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making a will after Brexit

making a will after Brexit

Old Apr 8th 2021, 4:41 pm
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Default making a will after Brexit

In the past it was allowed to state that we wanted British legistation to be used when writing a will in Spain.After Brexit,do you think that we shall still be allowed to do this or,as a non-EU member,have to follow the rule of forced inheritence..
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Old Apr 8th 2021, 4:59 pm
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Default Re: making a will after Brexit

Very interesting question.

I have investments in both the UK and Spain.

If I could simply deflect all my Spanish investment to the UK for tax treatment (in will) might simplify matters. No idea about the tax advantages or disadvantages.

I could be wrong but at the moment I understand I will have to have a will for Spain and another for the UK.

Perhaps someone can cast some light on this topic please.
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Old Apr 8th 2021, 5:52 pm
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Default Re: making a will after Brexit

Originally Posted by dougal03 View Post
In the past it was allowed to state that we wanted British legistation to be used when writing a will in Spain.After Brexit,do you think that we shall still be allowed to do this or,as a non-EU member,have to follow the rule of forced inheritence..
You need to take proper legal advice both here and in the Uk, all any of us can do is suggest. And with that in mind.

I asked our Solicitor about part of this a month or so ago.

Goods and chattels (love that word) that are located in the UK and are left to Uk citizens, should only come under Uk inheritance laws.
Its not you on your death that pays the tax etc, so if your kids are not here, or have nothing to do with Spain, why should Spain get a cut?
If I had a house in the Uk and it was left to the kids. How could Spain tax them???

I have a private pension and that will be split between my children (assuming there is any left). Ive left it in the Uk and its administered there (so even though I am a Spanish resident) its only me that will get taxed if it grows.

The flat here in Spain is in 3 names (mine, the wife and our son) So Im happy for him to inherit this. Spain will tax it if needed, as he has an NIE and is in the system (he is not or will become resident). My daughter lives in Australia and will get the bulk of the pension. (again I would expect the Uk and Australia to get involved here not Spain)

To be honest (and this is going to sound harsh) I don't actually expect to leave a lot.
Its mine I worked bloody hard for it all and I will be dammed if I'm going to die a rich man.

The tax or other issues wont be on the top of my to do list after Ive gone.
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Old Apr 8th 2021, 6:22 pm
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Default Re: making a will after Brexit

Originally Posted by Barriej View Post
To be honest (and this is going to sound harsh) I don't actually expect to leave a lot.
Its mine I worked bloody hard for it all and I will be dammed if I'm going to die a rich man.
.
Doesn't sound harsh to me
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Old Apr 8th 2021, 7:53 pm
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Default Re: making a will after Brexit

Nothing has changed with Brexit. The new EU law covers the ability to leave your assets as per your home country law. For what it’s worth, the UK declined to agree to it, but it should not affect Spanish wills made with the relevant clause in them.

Regardless of Brexit, a Spanish will is still an EU will so EU law still applies.
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Old Apr 8th 2021, 8:01 pm
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Default Re: making a will after Brexit

Originally Posted by Barriej View Post

I
To be honest (and this is going to sound harsh) I don't actually expect to leave a lot.
Its mine I worked bloody hard for it all and I will be dammed if I'm going to die a rich man.
.
Good for you..... enjoy your money ....
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Old Apr 8th 2021, 8:24 pm
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Default Re: making a will after Brexit

Agreed, sounds eminently practical and sensible to me

I've always told our kids (two and also one in OZ) that my ideal is to pass my last pound or euro over the bar in my local and die drinking my pint - or 0.5lt!

They neither want nor need what money we've got or what will be left but as a 100% deliberate move we no longer own any bricks and mortar property anywhere and the only visible and valuable asset will be what's left of a private pension which is held in Malta from where it can be equally disbursed to them with no Spanish involvement whatsoever.

Keeping it simple for them is, and long has been, a priority and if goes to plan then (prepaid) funerals apart they will not have no need to set foot in Spain for anything.
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Old Apr 8th 2021, 9:07 pm
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Default Re: making a will after Brexit

Hola,

I believe you can transfer ownership of your house to your children free of charge - there are some strings but possible

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Old Apr 8th 2021, 9:13 pm
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Default Re: making a will after Brexit

I think there is still a small tax charge - as always in Spain!
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Old Apr 8th 2021, 9:25 pm
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Default Re: making a will after Brexit

Originally Posted by Fred James View Post
I think there is still a small tax charge - as always in Spain!
Here in the Valencia community the first €100k is tax free for inheritance (well at the mo anyway) I'd bet that will change once they start clawing back all the money that was printed during the pandemic.

Its best to check with both your community and the general Spanish tax rules (good luck).
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Old Apr 8th 2021, 9:34 pm
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Default Re: making a will after Brexit

Money will lose its value.

Make sure your cash is invested in something tangible (stocks, bricks and mortar or commodities).

They are going to print their way out of this crisis...
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Old Apr 9th 2021, 7:30 am
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Default Re: making a will after Brexit

The tax I was referring to is the normal transfer tax on a property sale (10% or so)

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Old Apr 9th 2021, 9:35 am
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Default Re: making a will after Brexit

Originally Posted by Fred James View Post
The tax I was referring to is the normal transfer tax on a property sale (10% or so)
Does that work with inheritance then?
I suppose it would I suppose as the property would be transferred to a new owner (which means anyone not in Spain would need an NIE to inherit) ??
And would the tax be 10% of the original or what it would be worth if sold?
If thats the case, you can see why so many houses are left to go to ruin here.

When we purchased the flat, we put our son down on the deeds as a third owner (ok it means there is the non residents tax to pay) but the solicitor said that as we die the share the deceased owned was split with no tax implications.

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Old Apr 9th 2021, 10:36 am
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Default Re: making a will after Brexit

Your solicitor was right - that's the best way to do it, any other way will be expensive and complicated.

If you inherit a property you just pay IHT, not the transfer tax.
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Old Yesterday, 7:10 am
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Default Re: making a will after Brexit

My wife & I made Spanish wills when purchasing our property in 2004. The will left the property to our son & daughter. We are all non-resident and live in the UK, just visit Spain. Interesting to note from DFX's post that Ownership of property can be transferred but with strings attached. Responses indicate some sort of Transfer tax. Anyone actually done such a transfer and if so what was the protocol and cost? Or would letting the children inherit the property be a cheaper route (for the children). TIA
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