Have we got this right? If we hold capital in England, we will need an English will for that, and then have to make a Spanish will for our estate in Spain?

That's my understanding Sally, we have wills for both countries but they just mirrow each over, the Spanish one is also in English (translation runs along side each other) we were advised to do this as it will save time and money in the long run when a translations would be needed.e

so does the Spanish one have to mention your UK assets ? this is something I must get around to sorting out

Both our wills mirror each other, they say that I leave all my worldly assets to OH and his says the same, in case of us both popping off together they both say all worldly assets to be shared equally between our five children and then they are listed, or words to that effect.

We are not married so we have two English and two Spanish wills.

Not being nosey crispy, but not being married seriously effects the inheritance tax payments without other paperwork to prove you are partners.
We know a woman who`s partner died and she could not raise the money to pay the inheritance tax on his share of the property and lost everything.
Please seek legal advice if you have not got the papers.
See Freds link HERE

Thanks JDR, yes we are aware of this, we have been told that if I am named in his will then it should be OK, everything we have is in joint names i.e investments, bank accounts. It would be a bummer if this was the case and happened because I WAS the wealthy one; I have learnt to take with a pinch of salt what people say here in Spain as there is so many different stories. If Fred reads this then may be he will put us on the right road.

Having said all that we ARE getting married, at the end of May beginning of June '08, we may even bring it forward depends on how the kids feel about my plans.

Thanks for the advice JDR much appreciate. The wedding might be in Gib just up the road from you and Mrsjdr if you fancy as drink

No probs, but I don`t think the wills cover it as it is one of Spains inheritance laws involved as in Freds link.

Hi crispygirl,

Lets start with congratulations and then do the boring bits. I have looked at this very carefully and I have concluded:-

1. An English will (or any other for that matter) is perfectly valid in Spain but it is not that simple. In Spain you must prove a will within 6 months of death and to do that with a will made elsewhere might be tricky with all the hoops you have to jump through. So we concluded that it is best to have Spanish wills for myself and Kath. These just as yours are mirror image and each leave all our individual assets to our three children. They are registered with the Notario who deposits the original in Madrid. They start by saying they only cover our assets in Spain. We have made our Civil State on the Escritura Separacion Bienes which allows us to own our individual share of the property and therefore dispose of it as we wish on death.

2. Unlike UK, joint accounts and other assets held jointly are tricky in Spain. They are frozen on first death until the will is proved and the IHT is paid paid by the inheritor. If you have no assets of your own separate from the joint ones you may not be able to pay and therefore cannot get at the means to pay Catch 22. The Spanish ignore this and treat the corpse as alive until they have emptied the joint assets.

3. You should also have wills in UK for any English/Scottish assets and these should start by saying they only cover your UK assets.

Regards,

John.

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Like I said John the wills are probably fine, its just the part about non married where the partner can be left with a top rate (class four) bill for up to 82% for the inheretance.

For more distant relatives (e.g. those in Group 3) the exemption is €7,933. There is no exemption for beneficiaries who are not related, including unmarried couples unless they can be registered.

More HERE

I'm in panic mode now, 82%, just told OH we have to get married before Christmas, he smiled and said "whatever, babe" and went to have a bath.

There you are then, done you a favour.... take it easy for a while though