with our Uk will in hand and ask if they will accept it ( assuming it will need to be translated) and add any additions re PT assets and also that it does not void our UK will. Have tried to find out if a PT notary could do this job as they are cheaper than a solicitor and the will would have to be taken to a notary(I think) anyway.
Our is a simple will too.No dependents everything going to charities so really cannot see any problem regarding who gets what and all that type of stuff.

wellinever

I contacted a local Notary about a will for Portuguese assets and yes no problem I think they charged €175.00, but was a very simple will just one asset. Lawyer wanted €500 for same.

riv

Does anyone know what the rules are re Government taxation of property value when it is transferred by virtue of a will 's provisions on demise of the owner of the property ?

And how does that differ, if at all, between houses / land, and bank deposits ?

ALSO - what about if one transfers property to an intending legatee prior to death ? Is there still a tax of some kind to pay but maybe not if legator survives X years, as in UK ?

GrahamF

On your first point, there were no death duties on mother in laws apartment as inheritance was direct to her children. There was however tax to pay by them when we bought their shares..

Bank accounts were mixture of joint names and authorised signatories so emptied before notifying authorities.

I don't know what happens if property is transferred but suspect the tax man will want a share.

Red Eric

There's a stamp duty of 10% to pay by non-exempt inheritors.

Those exempted are spouses, parents, grandparents, children and grandchildren.

There's a further tax of 0.8% on real estate, to which every inheritor is subject.

wellinever

SO if you leave a property to just one child, and they decide to sell it immediately, is there capital gain to pay?
Or is the property revalued on death, esp if it has been owned for many years.

GrahamF

I have very limited knowledge but AFAIK, there is tax to be paid on sale of any property and the siblings who sold to us when we sorted the estate had a tax liability, as we will have when we eventually sell although it can be rolled over into another property under some circumstances.

liveaboard

Capital gains!
We've now entered the dark sticky morass, the dangerous mysterious depths of the unknown.